Gramercy Park is a neighborhood synonymous with luxury and prestige. One of the most exclusive and coveted communities in NYC, it is known primarily for its tranquil village feel, venerable pre-war buildings, and meticulously landscaped fenced-in park—the only private park in Manhattan and one of only two in the whole city.
Gramercy Park’s old-world grandeur and serene, laid-back atmosphere allow for an excellent quality of life. The neighborhood has that perfect balance between idyllic small-town charm and urban sophistication, making it one of the best and most unique places to call home in New York City.
If you’re planning to buy a Gramercy Park, NYC apartment, this page will serve as your guide to this sought-after community. You’ll get a glimpse of its rich history, an overview of the Gramercy Park real estate market, and several tips that can help you during your search.
What’s inside:
- Gramercy Park’s history at a glance
- Gramercy Park, NYC apartments and other real estate options
- Benefits of buying a Gramercy Park, NYC apartment
- Questions to ask before purchasing a Gramercy Park, NYC apartment
- Find the ideal Gramercy Park, NYC apartment with Angel Recalde
Gramercy Park’s history at a glance
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Gramercy Park was developed in 1831 by investor Samuel B. Ruggles, who laid out lots surrounding the only surviving private park in New York City at the time. The community was built on a 21-acre farm that Ruggles purchased from James Duane’s heirs, a member of the Continental Congress and former mayor of New York City.
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Construction on the lots surrounding the park did not start until the 1840s due to the financial crisis during the Panic of 1837. The delay, however, had a silver lining: it allowed for the construction of new townhouses with indoor plumbing when the Croton Aqueduct opened in 1842.
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The park was enclosed with a wrought-iron fence in 1833. Landscape designer James Virtue, hired in 1838, laid out the park’s pathways, planted shrubs and trees, and lined the inside of the fences with rows of privet for added privacy.
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The first lot buyers became joint owners of the park and were each granted a key to its gates. Many original townhouses remain on the west and south sides of the park, including the Friends Meeting House, built in 1883 and one of the city’s earliest apartment houses.
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Gramercy Park was designated a historic district in 1966. The name “Gramercy” is an Anglicization of “Crommessie.” It was derived from the Dutch “Krom Mesje,” meaning “little crooked knife,” which described the shape of a brook that once flowed along the site.
Gramercy Park, NYC apartments and real estate options
Gramercy Park is home to some of the most sought-after doorman buildings and luxury walk-ups in New York City. These include Sage House, 60 Gramercy Park North, and 34 Gramercy Park East, the oldest cooperative in the city.
While the park is surrounded mainly by pre-war doorman buildings, brownstones, and carriage houses, the wider neighborhood features many post-war and mid-century properties.
Although much of Gramercy is known for its distinctive turn-of-the-century aesthetic, the area also features several new developments, particularly along Third Avenue and towards the eastern boundary.
One of the most notable developments is 18 Gramercy Park, a 19-story Georgian Revival-style building owned by the Salvation Army from 1963 to 2008. The building was redesigned by world-renowned architect Robert A.M. Stern in 2012 and is now an upscale 16-unit apartment building.
Despite Gramercy Park’s reputation for being one of NYC’s more expensive neighborhoods, getting an excellent deal on an apartment is still possible, especially in mid-century buildings where some units might be due for renovations and updates.
Benefits of buying a Gramercy Park, NYC apartment
Relatively lower prices compared to other areas of Manhattan
The median list price for homes in Gramercy Park was $1 million in January 2022, which is lower compared to the average median list price of $1.4 million in Manhattan.
Lush and serene setting
Gramercy Park is the perfect choice for those searching for a central location with a scenic and secluded setting.
The neighborhood’s well-groomed park, flower-filled pocket gardens, and clean streets lined with soaring trees, stately brownstones, and historic pre-war apartments all combine to give Gramercy Park a picturesque quality, making it one of the most beautiful places to call home in Manhattan.
Keys to the park for parkside residents
Since its gates were locked in 1844, Gramercy Park has remained accessible only to residents of the 39 parkside buildings. This makes a key to the park one of the most prized pieces of hardware in the city. Guests of Gramercy Park Hotel also get complimentary access to the park as part of hotel accommodations. Keyholders may enter the park with no more than five guests at a time.
