March 11, 2011
They don't build 'em like 36 Gramercy Park East anymore, so when a developer wants to market condos in a gothic terra cotta landmark adorned with pointed arches, shields, gargoyles and creepy naked kids, there's only one thing to do: conversion time! And so, Gramercy Park's last rental building (it started out in 1910 as a co-op before switching to rentals in 1946) is going that route, under the guidance of Apthorp co-owner Maurice Mann. The former home of John Barrymore, Alfred Ringling and others is now 51 units, 15 of which are still rent-stabilized and 13 of which have sold already, according to reps. In fact, records show a tenant just closed on a penthouse for $841,000.
For everyone else, prices won't be so kind. The building's brokerage, Nest Seekers International, had us over to check out two apartments that haven't been renovated yet: #11NE, a 2,124sqft 3BR/3.5BA asking $5.75 million, and #4SW, a slightly bigger 3BR/3BA in better shape and asking $6.059 million. Hey, what'd you expect on the pricing? There are keys to Gramercy Park up for grabs here, people!Just like at the Apthorp, those are as-is prices, but buyers can opt for apartments in their renovated form and pay higher prices (but at least the central a/c will be installed by then). So what does the U-shaped mini-tower feel like on the inside? Like a pre-war building that has been treated as a rental for over 60 years, but it's impossible not to fall in love with all that history or recognize the potential of these spaces. Amenities being added include a bike room, cold storage for FreshDirect deliveries and a concierge service. The tiny elevators and narrow hallways? Those are staying, so you'd better respect the old-school style. Sheath your sword and step inside 36 Gramercy Park East, won't you?