- Year built
- 1910
- Type
- Condominium
- Units
- 15
- Floors
- 75
- Landmark
- No
Every recorded sale at this building, 2003–2025
Price-per-square-foot over time, the line- and floor-premium curves, and every recorded sale.
- Median $/sf
- $1,160
- Listing discount
- 4.5%
- Recorded sales
- 23
- On record
- 2003–2025
Gramercy East is a fifteen-residence condominium that came out of a wreck. The public record of this parcel between 1987 and 1996 is a nearly complete case study in what happened to small Manhattan conversion projects in the late-1980s credit cycle, and the building that exists today is the second attempt.
The chain reads like this. In December 1987 the property changed hands between two closely named single-purpose corporations, and the buyer financed it. Work started. It did not finish. In March 1991 a referee's deed transferred the property out of foreclosure, and the defendants named on that deed include a drywall contractor, a building-materials supplier and an elevator company — the signature of a construction job that stopped mid-stream with its trades unpaid. In November 1993 the property was conveyed to El Ad Hotels, Ltd., which finished it. The offering plan anticipated completion of the renovation on or about October 15, 1995; the accessibility lift in the building's elevator-device record carries a November 1995 status date, which is about what a finished job looks like in the city's files. The condominium declaration and map were recorded in May 1996, and the sponsor's first unit conveyance followed in June.
That history matters to a buyer for one reason above the others: this is an old building that was rebuilt, not a new building. The built floor area is 5.70 times the lot, against the 4.00 that current R8B zoning permits — an overbuild no new construction on this site could have achieved, and evidence that the original structure was retained through the rebuild. What was renovated in 1993 to 1995 is everything a buyer touches: systems, kitchens, baths, in-unit laundry, the elevator, the lobby. What was not renovated is the shell and the frame, which are as old as whatever the building originally was.
The second thing to understand is the massing. City records disagree with themselves here, and the disagreement is worth resolving before you assume anything about a floor plan. PLUTO reports five stories. The Department of Buildings reports six or seven and 75 feet. The offering plan describes six stories plus a penthouse over a cellar and a rear yard. Trust the plan and DOB. Fifteen residences spread across six full floors and a penthouse level, with several duplexes among them, produces a very different unit-size distribution than fifteen residences over five floors would.
And the third: the building is not landmarked, and neither is its block. The Landmarks Preservation Commission's designated-building database has no entry anywhere on tax block 927. Gramercy Park's protection runs out several blocks west of here. Windows, façade treatment, rooftop equipment and terrace work at 312 East 22nd Street are ordinary Department of Buildings filings with no Certificate of Appropriateness in front of them — a real operational advantage over the protected Gramercy stock, and the reason the building's exterior cycles show up in the record as plain alteration jobs.
Architecture and unit composition
The building presents as a masonry mid-block house of roughly 41 feet of frontage on an irregular lot, six floors and a set-back penthouse level, with a rear yard behind it. There is nothing ornamental to catalogue and the renovation did not add any; the value proposition is interior volume and light on a quiet block, not a façade.
The residences are lettered by floor, A through D on the lower floors and thinning as the building rises, with three penthouse residences at the top. The unit-lot schedule in ACRIS runs 1001 through 1015 without a gap, which is the cleanest confirmation available that fifteen is the real number and that no combination has reduced it. Several residences are duplexes: alteration applications filed in 2000, 2004 and 2008 all describe interior stair replacement inside individual apartments, which does not happen in a simplex.
The two structural amenities are at the extremes of the building. At the bottom, the first-floor rear residences hold exclusive use of their appurtenant portions of the rear yard under the offering plan, fenced and maintained at the unit owner's cost — private outdoor space at grade in Gramercy, which is scarce and which carries an obligation. At the top, the penthouse level and upper terraces carry the open sky. Between them, the building is a straightforward stack of renovated apartments served by a single elevator.
Building operations
Fifteen residences is a small denominator, and the building is staffed and equipped accordingly: one elevator, an accessibility lift, no doorman in the public record, and a fixed-cost base spread across fifteen owners rather than a hundred. That is the central operating fact for anyone underwriting common charges here, and it cuts both ways — the building is inexpensive to run and expensive to fix, because a single façade cycle or elevator modernization lands on fifteen unit owners.