According to the New York Times, there were only 383 coded and numbered keys in circulation as of 2012, and the locks and keys are changed every year. Each building pays a yearly assessment fee of $7,500, which grants two keys (the fee and the number of keys increased for buildings located on multiple lots).
Convenient location
Gramercy Park’s convenient placement and highly walkable environment provide easy access to many of Manhattan’s commercial areas.
Midtown Manhattan is just ten minutes away via the 6-train stop at Park Avenue South and 23rd Street. The neighborhood is also a few blocks away from Union Square and Greenwich Village, which both offer access to main subway lines and Citi Bike stations.
Several buses also serve Gramercy Park, including the M1, M2, M3, M101, M102, and M103.
Great attractions and nightlife destinations
If you’re looking forward to a night out with friends, Gramercy boasts a wide array of terrific nightlife venues. Some of the most popular spots are Ampersand, The Winslow, Chapel Bar, Paddy Maguire’s Ale House, and Dear Irving Gramercy.
In addition to lively nightlife destinations, Gramercy also features various arts and culture venues. Highlights of the neighborhood’s art scene include top-rated galleries like the Sidney Mishkin Gallery at Baruch College and The National Arts Club, which features a world-renowned collection housed in the historic Samuel Tilden Mansion.
Gramercy Park is also home to The Players, a private social club founded in 1888 by legendary 19th-century Shakespearean actor Edwin Booth. The club remains in its original headquarters—a beautiful Gothic Revival mansion situated directly across the park.
Nearby shopping and dining
Gramercy Park is located southeast of the Flatiron District, allowing residents to take advantage of Fifth Avenue’s vibrant array of boutiques. East Village, home to many top-rated independent shops, bars, and cafes, is also just a few blocks south of the neighborhood.
Many excellent restaurants are located in Gramercy Park, including Casa Mono, Upland, Friend Of A Farmer, and the famous Pete’s Tavern, one of the oldest and finest dining destinations in New York.
Tips to keep in mind during your search
Work with a Gramercy Park real estate expert
The Gramercy Park real estate market is one of Manhattan’s most challenging and complex markets to navigate.
But with New York City luxury real estate expert Angel Recalde at your side, finding the home of your dreams in this exciting market will be seamless and stress-free.
With his long track record of success, extensive experience, and responsive, strategic, and professional approach, you’ll be on your way to finding the perfect Gramercy Park apartment in no time.
Angel isn’t known as “That New York City Luxury Real Estate Guy” for no reason – he’s the best of the best when it comes to providing unparalleled real estate service for anyone looking to achieve their goals in Manhattan and New York City’s high-end real estate markets.
Plan ahead
Closing on a Gramercy Park, NYC apartment typically takes around one to three months, depending on the property and whether or not you’ll take out a mortgage.
Even if your offer on an apartment is accepted, there’s a chance you may not be able to move into your new home for at least 60 days. The application process for most apartments and co-ops can sometimes add an entire month to your timeline, so make sure to plan accordingly.
Get pre-approved
Having a pre-approval letter from your lender before scouting for a Gramercy Park, NYC apartment will give you an advantage during your search. Getting pre-approved tells sellers that you’re serious about making a purchase, which increases your chances of securing a sale.
Lenders pre-approve prospective buyers based on their credit score and income. It is not to be confused with a pre-qualification, which only provides a range for the amount of home loan you’ll be able to qualify for.
Be ready with the paperwork
Given Gramercy Park’s limited apartment inventory, it helps to get a leg up on the paperwork before you even start your search. Searching for a Gramercy Park, NYC apartment can be a challenge, so don’t wait until you’ve found the perfect property to sort out all of the necessary paperwork.
Be ready with soft copies of your recent tax returns (for the last two years if possible), paycheck stubs, and bank statements. Prepare photocopies of your IDs as well, and make sure you have enough money in the bank to cover any unexpected expenses.
Inquire about virtual tours
Because of the pandemic, virtual property tours are more common nowadays. Be sure to always ask about them, even if they’re not available on the website.
This is because there are some seller’s agents who like to engage with prospective buyers first. They’ll have videos and virtual tours available but will only provide information upon request.
Seeing an apartment in person is always better, of course, but a virtual tour can be extremely useful especially if you’re out of town and conducting your apartment search remotely.
Set reminders for new listings
You can stay on top of new listings in Gramercy Park by setting up email alerts from real estate websites to notify you as soon as any new listings are available.
