Last Gramercy Park Rental Goes Condo

What better time to go condo than during a credit crisis? The Real Deal reports that the owners of 36 Gramercy Park South, the landmarked and last rental building right on the private park, sent its tenants a "red herring" condo offering plan (red herring because it needs to be approved by the Attorney General's office first). And some details: "The 53 units at 36 Gramercy Park East are being offered for sale at an average price of $2,448 per square foot, though large units facing the park are going for much more. The most expensive apartment, a 2,078-square-foot, three-bedroom on the ninth floor facing the park that is currently rent-controlled, has been priced at $6,545,700, or roughly $3,150 per square foot. The least expensive, a 323-square-foot studio at the back of the building, has been priced at $484,500, or roughly $1,500 a square foot." At those prices, you'd think you'd be able to picnic in the park, but no.