Gramercy Park Block Association - Neighborhood News #387 

Gramercy Park Real Estate Update: 18 Gramercy Park South 
Suzanne DeChillo/The New York Times 
Since 2006, we have worked closely with Zeckendorf Development on the historic preservation and adaptive reuse of the Salvation Army Parkside Evangeline Residence at 18 Gramercy Park South, an 18-story Georgian Revival building. 

 

Although many developers were competing to purchase the building, we advocated for Zeckendorf Development and their architect, Robert A. M. Stern, primarily for their long history of quality projects. At the time, they had just completed their celebrated 15 Central Park West, "which set a record for the highest price ever paid for a Manhattan apartment" at "more than $13,000 per square foot."  

 

Since then, we have worked on a daily basis with Zeckendorf Development, using our many networks to support their plan to turn this 1927 single-room occupancy dormitory for 200 women into 16 full-floor family apartments. For example, we were responsible for gaining permission for their various modifications, including enlarging the windows and replacing the existing concrete sidewalks with bluestone, which is consistent with most sidewalks in the Gramercy Park Historic District.  See photos below, taken this morning, of crew installing the bluestone and a wheelchair accesible ramp at the corner.

Photos by Alex Nguyen

 

 

 

 

 

 

 

 

 

 

 

 


T
heir successful transformation of 18GPS is not only historically sensitive and totally appropriate for the Gramercy Park Historic District, but has actually enhanced the building and therefore the Historic District.  

On another note, throughout construction we have worked with them to carefully address quality of life concerns, and they have proven to be respectful neighbors.

 

UPDATE

In the last month, our friend New York Times Real Estate writer Robin Finn, who previously wrote a wonderful article about Gramercy Parkhas featured three 18GPS apartments in her Sunday "Big Ticket" column. Each week, Finn features the most expensive sale of the week, according to city records. These closings include No. 9 for $16,575,000, No. 5 for $15,273,750, and No. 11 for $17,539,356.25.  Additionally, the penthouse at 18GPS is in contract for sale to Houston Rockets owner Leslie Alexander for $42 million, "the highest price ever paid for a Manhattan apartment below 59th Street." 

The closings of No. 9 and No. 5 have upped Gramercy Park's average neighborhood price per square foot, which jumped nearly 40 percent over a 90-day period, according to CityRealty. The average price is now $1,837 per square foot.

 

Clearly, our welcoming the Zeckendorf Development project to the Gramercy Park community, and our excellent ongoing relationship with them has proven a win for everyone.