Gramercy Park – Real Estate Market Snapshot
Gramercy Park is a relatively compact neighborhood, but it nonetheless has a thriving real estate market. During the first eight months of 2022, 309 sales closed there. Slightly more than half (52%) were priced at less than $1 million, with another 35% priced between $1 million and $3 million. Just 1% of the properties cost more than $8 million.
At the end of August 2022, 134 residential properties were for sale in Gramercy. More than a third (35%) were priced at less than $1 million, and nearly as many (33%) were in the $1 million-$3 million range. At the opposite end of the market, 2% had an asking price of more than $12 million, with 3% priced at $8 million-$12 million. For co-op units, the median asking price was $775,000. The median asking price for condos in the neighborhood was $2.66 million, while that of townhouses was $7.5 million.
Gramercy had appreciably fewer rentals on the market than properties for sale. Of the 55 active listings as of August 2022, a full third were priced at more than $9,000/month. Nearly as many (31%) were renting for $5,000-$9,000/month, and 25% cost $3,500-$5,000/month. Only 2% rented for less than $2,500/month, with another 9% asking $2,500-$3,500/month.
The median rental price for studios in Gramercy was $3,600/month, compared with $6,200/month for one-bedroom units. Two-bedroom rentals had a median price of $10,500/month, while the median rent for three-bedroom units was $14,000. For properties with four or more bedrooms, the median monthly rent was $25,000.
Data Source: Perchwell
