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| neighborhood profile |
| Gramercy
Park |
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| An apartment with a key to Gramercy Park is
as close top a sure investment as it gets. (Photo credit: Sean
Hemmerle) |
The basics:
If you have a key to Gramercy Park, it’s heaven. Otherwise,
content yourself with access to midtown, the Park Avenue South restaurant
scene, and stable values. Singles and professional couples gravitate
to the medium-size co-ops in both pre- and postwar flavors, while
the wealthy buy (and hold) the brownstones. “A lot of people
are combining apartments, too,” says Greenthal broker Mary Nealie,
noting that the shortage of larger places remains particularly acute.
Boundaries: 17th St. to 22nd St.,
Park Ave. South to Second Ave.
Borders: Midtown
East and East Village
Subway stops: 6 to 23rd Street |
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 OUTLOOK
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What's new:
Several as-yet-unfinished rental towers on 34th Street are
likely to continue the area’s shift to younger residents.
The retail strip along Third Avenue is also growing peppier, as
bad delis have given way to a passable bar scene.
Bargain hunting:
Prices drop east of Third Avenue, especially as the noise
and traffic of the Midtown Tunnel become a factor. (The big eighties
towers over by the East River are an expensive exception.) In Gramercy,
prices fall as soon as you get away from the golden key, especially
to the north (look around 28th Street).
Prediction: Prices have held since last
year’s mild drops, and here and there, they’re rising.
(“Gramercy—God bless,” says J.D. Ross Realty’s
Ruth Goldsmith.) Count on more of the same: These neighborhoods
don’t lead the booms, but they don’t lead the busts
either.
— Profile from the March
10, 2003 cover story of New York Magazine
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| APARTMENT
PRICES |
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TO BUY
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2001
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2003
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| Studio/1BR |
$160K-$425K |
$180K-$550K |
| 2BR |
$400K-$995K |
$475K-$1M |
| Family
Apt. |
$700K-$1.5M |
$875K-$2M |
| Townhouse |
$1.3M-$3.5M |
$1.5M-$7M |
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TO RENT
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2001
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2003
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| Studio/1BR |
$1,200-$3,000 |
$1,800-$3,000 |
| 2BR |
$2,800-$4,200 |
$3,000-$4,500 |
| Family
Apt. |
$6,500-$12,000 |
$4,000-$7,000 |
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NEIGHBORHOOD
BROKERS
• ERJ Realty
• Chekers
• A.S.
Gramercy Realty
MANAGEMENT CO./PROPERTIES
• Gramercy
House
•
Rose
Associates
• Rockrose
Development
•
The Sonoma
BEST CITYWIDE BROKER SITES
• Brown
Harris Stevens
• Douglas Elliman
• Corcoran
• Halstead
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COMPARE THIS NEIGHBORHOOD...
How good are the schools? How many violent crimes have taken place lately? How many pothole complaints have been filed? The city of New York has put the data online. Pour over stats and pit one neighborhood against another. Just fill out your address in the "My Neighborhood" box and select the topic of interest — schools, transportation, public safety, and more.
•
NYC.gov
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RELATED
FEATURES
• No Walk in the Park: Higher Fees and New Rules for Gramercy Park
(May 31, 2004)
• Real
Estate 2001: Gramercy Park and Union Square
(March 12, 2001)
THE SCENE
Dining
AZ:
Think pan-Asian fusion is so last decade? AZ will change your mind.
21 W. 17th St. between Fifth and Sixth Aves.; 212-691-8888 or
aznyc.com
Artisanal:
If cheese is a religion, this is its bustling, Balthazar-gone-midtown
house of worship.
2 Park Ave. at 32nd St.; 212-725-8585
Patria:
Spicy Latin American fare in a festive, high-energy atmosphere.
250 Park Ave. South at 20th St.; 212-777-6211 or patrianyc.com
Terrance Brennan:
In a modern twist on the traditional chop house, meat and seafood
are accessorized with your choice of sauces and butters.
565 Lexington Ave. at 50th St.; 212-715-2400
More
Gramercy Park Restaurants
Drinking
Bread
Bar at Tabla: Designer cocktails to go with designer food.
11 Madison Ave. at 25th; St. 212-889-0667
Dorsia:
NYC's best new tribute to the go-go nineties.
5 E 19th St. at Fifth Ave.; 212-420-8636
The Bar Gramercy
Park: NYC's best up-from-the-ashes
bar, in the Gramercy Park Hotel.
2 Lexington Ave. at 22nd St. 212-475-4320
Old Town Bar:
Classic Flatiron saloon with some of the best burgers in the city.
45 E. 18th St. between Broadway and Park Ave. South; 212-529-6732
More
Gramercy Park Bars
Shopping
Boutiques
More Gramercy Park
Stores
RECOMMENDED SITES
• Stuyvesant
Park Neighborhood Association
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