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Category — Midtown East

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