27 East 22nd Street (L'Elysee)

The building is a ten-story turn-of-the-century masonry loft on East 22nd Street. The conversion preserved the loft envelope — high beamed ceilings, oversized windows on the street and rear exposures, and the deep open floor plates that make full-floor loft living possible. The residential program is eight full-floor simplex residences stacked through the tower with two duplex penthouses at the top, above a ground-floor commercial unit — ten residential units in all, per listing and city records.

Full-floor layouts give each residence windows on multiple exposures and the privacy of a private-key elevator landing serving a single apartment. Converted residences carry central air conditioning and in-unit washer/dryers. Apartment scale runs large for the price tier — full-floor loft plates rather than the compact layouts of the surrounding towers — which is the building's defining product advantage and the reason it draws design-conscious buyers who want volume and light over services.

L'Elysee operates as a small self-managed-scale condominium: elevator-served, with basement private storage, and with no doorman, no concierge, no garage and no full-service amenity program. Review the common-interest allocations and budget for the ten-residence building, including any commercial units. Roof, facade, elevator and mechanical costs follow the governing documents’ allocations; the residential count alone does not establish each owner’s share or the charge level. Building financial statements, the offering plan, and by-laws on file in The Roebling Research Library are available to clients during diligence; current reserve levels and any planned capital work should be reviewed against those documents and confirmed with the managing agent at offer stage.

Recent sales

Recent closings at this building, from The Roebling Research Library. Prices are the transfer amounts recorded with the NYC Department of Finance; apartment-level detail is checked against the building’s own file in The Roebling Research Library before publishing.

Market read. Most recent trades (2026 to date) cleared a median $1,177/sf (recorded) across 1 sale. Median listing discount 4.8% from the last ask — a recurring negotiation gap worth pricing into any offer or listing strategy.

Sales sourced from NYC Department of Finance recorded transfers (BBL 1-00851-7502; each condominium apartment is its own tax lot). Apartment-level facts (line, condition, asking-price context) curated and cross-verified in The Roebling Research Library. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price; square footage from recorded condo declarations and offering plans.

You are buying loft scale and privacy, not amenities. The product here is the full-floor plate, the ceiling height, and the one-apartment-per-floor privacy — not a doorman, garage, or amenity suite. Buyers cross-shopping the full-service towers on the block should weigh that trade directly: this building competes on volume, light, and authenticity.

Small-building economics cut both ways. Fixed and capital costs follow the declaration’s allocations, including any commercial-unit interests. The ten-residence count alone does not establish either low charges or an equal ten-way share. Review the building's reserves, recent financials, and any planned facade, roof, elevator, or mechanical work before you commit.

Condo ownership removes the co-op board. As a condominium, there is no co-op board admission; purchases run through the condominium's application and right-of-first-refusal process. Confirm pied-à-terre use, subletting, and trust or entity purchase in the current declaration, bylaws and house rules with the managing agent and your attorney.

Verify the policy stack at offer stage. Pet rules, subletting terms, washer/dryer specifics, and any transfer fee should all be confirmed against the by-laws and the managing agent — in a building this small, house rules are administered closely.

Mansion tax thresholds apply. Run the intended price through the Mansion Tax Calculator against the $1 million floor and the higher cliffs.

Market the scarcity of full-floor loft living on Madison Square Park. The selling story is structural: a full-floor loft footprint, high beamed ceilings, multi-exposure light, and private-landing privacy, one block from the park and surrounded by the corridor's trophy towers. That is a thin and specific inventory, and the marketing should name it.

Price to same-building and true-loft comparables. A ten-unit building turns over rarely, and tower-average $/sf from the high-rises on the block is not a useful anchor. The right comparables are full-floor loft conversions in the immediate Flatiron core.

Set expectations on services. Buyers arriving from full-service towers should understand the boutique operating model up front; positioning the building's intimacy as the feature it is, rather than leaving the absence of a doorman to surface as an objection, is the stronger approach.

If you're considering 27 East 22nd Street, also evaluate:

• 23 East 22nd Street (One Madison) — the slender CetraRuddy condominium tower next door; the full-service, high-altitude alternative on the same block
• 45 East 22nd Street (Madison Square Park Tower) — Kohn Pedersen Fox's new-construction luxury tower nearby on East 22nd Street; the corridor's amenity-rich high-rise benchmark
• 21 East 22nd Street — immediate-neighbor boutique condominium on the same block face
• 121 East 22nd Street — OMA-designed Gramercy/Flatiron-edge condominium; new construction with full amenities
• 141 Fifth Avenue (Merchants Bank Building) — landmarked Flatiron loft-to-condo conversion; comparable boutique pre-war proposition
• 212 Fifth Avenue — Madison Square Park conversion condominium with pre-war bones and a fuller service program
• 225 Fifth Avenue (The Grand Madison) — large Madison Square Park condominium conversion; the full-service contrast to L'Elysee's boutique scale