4/11/2023 0 Comments Fabled lands doug lauer“The market downtown for large, mint-condition apartments is in that price range,” Arthur Zeckendorf said when asked for the rationale behind the prices. If the penthouse fetches anywhere near its asking price, it would blow away any other sale on the exclusive park.įrom left: Arthur and William Lie Zeckendorf The majority of the building’s 16 units - all 4,200-square-foot, full-floor four-bedrooms - will go on the market for $14 to $18 million, with a smaller two-bedroom maisonette priced at $9.25 million and a much larger duplex penthouse asking $42 million, according to offering plan documents. The most expensive sponsor sale there was just under $13.3 million.īut 18 Gramercy Park South is looking to surpass previous price records. The building, which Schrager overhauled in 2005, is now sold out. That followed Ian Schrager’s 50 Gramercy Park North, made up of 23 cond-op residences in the 180-room Gramercy Park Hotel. The most recent is Mann Realty’s ongoing 51-unit condo conversion of a rental building at 36 Gramercy Park East, which is almost 70 percent sold out. In recent memory, two other new developments have appeared on the park. (He was also responsible for establishing the park’s famed key system.) The residences, mostly co-ops, also come with a much-coveted key to the park, which dates to 1831, when the attorney and landowner Samuel Ruggles divided the surrounding land into lots and created the park. What makes this building so special? Aside from its developers - whose résumé includes the indisputably successful 15 Central Park West - the project is one of the 34 residential buildings surrounding Manhattan’s only private park.Īpartments bordering Gramercy Park are relatively rare - especially since the area is a historic district, where many buildings are landmarked, and owners often stay put for years. The on-site sales office at 18 Gramercy Park isn’t open yet - it officially launches this month - but four contracts are already out at the luxury condo conversion, according to developers Arthur and William Lie Zeckendorf.
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