Gramercy Park Block Association - Neighborhood News #489

18 Gramercy Park ranked highest-priced new project of 2013
Posh building ticks in at $1,000 more per square foot than nearest competitor
January 07, 2014

By Guelda Voien

Priciest new developments in Manhattan


The most expensive new development in Manhattan in 2013 was the Zeckendorfs' 18 Gramercy Park, where closed sales averaged more than $4,000 per square foot, according to a report from CityRealty provided exclusively to The Real Deal.


The "trifecta ... of the opportunity to buy in that location, in a Robert A.M. Stern-designed building, from developers with a proven track record," was what appealed to buyers at the 17-unit building on the exclusive park, said Jill Mangone, director of sales with Zeckendorf Marketing, who leads sales there.


Eighteen Gramercy still has two full-floor units available, and a maisonette featuring a private entrance will hit the market next week for $9.5 million, Mangone said. The building also set a record for the most expensive condo Downtown earlier this year, when a $42 million penthouse was sold to the owner of the Houston Rockets.


But the 2013 market was so frothy that many of the priciest newly constructed units sold last year could now go for as much as 50 percent more, said Pete Culliney, director of market analytics for CityRealty.


The report "is a snapshot of the recovery of the marketplace," he said.


The report looked at the average price per square foot in closed sales at new construction buildings where more than 50 percent of the units closed in 2013. As a result, some superstars, like Walker Tower, were excluded.


Click here to read the full article on The Real Deal.