Gramercy Park | NYC Co-op Apartment Sales
NY coops and cooperative apartment sales: prices, buyers, sellers, details, and deals
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Category — Gramercy Park

Co-op Near Gramercy Park Doesn’t Like Dogs, But Sells For $1.15M

A co-op apartment at 205 Third Avenue in Gramercy Park Towers recently sold for $1.15 million, according to New York City records. The building is within walking distance of Union Square and the large number of nearby hospitals on First Avenue.

The unit was sold by an entity named AGBH Gramercy, LLC and bought by Roland Marchand and Lynn Marchand. The apartment is located on a high floor near the cooperative’s roof garden. Other building amenities include 24-hour doormen, lobby attendant, common courtyard, and a parking garage (although it’s unclear whether there are restrictions or a waiting list for shareholder seeking a space there).

This post-war co-op was built in 1964. It’s located just a few blocks away from historic Gramercy Park, but this building’s residents shouldn’t even dream of getting a key to the park.

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The building’s current financial situation reportedly gives shareholders a generous 54% tax-deduction for monthly maintenance payments. Maintenance payments include utility charges.

So what are some potential negatives of buying at Gramercy Park Towers? The restrictive “no dog” policy clearly puts shareholders at a disadvantage when they want to sell their apartment. That immediately limits the number of prospective purchasers. Another setback is an apparent prohibition against washing machines and dryers in your apartment, judging by Halstead broker Ivana Tagliamonte and Kelle Buhler’s recent listing for a $985,000 home in the building.

The co-op had a notorious litigation history in the ’80s and ’90s,with rent-regulated tenants who lived there at the time of the co-op conversion.

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March 24, 2008   No Comments

$1.975M for the Late Joel Siegel’s Coop, $150k Less Than List Price

Joel SiegelThe Irving Place co-op apartment of legendary movie critic Joel Siegel (right) was sold for $1,975,000 following his death in June 2007 after a 10-year battle with colon cancer.

Artist Ena Swansea is the late critic’s wife and the executor of his estate who authorized the apartment’s sale.

The 1700 square apartment at 82 Irving Place was bought by InStyle Accessories Editor Ariela Suster and Andres Suster, a Senior Consultant with FutureBrand, an brand management division of the advertising conglomerate Interpublic Group of Companies.

The Susters appear to be skilled negotiators: they were able to knock $150,000 off of Prudential Elliman broker Pamela Huson’s $2,125,000 listing price for her clients.

The cooperative apartment is near Gramercy Park and boasts:

You can take a panoramic virtual tour by clicking here, or a still photo tour by clicking here while they’re still there.

Maintenance is $2,352 per month. Unfortunately, this is not a 100% pet-friendly building: the listing said that the coop doesn’t allow dogs.

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March 13, 2008   No Comments

$1.425M Gramercy Park Co-op Purchase Adds to Couple’s Collection In Townhouse

Children’s book author Sarah Kilborne sold her coop apartment in a townhouse at 1 Gramercy Park West today for $1,425,000. That’s $75,000 less than the $1.5 million asking price listed by broker Stribling and Associates.

The buyers were interior designer Sarah Story and Kenneth M. Garschina, an investor in the Internet Capital Group.

1 Gramercy Park West co-op

Stripling listed the co-op as a 3-room apartment, but the floor plan makes it look more like a 2-room unit with a small bathroom. The kitchen wall unit is actually in the bedroom with a Murphy bed.

Story and Garschina have quite a few transactions in the building that they seem to be cobbling together the entire townhouse piece-by-piece. In February 2007 they paid $1.25 million for a 5th floor cooperative apartment. In April 2006 they paid $3 million for the entire 4th floor. In May 2005 Ken Garschina and Sara Garschina paid $575,000 for a 5th floor coop apartment in the building.

Neighbors include Tatiana von Fürstenberg (daughter of fasion designer Diane von Fürstenberg and Prince Egon of Fürstenberg) and Barbara Baker.

The coop apartment is located in an historic 1850’s Gramercy Park townhouse formerly owned by Dr. Valentine Mott, the founder of New York University’s Medical College and Bellevue Hospital. Dr. Mott reportedly died of shock after being told of President Abraham Lincoln’s assassination.

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March 10, 2008   1 Comment