And if you happen to find a Gramercy Park, NYC apartment that piques your interest, don’t hesitate – inquire immediately! Every moment counts, especially in a highly competitive market like Gramercy Park.
Get in touch with a Manhattan-based real estate attorney
A real estate attorney based outside of New York will not have the same level of experience when it comes to dealing with the stipulations apartment buildings in NYC require, such as tax returns, maintenance fees, and proof of employment security.
In a competitive market like Gramercy Park, you can’t afford to wait around for your attorney to figure out how to navigate the market—other buyers might swoop in and make a compelling offer on the apartment you’re considering.
Additionally, Manhattan-based attorneys are likely to have established networks in the area, which will help simplify the process.
Questions to ask before purchasing a Gramercy Park, NYC apartment
Knowing the right questions to ask will help you avoid unexpected issues and ensure a seamless and stress-free purchase.
Here are a few key questions to ask when you’re looking for the perfect Gramercy Park, NYC apartment.
Were there any changes in building operations during the pandemic?
The COVID-19 pandemic has impacted many steps involved in running a building in NYC, and most board interviews and shareholder meetings are now conducted virtually to avoid large gatherings.
Find out if there are any pandemic-related guidelines that affect the building’s day-to-day operations and how certain amenities can be used. Is there a reservation system or maximum capacity for common areas? What are the building’s cleaning protocols? Is there a rule regarding visitors? Are there any rules in place in case of increasing infections in the building?
Keep in mind that co-op and condo boards in NYC can establish their own rules and guidelines, so inquiring about an apartment building’s move-in policy will help you plan accordingly.
What type of personality does the board have?
Is the building’s board strict or easygoing? One of the best ways to find out is to ask for a copy of the house rules.
Board personality is a very important factor as it can influence not only your day-to-day living but resale values as well.
Are there any rules regarding food and package deliveries?
Find out if there are any rules regarding deliveries, as some buildings prohibit food deliveries straight to apartments. If you rely on takeout, try to find out if there are enough restaurants in the area that will be able to deliver to your building.
Securing and storing packages has become an increasing problem for many apartment buildings in New York City, especially during the pandemic. If you receive deliveries regularly, it may help to look into how the building stores packages in case recipients are unable to retrieve them immediately.
Has maintenance increased over the past several years?
Once maintenance costs for residential buildings increase, they never go back down. This is why understanding the pattern of maintenance increases over the past few years is very important.
Increasing maintenance costs may be a sign of poor management and lack of fiscal discipline from the board.
When can I renovate?
If you have plans to renovate your Gramercy Park, NYC apartment, find out how soon you’ll be able to start executing improvements. Different boards have rules on whether or not you can renovate certain parts of your property.
Some boards also have restrictions on when owners are permitted to renovate, so make sure you inquire beforehand.
What is the building’s sublet policy?
In case you’re planning to sublet your Gramercy Park, NYC apartment at some point during the future, be aware that some buildings have strict rules that cover this. Apartment owners are typically allowed to sublet their apartment for only one or two years within a period of five to seven years. Inquire about any fees associated with subletting, and try to find out what percent of apartments are currently rented out.
While sublet policies are usually flexible, many buildings have rules prohibiting short-term sublets of less than six months.
Find the ideal Gramercy Park, NYC apartment with Angel Recalde
Gramercy Park draws countless prospective buyers with its convenient location, inviting old-world charm, and the allure of gaining access to its private two-acre park. Properties in this prestigious neighborhood are highly coveted, which is why you’ll want to work alongside a trusted local expert like Angel Recalde.
Known as “That New York City Luxury Real Estate Guy,” Angel possesses years of experience, unparalleled insight, and a bone-deep knowledge of New York City’s finest luxury properties, enabling him to help clients navigate the market with ease.
As a local New Yorker and the go-to expert for elite-level real estate services in the city, his insight into the New York lifestyle and its unique neighborhoods is unmatched and is invaluable for clients looking to fulfill their goals in The Big Apple’s high-end market.
Start your search for the perfect Gramercy Park, NYC apartment by getting in touch with Angel Recalde today at 917.239.9987 or sending an email to angelrecalde1(at)gmail(dotted)com. You can also browse his Featured Listings and get in-depth information on the different NYC neighborhoods he serves.