The visible capital record since conversion is light and unremarkable. A heavy-duty sidewalk shed went up under a December 2008 filing, which is the customary opening move of a Local Law 11 façade cycle. The rest of the filings are unit-level: apartment renovations on the second, fourth and other floors across 2000, 2004, 2008, 2011 and 2015, each with plumbing and interior partition work and no change of use, egress or occupancy. That pattern — a steady drip of individual gut renovations across a quarter-century — tells you the interiors have been substantially reworked by owners since the sponsor delivered them, and that the 1995 finishes are largely gone.
There is no tax benefit running. The sponsor reserved the right to seek J-51 for the rehabilitation and the plan warned purchasers not to count on it; the Department of Finance's J-51 records show it was never granted on this lot or on any unit here. Real estate taxes at Gramercy East are unabated at the building level, and a buyer should underwrite them that way.
Policy framework
Ownership form: Condominium. A purchaser takes fee title to the residence together with an undivided interest in the common elements, and the transfer records in ACRIS as a deed against the unit lot.
Board approval: No board approval. Sales and leases are subject to the board of managers' right of first refusal under the plan and by-laws — a waiver process, not an interview.
Financing: No condominium-level financing ceiling. Lender requirements govern, and in a fifteen-unit building the relevant constraints are the lender's investor-concentration and owner-occupancy tests rather than a house rule.
Subletting: Permitted, subject to the right of first refusal.
Pets, pied-à-terre, LLC and trust purchase: Permitted under the condominium framework; the plan imposes no owner-occupancy requirement.
In-unit washer/dryer: Present from the conversion.
Flip tax / transfer fee: None documented in the offering plan on file. Confirm the current fee schedule with the managing agent — resale capital contributions are adopted by amendment and do not always reach a published source.
Rear-yard rights and obligations: The first-floor rear residences carry exclusive use of their appurtenant yard portions and the maintenance obligation that goes with it. If you are buying one of those residences, read that provision in the declaration before contract.
Local Law 97
This building is below the 25,000 sq ft threshold at which LL97 emissions caps apply. No regulatory capital pressure from this law specifically, current or 2030.
See full Local Law 97 analysis →Recent sales
Gramercy East trades as a boutique conversion condominium rather than as a prewar apartment house or a new development, and the comparable set should be built from small Gramercy condominiums of similar unit count and vintage rather than from the full-service buildings closer to the park. Value here is driven by level and by outdoor space in roughly that order: the penthouse tier and the yard-attached first-floor residences are distinct products from the middle of the stack, and duplex plans price against a different pool than simplexes of the same square footage.
Condominium pricing in this corridor is read per square foot and against unabated taxes, which is the single most important carrying-cost variable at this address — there is no J-51 or 421-a running to burn off, so what a buyer sees on the tax line is what the tax line is. Index any market read to the last complete year rather than to a partial current one. Unit-level transaction history is maintained in The Roebling Research Library and shared with clients during diligence.
Recent closings at this building, curated by The Roebling Team research desk. 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.
| Date | Unit | Apartment | Price | PPSF | vs. Ask |
|---|---|---|---|---|---|
| Sep 19, 2025 | PHC | 2 BR · 2.5 BA · 1,884 sf | $2,430,000 | $1,290/sf | -8.3% |
| Feb 25, 2025 | 1C | 2 BR · 2 BA · 1,615 sf | $1,800,000 | $1,115/sf | -18.2% |
| Jan 14, 2025 | 2A | 1 BR · 2 BA · 1,100 sf | $1,325,000 | $1,205/sf | -8.6% |
| Jul 21, 2022 | PHA | 3 BR · 2.5 BA · 2,700 sf | $3,175,000 | $1,176/sf | -18.5% |
| Jan 5, 2022 | PHB | 3 BR · 2.5 BA · 1,679 sf | $2,650,000 | $1,578/sf | +6.0% |
| Sep 17, 2021 | 3D | 1 BR · 2 BA · 1,158 sf | $1,215,000 | $1,049/sf | -12.9% |
| Dec 17, 2018 | 4A | 2 BR · 2 BA · 1,104 sf | $1,385,500 | $1,255/sf | -4.1% |
| Oct 26, 2016 | 1B | 1 BR · 1 BA · 829 sf | $1,245,000 | $1,502/sf | -4.2% |
Market read. Most recent trades (2025) cleared a median $1,160/sf across 2 sales. Median listing discount 4.5% from the last ask — a recurring negotiation gap worth pricing into any offer or listing strategy.
