327 East 22nd Street (Gramercy 1860)

The building sits on a fifty-by-ninety-nine-foot lot and occupies about sixty-four feet of the depth, which leaves a rear yard deep enough to support the private gardens attached to the two base residences. At 17,002 square feet across seven floors, the typical residential plate is about 2,671 square feet — two apartments to a landing on floors three through six.

The unit numbering is the thing that confuses people, so it is worth resolving. There is no unit on the second floor because there is no second-floor apartment door: units 1A and 1B are 2,141 and 2,146 square feet against a floor plate of roughly 2,671, so the two of them together cannot fit on one level. They are duplexes running from the ground floor up. Each carries a balcony, a private garden and storage as limited common elements — 1,183 square feet for 1A and 1,410 for 1B. These are three-bedroom, two-and-a-half-bath homes, and they are the largest and the most differentiated apartments in the building.

The middle of the stack is deliberately uniform. Units 3A through 6A are 1,326 square feet; 3B through 6B are 1,345. All are two-bedroom, two-bath, and all carry a 34-square-foot balcony. Uniformity of this kind is useful to a buyer and to a seller: within the A line or the B line, the only variables are floor, light and condition, which makes same-building pricing unusually tractable for an eleven-unit building.

Unit 7 is the penthouse — 2,031 square feet, a full floor, two bedrooms and two baths, with a balcony, terraces, storage and a roof garden totalling 1,910 square feet of limited common element. The second amendment to the offering plan, filed in October 2022, corrected Schedule A to add an eighty-six-square-foot rooftop storage element that had been omitted from unit 7 and restated every unit's common interest percentage accordingly — a small correction, but a reminder that common-interest allocations here were amended after the plan was accepted, and that the operative Schedule A is the amended one.

This is a small, self-contained residential condominium with no commercial unit and therefore no commercial cost-allocation questions — a simplification worth having. The plan contemplates a superintendent rather than full-time door staff, which is the appropriate structure for eleven homes and keeps the common-charge base low: aggregate projected common charges of $117,020 across eleven residences works out to an average of roughly $887 a month.

That number is the counterpart to the tax number, and the two should always be read together. In most Manhattan new construction the common charge is the larger monthly line. Here it is not close: average projected common charges of about $887 a month in the original plan, against a current tax estimate averaging about $3,235 a month per residence. Reconcile the actual current tax bill and current common charges for the target apartment before using either figure. A buyer who anchors on common charges alone will misjudge this building badly.

Because the building is new, its capital record is thin by definition, and there is no operating history against which to test the plan's budget. Every residence in this building has a balcony, the base units have gardens, and the top floor has terraces and a roof garden — waterproofing and drainage across that much outdoor space is a long-run capital exposure. Ask for the current budget, the reserve balance, the sponsor's punch-list and warranty status, and the building's Façade Inspection Safety Program cycle date.

Ownership form: Condominium. Sales and leases pass through the board of managers' right of first refusal, not a cooperative approval.

Pets: Dogs and cats permitted per the offering plan on file. Any other bird, animal or reptile requires written permission from the board or the managing agent, revocable at their sole discretion. A maximum of two animals per unit. Pets must be carried or on a leash anywhere in the common elements.

Closing contributions: One month's common charges to the Working Capital Fund plus one month's common charges to the Reserve Fund, both payable at closing per the plan. This is a two-month contribution, not one — build it into the closing-cost estimate.

Pied-à-terre, subletting, LLC and trust ownership: Permitted under the condominium framework. Confirm minimum lease terms and any rule adopted by the board since the plan.

Flip tax: None documented in the plan on file. Confirm with the managing agent whether the board has since adopted a resale capital contribution.

Real estate taxes: The assessment roll shows no exemption; check the specific unit's tax bill for any abatement. Underwrite the current bill on the specific unit and run True Monthly Carrying Cost analysis against it, not against the plan's Schedule A.

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 (2024) cleared a median $1,393/sf (floor-adjusted) across 6 sales. Floor-adjusted means each sale is restated to a constant mix of floors, so the figure can differ from the plain median of the sales listed above. Median listing discount 4.3% 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 1-00928-7506; 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.

The tax number is the whole story. No 421-a, no 485-x, no J-51, nothing. Full assessment from day one, and the actual assessment has come in well above what the offering plan projected. Get the current bill for the specific unit before you set a price.

Read taxes against common charges, not in isolation. Common charges here are low. Taxes are roughly double them. The building looks cheap on the common-charge line and is not cheap on the monthly line.

Budget two months of common charges at closing, not one — Working Capital Fund and Reserve Fund contributions are each one month.

Confirm the pet rule if you have more than two animals, or a non-dog, non-cat pet. The plan caps it at two, and anything other than a dog or a cat needs revocable written permission.

Use the amended Schedule A. The second amendment restated every unit's common interest percentage. Do not work from the original.

Test the outdoor space. Balconies, gardens, terraces and a roof garden are the building's argument and its long-run capital exposure. Ask about waterproofing details and warranties while the building is still young enough for that to be answerable.

Lead with the outdoor space and the plan. Every residence has a balcony; the base homes have private gardens; the top floor has terraces and a roof garden. On a mid-block Gramercy street that is the differentiator.

Present the tax number first, and pair it with carrying-cost analysis. Sophisticated buyers will find it in minutes. Getting ahead of it — and explaining that there is no exemption phase-out ahead (bills still change with assessments and rates) — converts a perceived weakness into a genuine argument.

There are no same-building comparables yet. Pricing has to be built from the neighboring new-construction condominium set and defended line by line. Expect to do that work rather than point at a recent trade upstairs.

Know which of the three products you are selling. A garden duplex, a mid-stack two-bedroom and the penthouse have almost nothing in common here except an address.

If you're considering Gramercy 1860, also evaluate:

• 312 East 22nd Street (Gramercy East) — 15-residence condominium directly across the street; the small-building alternative on the same block, also with no abatement
• 250 East 21st Street — 2021 condominium; the closest peer by vintage in the corridor
• 200 East 20th Street — new-construction condominium, first certificate of occupancy August 2024; a recent new-construction alternative nearby
• 234 East 23rd Street — 2015 condominium; the mid-decade new-construction comparison
• 200 East 21st Street (200E21) — 67-residence 2016 condominium; the full-amenity, larger-denominator alternative
• 230 East 20th Street (The Modern at Gramercy Square) — the amenity-led Gramercy Square development; a very different cost structure
• 250 East 25th Street (Hendrix House) — 60-residence ground-up condominium; the current-generation Kips Bay–edge alternative
• 340 East 23rd Street (Gramercy Starck) — 2007–2008 condominium; the prior new-construction cycle in the same corridor
• 151 East 20th Street — 24-residence condominium in a 1950 building; the small converted alternative closer to the park
• 121 East 22nd Street — the large architect-led condominium on the same street at the west end; the scale contrast