The Park Gramercy (7 Lexington Avenue)
7 Lexington Avenue, New York, NY 10010
Gramercy Park
BBL 1008770067 · BIN 1018007
- Year built
- 1948
- Type
- Cooperative
- Units
- 93
- Floors
- 12
- Landmark
- No
- Pets
- Permitted per listing records
- Subletting
- Unlimited subletting per listing records — verify current terms with the managing agent
- Pied-à-terre
- Allowed
- Financing
- Confirm maximum financing percentage with the managing agent at offer stage
- Flip tax
- Not documented in public records — confirm with the managing agent at offer stage
Every recorded sale at this building, 2003–2026
Bedroom-by-bedroom medians, the full transfer record, and how units trade against ask.
- Studio median
- $744K
- Recent range
- $675K – $1.9M
- Listing discount
- 4.2%
- Recorded transfers
- 120
The Park Gramercy is a policy building. On a corner where Lexington Avenue meets East 25th Street — one block north of the private key-holders' garden that defines Gramercy Park — the 12-story postwar co-op competes not on architectural spectacle but on an ownership framework that is, by Manhattan cooperative standards, unusually open. Per listing records the building permits pieds-à-terre, unlimited subletting, and parent co-purchasing and guarantors, and it operates under a structure in which the board waives the traditional right to reject a purchaser. For a cooperative, that stack is close to condominium-grade flexibility — and it makes the building a structural option for the buyer pools that stricter Gramercy and NoMad boards routinely screen out: first-time buyers, parents buying with or for children, investors, and pied-à-terre purchasers.
The building was developed by Rose Associates as a rental in the late 1940s and converted to cooperative ownership around 1990, with the sponsor retaining the four ground-floor medical offices as a separate commercial condominium. That retained-commercial structure is common in conversion-era buildings and is worth understanding at diligence, but it does not change the residential experience: the apartments above trade as a conventional co-op, with an active resale market that has run steadily across the past two decades.
Architecturally the building is honest postwar work — brick, twelve stories, and a recessed central bay that is the design's one genuine advantage, producing more corner-exposed, light-on-two-sides apartments than a flat street wall would. The location does the rest. Gramercy Park is a block south; the NoMad restaurant and hotel corridor is a few blocks west; and the 6 at 23rd Street plus the 4/5/6/N/R/W at 23rd Street–Park Avenue South put the building inside the most walkable transit geography on the East Side below 34th.
Architecture and unit composition
The Park Gramercy runs twelve stories of postwar brick on its Lexington Avenue and East 25th Street frontages, with a recessed central bay that pushes many apartments to the corners. The inventory is predominantly studios and one-bedrooms, with a layer of larger and combined two-bedroom apartments created over the building's life. Layouts are postwar-practical — defined foyers, real closet volume, and windowed kitchens and baths in many lines — and the corner exposures are the differentiator buyers pay for. Central air is a genuine convenience for a building of this vintage, sparing owners the through-wall or window-unit compromise common in its co-op peers.
Building operations
This is a full-service co-op: a full-time doorman, an elevator, a live-in superintendent, central laundry, a roof deck, bike storage, and private storage. The retained ground-floor commercial condominium — four medical offices — sits under the residential co-op and is worth reviewing in the building's financials during diligence. The offering plan, proprietary lease, and by-laws are on file in The Roebling Research Library and available to clients during due diligence.
Local Law 97
- 2024–2029 annual penalty
- $0 (under cap)
- 2030–2034 annual penalty
- $3,120/yr
- Per unit / month range
- $0 – $3
Facade safety — Local Law 11
The latest available FISP filing classified the facade as Safe — no repairs were required at that inspection. Facade inspections run on a fixed five-year cycle; future inspection, repair, and any assessment decisions remain building-specific.
