Last Gramercy Park Rental Building Goes Condo

Always wanted to rent an apartment overlooking Gramercy Park? Too bad. The last rental building overlooking the private park is converting to a condo. The move seems a bit out of step with the ailing real-estate market, but the prices the units are going for aren’t that expensive, so maybe they’ll sell after all.

Gothamist: The Real Deal reports that the owners of 36 Gramercy Park South, the landmarked and last rental building right on the private park, sent its tenants a “red herring” condo offering plan (red herring because it needs to be approved by the Attorney General’s office first). And some details: “The 53 units at 36 Gramercy Park East are being offered for sale at an average price of $2,448 per square foot, though large units facing the park are going for much more. The most expensive apartment, a 2,078-square-foot, three-bedroom on the ninth floor facing the park that is currently rent-controlled, has been priced at $6,545,700, or roughly $3,150 per square foot. The least expensive, a 323-square-foot studio at the back of the building, has been priced at $484,500, or roughly $1,500 a square foot.”

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