The retrade record
Lines that have traded more than once in the public record — the building’s appreciation arc, apartment by apartment.
Full closing history with price-per-square-foot over time, the complete retrade record, and every line that has traded.
Sales sourced from NYC Department of Finance recorded transfers (BBL 1-00927-7501) and verified listing data. Apartment-level facts (line, condition, asking-price context) curated and cross-verified by The Roebling Team research desk. 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.
What to know if you’re buying
Underwrite the taxes at full freight. No building-level abatement or exemption has ever run here. Buyers arriving from a 421-a or J-51 building are used to a tax line that grows; this one does not, but it also starts higher. If you qualify, the owner-level co-op/condo property tax abatement is applied for separately after closing.
Verify the floor count and the plan before you assume the layout. The city's own records disagree — five stories in PLUTO, six or seven at DOB, six plus a penthouse in the offering plan. Get the floor plan and the certificate of occupancy rather than reasoning from a data field.
If the residence is a duplex, price the stair. Several units here are duplexes with interior stairs replaced under permit. Duplexes in small buildings read differently to resale buyers than flats of the same size, in both directions.
If it is a rear first-floor residence, read the yard provision. Exclusive use with an owner maintenance obligation is a genuine amenity and a genuine liability. Find the fence line, and find out who has paid for what.
Fifteen owners share every capital dollar. Ask for the reserve balance, the most recent façade cycle date and status, and whether any assessment is live or contemplated. In a building this size, one elevator modernization is a material number per unit.
The building is not landmarked. Window replacement, façade work and rooftop or terrace alterations here do not need a Certificate of Appropriateness. That is an advantage; it also means the exterior standard is whatever the board sets.
What to know if you’re selling
Lead with the tax certainty and the low unit count. Buyers coming out of abatement burn-offs elsewhere will read a stable, unabated tax line as a feature once it is explained. Fifteen residences also means real control over the building — say so.
Get the floor and level right in the copy. The public data field says five stories. The building is six plus a penthouse. A buyer who checks will find the discrepancy; better that they find your correction first.
Sell the outdoor space precisely. Yard, terrace or neither — and if yard, the exclusive-use grant and the maintenance obligation both. Vagueness here reliably costs money in attorney review.
Have the fee schedule and the right of first refusal answer ready. There is no documented flip tax in the plan on file, but boards adopt fees. A written current answer from the managing agent shortens the deal.
Comparable buildings
If you're considering Gramercy East, also evaluate:
- 121 East 22nd Street — the other East 22nd Street condominium option, closer to Gramercy Park and at a different scale
- 117 East 18th Street (The Ram Building) — 1930 prewar loft converted to condominium; the same boutique-condominium economics in an older shell
- 220 Third Avenue — 1901 mixed-use building converted to condominium in 2006; the other small conversion condominium in the immediate area
- 350 East 18th Street (The Florian) — condominium a few blocks south; the comparison for boutique-building carrying costs
- 233 East 17th Street (Landmark 17) — institutional building converted to residences; the adaptive-reuse condominium alternative
- 151 East 20th Street — 1950 boutique condominium; small-building condominium economics nearer the park
- 311 East 25th Street — small-building alternative to the east at a similar unit count
- 305 East 24th Street (New York Towers) — the full-service, high-unit-count contrast a few blocks north
- 340 East 23rd Street (Gramercy Starck) — design-driven conversion condominium one block north
- 112 East 19th Street (Ruggles House) — the cooperative loft alternative in the same corridor, for buyers weighing tenure
The neighborhood
For the full corridor — architecture, schools, transit, and pricing across Gramercy — read The Roebling Team Guide to Gramercy.
How to read the facts on this page. Items attributed to an offering plan describe the building as it was offered at that filing — unit mix, square footage, the amenity program as planned. They are not a statement about how the building operates today. Tax and compliance figures are sourced separately to current City records and carry their own dates. House rules, staffing and fee policy can change by board resolution without any public filing: treat every policy line here as a starting point for diligence and confirm it with the managing agent.
Considering a move at Gramercy East?
Request a private building brief with the relevant comparable sales, current and off-market availability, and an apartment-specific view of value.
Own an apartment here? See what it would sell for.
A Private Pricing Opinion — what your apartment at Gramercy East would likely sell for today, what it costs to sell, and what you’d walk away with — reviewed personally against condition, exposures, renovation quality, and the competition actually on the market.