Developer Maurice Mann hasn't had the easiest of times when it comes to turning landmark rental buildings into luxurious condos?lookin' at you, Apthorp!?but the conversion of 36 Gramercy Park East appears to be smooth sailing so far. The last rental building along the private park will now become the first condo building along the private park, putting keys to Gramercy's gates in the hands of whomever can cobble together a down payment and a mortgage. One would think this might upset Gramercy Park's snooty mayor Arlene Harrison, but back when the conversion plan for the century-old building was first announced, she was pretty pleased that the park's transient renter population would become a dying breed. Literally! The 51-unit U-shaped building still has over a dozen remaining rent-stabilized tenants, and Crain's notes their apartments will become market rate "over time." Mwahaha!
Last year it was reported that prices were slated to come in at an average of $2,448/sqft, with larger units facing Gramercy Park asking over $3,000/sqft. Bold predictions for a shaky time in the market, and it appears that prices have come down a bit in some cases. Studios start at $484,500, 1BRs at $1.2 million and 2BRs near $1.3 million. For 2BRs and 3BRs facing the park, the starting prices are, brace, $3.8 million and $5.5 million. According to Nest Seekers International, the brokerage handling the building, prices go up to $6.69 million and apartments range in size from 432 to 2,227 square feet. So far units have only been on sale to building residents, but now a few are about to hit the open market.
36 Gramercy Park East once was home to Eugene O'Neill, Mark Twain, Theodore Roosevelt and John & Ethel Barrymore, so it makes sense that the building's new website would play it up as a prestige property. Here are the floorplans for a "typical Residence A" and "typical Residence B" pulled from the site, along with some stats.
Residence A is a 2,124-square-foot 3 "Chambers"/3BA with park views.
Residence B is a 1,983-square-foot 3/2.5 also with park views.
· The Residences at 36 Gramercy Park East [Nest Seekers]
· 36 Gramercy Park East [Official Site]
· Sales begin at Gramercy Park condo conversion [Crain's]
· Last Gramercy Park Rental Building Going Condo [Curbed]