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Deals & Dealmakers

Colliers Retained to Sell Corner Development Property on Gramercy Park for $50 Million

Colliers (NASDAQ and TSX: CIGI), the leading global commercial real estate services firm, announces it has been exclusively retained to sell 100% ownership interest in the cooperative at 38 Gramercy Park North, a 21,400-square-foot residential property with 9,750 square feet of additional development rights on Manhattan’s coveted Gramercy Park. The non-landmarked property, asking $50 million, offers exceptional conversion potential for high-end, luxury condominiums or conversion to a single-family, mansion residence. The Colliers New York Capital Markets team, led by Peter Nicoletti, Zach Redding and Dylan Kane, has been tapped to lead the sale.

38 Gramercy Park North is one of the only development opportunities on Gramercy Park in decades. The corner property boasts 145 feet of wraparound exposure and is made up of 36 residential units and two commercial units. In addition to calling the coveted address home and enjoying stunning, unobstructed views, tenants at the building will also receive exclusive access to Manhattan’s only private park. The Midtown South condominium market is one of the strongest in New York, representing 29% of Manhattan’s new development units sold from Q2 2021 to Q2 2022. The submarket also saw a 10% year-over-year increase in median sale price during that same period, per Serhant.

“The opportunity to own exclusive real estate like 38 Gramercy Park North comes along once in a generation,” said Colliers Managing Director Redding. “The property offers keys to Gramercy Park, corner exposure with unobstructed park views, and a blank canvas for an iconic development.”

Gramercy is one of the most historic and celebrated neighborhoods in Manhattan, characterized by its lush greenery on nearly every block and a lively dining and bar scene. Its proximity to the 4/5/6, N/Q/R/W, and L subway lines at both the 23rd Street Station and 14th Street Union Square Station makes it accessible to almost any part of the city while retaining a serene neighborhood feel.

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