The Gramercy House (235 East 22nd Street / 381 Second Avenue)

The Gramercy House rises 17 stories in three unequal wings, with small Art Deco cast-iron-fenced garden strips at the building line and a large private garden at the west end. The Blums laid brick diagonally to create visually tactile quoins and corners, and layered brown-brick base courses, dark-green pilasters, and blue banded brick beneath the lighter upper facade. The 1931 marketing described polychrome terra-cotta, marble, and brown brick, with apartments ranging from one to four rooms plus five- and seven-room penthouse suites, and touted wood-burning fireplaces, tile showers, and dressing rooms.

Today the roughly 335 residences are primarily studios, one-bedrooms, and two-bedrooms, along with seven penthouses; some units have been combined into larger two- and three-bedroom homes, and a number carry set-back terraces. Prewar finishes have been widely retained: wood-burning fireplaces in a large proportion of units, hardwood and parquet floors, beamed ceilings, restored moldings, and large casement windows. Representative layouts run from alcove studios with pass-through kitchens to combined two-bedrooms with 18-to-25-foot living rooms opening onto long terraces.

Maintenance at The Gramercy House includes utilities — electricity, heat, hot water, and air conditioning — which is unusual and a genuine selling point that shapes how the monthly carry compares to buildings where residents pay those separately.

The building operates with a 24-hour doorman and concierge and a live-in superintendent. The amenity set is prewar-classic rather than new-development-maximal: the roughly 5,000-square-foot landscaped private garden at the west end is the crown jewel, supported by a furnished, planted roof deck with Midtown views, central laundry, a bicycle room, and individual storage. There is no gym and no garage. Pets are permitted.

The Gramercy House is a primary-residence cooperative with conservative financial requirements: a 40% minimum down payment, subletting permitted only in board-approved hardship situations, and pied-à-terre and co-purchasing arrangements generally not allowed. Guarantors are considered and gifting is allowed. A transfer fee (flip tax) applies. These are the policies of a stable, owner-occupied prewar building — a feature for buyers who value a settled shareholder base, and a constraint for those seeking investment flexibility.

Recent sales

Recent transfers 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) cleared a median $845/sf (floor-adjusted) across 2 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 1.1% 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 1-00903-7502). 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 on co-ops is not officially recorded, figures shown are approximate.

This is a primary-residence cooperative. Plan on 40% down, board approval, and a rulebook that does not accommodate pieds-à-terre, investment subletting, or co-purchasing outside hardship. Buyers who need flexibility should look to condominium alternatives; buyers who want a stable, owner-occupied building will find the policy set a feature.

Maintenance includes utilities. Electricity, heat, hot water, and air conditioning are bundled into the monthly maintenance. When comparing carrying costs against other prewar co-ops, normalize for that — the headline maintenance figure covers more than it does at many peers.

Original detail is the value. Wood-burning fireplaces, beamed ceilings, casement windows, and terraces vary unit to unit. Inspect condition carefully and price to it; the spread between renovated and estate-condition apartments is wide.

The architecture is a genuine differentiator. The Blum-designed Art Deco facade is intact and distinctive. View the building in person — the entrance and terra-cotta ornament are the building's signature.

Run the numbers on a co-op basis. Cooperative purchases carry different closing costs and financing mechanics than condominiums. Model the full monthly carry (maintenance, inclusive of utilities here, plus financing) and the board's financial requirements before making an offer.

Lead with the architecture and the garden. The Art Deco facade and the roughly 5,000-square-foot private garden are the building's marketing signature and distinguish it from generic Gramercy inventory.

Condition drives price. Renovated units — particularly those retaining a wood-burning fireplace or a terrace — command a premium. Present the apartment's original detail and any renovation work clearly.

Price to the co-op comp set. Comparable sales within the building and among peer Gramercy prewar cooperatives are the right frame, normalized for the utilities-inclusive maintenance.

Prepare buyers for the board. The financial requirements and primary-residence rules screen the buyer pool. Qualified, owner-occupant purchasers move most smoothly through this board.

If you're considering The Gramercy House, also evaluate other well-located Gramercy and Kips Bay prewar and postwar cooperatives with strong service and stable shareholder bases. The Roebling Team can build an apartment-level comparable set across the Gramercy corridor tailored to your budget, layout requirements, and tolerance for co-op rules.