18 Gramercy Park, the luxury condo conversion by the Zeckendorf developers, officially opens the doors to its sales office this month. According to the developers, four contracts are already out. What makes this building so special?
First off, the famed Zeckendorfs are the developers of countless residential projects, including the indisputably successful 15 Central Park West. 18 Gramercy Park is their newest project and one of only 34 residential buildings surrounding Manhattan’s only private park.
Residences bordering Gramercy Park are rare, especially since many buildings have been landmarked in this historic district. Furthermore, most owners live there for many years. The residences are mostly co-ops with a much-coveted key to the park.
In the past ten years, two other developments have appeared on the park. The most recent is a condo conversion at 36 Gramercy Park East, which is almost 70% sold. It followed Ian Schrager’s 50 Gramercy Park North, which is made up of 23 cond-op residences in the 180-room Gramercy Park Hotel. 50 Gramercy Park North, which opened in 2005, is now sold out. The most expensive sale there was just under $13.3 million.
18 Gramercy Park South is looking to break previous price records. The building is made up of 16 units which are mostly 4,200-square-foot, full-floor, four bedroom apartments. The units will go on the market for $14 to $18 million. There is a smaller two-bedroom priced at $9 million and a large duplex penthouse asking $42 million. If the penthouse sells in the ballpark of $42 million, it will hold the record for highest sale price on the exclusive park. The priciest sale was the $22 million penthouse at 50 Gramercy Park North, which closed in February 2011.
In the last decade, the median price for an apartment on the park has nearly tripled. This year, there were 25 sales through August 1st.
SOURCE (The Real Deal)