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Salvation Army Sells Gramercy Park Building for $60 Million

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The Parkside Evangeline at 18 Gramercy Park South has been dangling on the Salvation Army's hook for years, a juicy piece of bait just waiting for a developer to swim by and swallow it up. The 17-story former hotel (built in 1927) right on the private gated park had been the organization's dorm-like residence for young women since 1963, before closing in 2008 amid swirling rumors of a sale and luxury condo conversion. Back in 2006 it was reported that the Salvation Army wanted more than $100 million for the building, and developers were lining up to kick the tires. This is, after all, one of the few remaining Gramercy Park buildings ripe for a glamorous makeover. The expected sale never came, but when word recently came down that the Salvation Army sold its Murray Hill building to hotel developers, we wondered if the Parkside Evangeline would be next. Indeed it is!

City records show that on July 15th, an LLC called W2005Z/18 GPS REALTY closed on the 83,000-square-foot building under its alternate 85 Irving Place address for $60 million. Not quite $100 million, but that pays for a lot of bells and buckets come Christmas. The LLC's paper trail leads back to Eastgate Realty, an office building developer. Also interesting is that the deed lists the initial gone-to-contract date as May 30, 2007. Anyone with knowledge of Eastgate's intentions (or whether there are other parties involved), feel free to hit us up at tips@curbed.com, or get the rumor mill cranking in the comments. One thing's for sure: The days of paying $1,000 a month for a room, maid service and daily breakfast and dinner at 18 Gramercy Park South are long gone.
· Deed: 85 Irving Place [ACRIS]
· Archive: New condos on Gramercy Park [Real Deal]
· Archive: On Gramercy Park, an Old-Fashioned Girl [NYT]
Picture via New York Songlines