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National Arts Club Apartments Coming to Rental Market Soon

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Among the many accusations in the strange case of the National Arts Club, where president O. Aldon James allegedly hoarded junk, was that James rented out apartments in the club's 15 Gramercy Park South mansion for vastly less than their market value. (One example: James' twin brother apparently got one for $356/month.) A nice deal if you can get it. And you can't, because while the building's 10 vacant units (out of 35 total) are actually coming up for rent soon, they'll be asking market rate.

The actual price will be set by an appraiser and the club's executive committee, but Real Estate Weekly estimates the rent could be around $100/square foot, or $80,000/year. One broker predicts that if the apartments are renovated well, they might fly off the market in three or four days. For comparative purposes, O. Aldon James pays $13,712/year for the apartment he still has in the club. So we're guessing fresh blood in the building probably won't bring with it an increase in warm fuzzy feelings toward the James clan.
· Coveted arts club apartments coming to market [REW]
· National Arts Club coverage [Curbed]