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 →Management & transfer contacts
- Sublet policy
- Investor-friendly, no set limits on sublets
- Pied-à-terre
- Allowed
- Notable fees
- Co-op. App processing $600 + review $450; background $100/applicant; credit $75/applicant; move-in $1,000-$1,500; managing agent fee $900; recognition $300; no minimum down payment. Corporate/trust permitted
Recent sales
Recent transfers at this building, curated by The Roebling Team research desk. Apartment-level facts are independently verified before publishing; sale prices reflect the recorded transfer amount at the NYC Department of Finance.
| Date | Unit | Apartment | Price | PPSF | vs. Ask |
|---|---|---|---|---|---|
| Jun 17, 2026 | 11D | 1 BR · 1 BA | $1,275,000 | -3.8% | |
| Jul 30, 2025 | 3H | 1 BA | $785,000 | -1.3% | |
| Jun 25, 2025 | 7H | 1 BA | $760,000 | -4.9% | |
| Jun 12, 2025 | 2E | 1 BA | $750,000 | -4.5% | |
| Dec 13, 2024 | PHG | 1 BR · 1 BA · 900 sf | $1,325,000 | $1,472/sf | -6.7% |
| Nov 26, 2024 | 4H | 1 BA | $675,000 | -12.9% | |
| Jan 30, 2024 | 2A | 1 BR · 1 BA · 950 sf | $1,185,000 | $1,247/sf | -10.6% |
| Jan 10, 2024 | 7A | 1 BR · 1 BA | $1,195,000 | +0.0% |
Market read. $/sf is measured on the latest sales with reliable square footage (2024): a median $1,359/sf across 1 sale. The building has traded as recently as 2026. Median listing discount 1.4% 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 1-00877-0067) 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 on co-ops is not officially recorded, figures shown are approximate.
What to know if you’re buying
The policy stack is the product. Pieds-à-terre, unlimited subletting, co-purchase, and guarantors — per listing records — put this building in the most flexible tier of Manhattan cooperatives. If your situation involves any structure a typical co-op board resists, this building belongs on your list. Verify each policy in current form with the managing agent before offering.
Understand the retained commercial condominium. The four ground-floor medical offices are held separately from the residential co-op. Review how that structure sits in the building's budget and reserves as part of diligence — we run this check against the documents on file.
Confirm the fee stack at offer stage. The flip tax is not documented publicly, and the maximum financing percentage and current sublet terms should be verified against the by-laws and managing agent.
Prioritize the corner lines. The recessed central bay is the building's design advantage; corner-exposed apartments carry it. Walk the difference in person before you price.
Run the board math early. Even permissive boards underwrite. The Co-op Board Qualification Calculator is the right first step.
What to know if you’re selling
Market the policies, not just the apartment. The buyer pool here is wider than for most co-ops precisely because of the sublet, pied-à-terre, and co-purchase framework. Marketing that states the policy stack plainly reaches investors and parent-purchasers that generic studio/one-bedroom listings miss.
Lead with location and light. One block off Gramercy Park, with corner exposures and central air, is a genuine story in this tier — put it first.
Price to condition and exposure. In a building where the value axis is renovation and corner light, price original-condition interior units to the renovation math. The Renovation Cost Calculator frames it for buyers.
Comparable buildings
If you're considering The Park Gramercy, also evaluate:
- 4 Lexington Avenue — Gramercy co-op on the same avenue's lower blocks
- 1 Lexington Avenue — prewar co-op fronting Gramercy Park
- 50 Lexington Avenue — postwar Gramercy co-op nearby
- 7 Lexington's park-facing peers — the private-garden prewar buildings one block south set the corridor's trophy pricing
The neighborhood
For the full corridor — architecture, schools, transit, and pricing across Gramercy — read The Roebling Team Guide to Gramercy.
The full playbook — what goes in the package, how boards read your financials, the interview, and the timeline — plus sample cover, reference, and personal letters you can adapt.
Considering a move at The Park Gramercy?
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 The Park Gramercy 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.