- Year built
- 1894
- Type
- Condominium
- Units
- 258
- Floors
- 26
- Landmark
- No
- Amenities
- 24-hour doorman and concierge, a rooftop pool with Jacuzzi, sauna, and steam, two furnished roof decks with skyline and river views, a fitness center, a residents' lounge, a children's playroom, bike and private storage, on-site parking, and a landscaped rear courtyard
- Pets
- Confirm the current pet policy with the managing agent
- Flip tax
- None documented — verify against the by-laws at offer stage
Gramercy Place is one of the more architecturally distinctive condominiums on Park Avenue South: a residential tower raised on the air rights above the former New York Bank for Savings, an 1894 Romanesque banking hall whose interior was preserved as the building's lobby. That combination — a preserved 19th-century base and a full-service residential tower above — gives the building a character that newer glass construction on the corridor cannot replicate, at a per-foot below the ground-up new-development product to the south and west.
The building's thesis is location plus amenity depth at a mid-market condominium price. It sits at the seam of Gramercy and Flatiron, a short walk from Gramercy Park, Madison Square Park, Union Square, and the restaurant density of the Flatiron District, with the N, R, W at 23rd Street and Park Avenue South and the 6 nearby. For a building of its vintage to carry a rooftop pool, two furnished roof decks, a fitness center, and on-site parking is unusual — it appeals to buyers who want full-service building operations and condominium flexibility without the pricing of the ground-up towers along the corridor.
Architecture and unit composition
Philip Birnbaum & Associates designed the residential tower, which rises 26 stories on the air rights above the 1894 bank base. The base itself — designed by C.L.W. Eidlitz and restored by Beyer Blinder Belle — survives as a marble banking hall serving as the lobby, one of the more dramatic arrival sequences on Park Avenue South. The air-rights massing also created a large landscaped rear courtyard behind the historic base. The residences run across a broad mix of layouts; as with any conversion-era condominium, renovation quality and finish level vary substantially line to line, so underwrite each apartment on its own merits.
Building operations
Gramercy Place runs as a full-service condominium: 24-hour doorman and concierge, a rooftop pool with Jacuzzi, sauna, and steam, two furnished roof decks with skyline and river-direction views, a fitness center, a residents' lounge, a children's playroom, bike and private storage, and on-site parking. Common charges reflect the amenity depth and the operating cost of a preserved historic base; the offering plan and current house rules are on file in The Roebling Research Library.
Local Law 97
- 2024–2029 annual penalty
- $131,260/yr
- 2030–2034 annual penalty
- $320,649/yr
- Per unit / month range
- $42 – $104
Facade safety — Local Law 11
Safe to live in today — but the last inspection flagged repairs that are due on a deadline, so facade work and its cost are coming. Whether that’s a real concern depends on the scope, the timing, and how the building plans to pay for it — reserves or an assessment — which is exactly what we’d dig into for you.
QEWI = Qualified Exterior Wall Inspector — the licensed engineer the city requires to sign the report (the independent expert, not the managing agent). Source: NYC DOB facade filings (FISP) · The Roebling Research Library.
See the full facade history →What to know if you’re buying
Underwrite the amenity value honestly. A rooftop pool, two roof decks, a fitness center, and on-site parking in a building of this size is a genuine differentiator. If you will use the package, the carrying costs buy more here than the monthly number suggests; if you will not, you are subsidizing neighbors who do.
Confirm the exposure line by line. Views, light, and courtyard-versus-avenue orientation vary substantially by floor and line; the corridor is dense, so verify the specific apartment's outlook.
Condo flexibility is real. Pied-à-terre and investment use are accommodated under the condominium framework; subletting is permitted subject to the by-laws; closings run on a condominium timeline of roughly 30 to 45 days.
Model the full carry. Common charges plus property taxes plus utilities and insurance — the amenity depth and the historic base make the monthly number real; run it completely.
What to know if you’re selling
The lobby and roof program are the marketing story. Lead with the preserved 1894 banking hall, the rooftop pool, and the two furnished roof decks — that combination is rare on the corridor and widens the buyer pool.
Position against Park Avenue South and Gramercy. Your comparable set is the surrounding condominiums along Park Avenue South and the Gramercy / Flatiron border, not the ground-up new-development market.
High floors and outdoor access carry the premium. View, floor, and proximity to the roof decks drive the per-foot spread.
Closing timelines are condo-fast. 30 to 45 days from contract to closing.
Comparable buildings
- 240 Park Avenue South — nearby Park Avenue South condominium on the same corridor
- 260 Park Avenue South — nearby Park Avenue South condominium
- 222 Park Avenue South — nearby Park Avenue South condominium
- 225 Fifth Avenue — nearby Madison Square Park condominium
- 15 Union Square West — nearby Union Square condominium with a preserved historic base
The Roebling Team at Gramercy Place
The Roebling Team at Compass specializes in Central Park West, the Upper East Side, and the broader Park-facing Manhattan market — including the Flatiron, Gramercy, and Park Avenue South corridors. We publish this building profile because condominium buyers and sellers deserve building-specific intelligence — architecture, operational reality, transactional mechanics, and pricing at the apartment level — not generic market commentary.
If you're considering a purchase or sale at 278 Park Avenue South, a 30-minute consultation is the right starting point. We'll bring the full context this page provides plus the transactional specifics your situation requires — comparable analysis at the apartment level, due diligence priorities, and the pacing strategy that fits your timeline.
The neighborhood
For the full corridor — architecture, schools, transit, and pricing across Flatiron — read The Roebling Team Guide to Flatiron.
Get the full picture on this building.
The full comp set, a private valuation of your line, or current and off-market availability — sent to you directly.
Own an apartment here? See what it would sell for.
A broker’s honest answer to three questions — what your apartment would likely sell for today, what it costs to sell, and what you’d walk away with — for your apartment at Gramercy Place, in this market. Put together by a person, not an algorithm.