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Gramercy Park Hotel, 50 Gramercy Park North

Between Park Avenue South & Lexington Avenue   |    Gramercy Park

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Key Details

  • Condop
  • Built in 1924
  • 23 Apartments
  • 17 Floors
  • Size From # avail
  • 2 Beds $3,795,000 1
  • 3 Beds $7,600,000 2
  • 4 Beds $9,000,000 1
  • Last updated Apr 23, 2018
  • View apartments for sale
$2,315 Avg. Price / Ft2
$91 Avg. Price / Ft2
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Overview

89

Gramercy Park Hotel, 50 Gramercy Park North has received a CityRealty Rating of 89, based on:

 
Architecture

Anything above 30 is remarkable, from 20-29 is distinguished and from 11-19 is average, while below 11 is below average.

 
Location

Anything above 27 is remarkable, from 18-26 is distinguished and from 9-17 is average, while below 9 is below average.

 
Features

Anything above 22 is remarkable, from 16-21 is distinguished and from 9-15 is average, while below 9 is below average.

Rating Summary

25
Out of 44
+
29
Out of 36
+
25
Out of 39
+
10
=
89
Out of 119
 

Architecture Rating: Points Breakdown

Exterior:
Distinguished 6 out of 8 points
Retail Quality:
None 2 out of 5 points
Canopy Entrance:
Attractive 2 out of 3 points
Alterations:
Well Done 1 out of 2 points
Plaza Or Atrium:
None 0 out of 3 points
Contextual Design:
No, but Very Good 3 out of 3 points
Skyline:
Highly Visible 2 out of 2 points
Local Visibility:
Highly Visible 2 out of 2 points
Watertank:
Attractively Enclosed 2 out of 2 points
Airconditioners:
Not Allowed 2 out of 2 points
Free Standing:
No 0 out of 2 points
Gargoyles:
None 0 out of 2 points
Garden:
None 0 out of 2 points
Fenestration:
Consistent 1 out of 1 points
Landmark:
Part of Historic District 1 out of 2 points
Unity:
Unified Design 1 out of 1 points
Illumination:
None 0 out of 1 points
Water Element:
None 0 out of 1 points

Location Rating: Points Breakdown

Street Ambience:
Outstanding 5 out of 5 points
Distance To Neighborhood Center:
Less than 40 blocks 2 out of 5 points
Views:
Impressive 3 out of 4 points
Neighborhood Ambience:
Very Attractive 3 out of 3 points
Traffic Noise:
Very Little 3 out of 3 points
Protected Views:
Many 2 out of 2 points
Distance To Subway:
Less than 3 Short Blocks 2 out of 2 points
Firedepartment Noise:
No Noise 2 out of 2 points
Distance To Supermarket:
Less than 3 Short Blocks 2 out of 2 points
Distance To Park:
Less Than 3 Short Blocks 2 out of 2 points
Distance To Water:
More than 6 Short Blocks 0 out of 2 points
Shopping:
5 or less Short Blocks 2 out of 2 points
Schools:
No Noise 1 out of 1 points
Noise From Nightlife:
Some 0 out of 1 points

Features Rating: Points Breakdown

Lobby:
Spacious 4 out of 5 points
Units Per Floor:
2 4 out of 5 points
Ceiling:
11-14 Feet 3 out of 4 points
Balconies:
None 0 out of 3 points
Health Club:
Yes 1 out of 2 points
Private Gardens:
Substantial 2 out of 2 points
Storage Rooms:
Considerable 2 out of 2 points
Bay Windows:
None 0 out of 1 points
Fireplaces:
Some 1 out of 1 points
Door Person:
Yes 1 out of 1 points
Concierge:
Yes 1 out of 1 points
Elevator Person:
None 0 out of 1 points
Recreational Roof:
Yes 1 out of 1 points
Driveway:
None 0 out of 1 points
Maids Room:
None 0 out of 1 points
Catering:
Some 1 out of 1 points
Garage:
None 0 out of 1 points
Mixed Use:
Yes 1 out of 1 points
Non Rectilinear Form:
No 0 out of 1 points
Unusual Layouts:
Some 1 out of 1 points
Prewar:
No 0 out of 1 points
Other Amenities:
Many 2 out of 2 points
    How was this building rated?

    In late 2004, numerous older hotel properties in the city in prime locations began to be converted to luxury condominium apartments to take advantage of a very, very strong market for such units.

    Some of these projects involved total conversion such as the former Intercontinental Hotels on Central Park South and on Lexington Avenue at 48th Street and the former Stanhope Hotel on Fifth Avenue at 81st Street; others involved partial conversions such as this property and the Plaza and St. Regis Hotels on Fifth Avenue; and demolition, such as the Mayflower Hotel, whose lot is now occupied by 15 Central Park West.

    This property was erected by Bing & Bing as the Gramercy Park Hotel at 2 Lexington Avenue in 1925 and was designed by Robert T. Lyons.

    It replaced a house belonging to Stanford White, the famous architect that had replaced a house in which Edith Wharton, the novelist, was born. In 1930, Thompson & Churchill designed an expansion along 21st Street.

    Overlooking Gramercy Park, which is private and locked and open only to residents of buildings facing it, the property has an interesting history as the residence of famous writers such as S. J. Perelman, Edmund Wilson and Mary McCarthy, and as the site of Humphrey Bogart's wedding in 1926 and of a several-month-stay shortly after it opened by Joseph P. Kennedy and his family including the 11-year-old John F. Kennedy, Jr. Babe Ruth often drank at the hotel's bar.

    The developers of this project are Ian Schrager, a founding partner of Studio 54, the legendary disco, and subsequently of the Morgans Hotel Group, and Aby Rosen, a real estate investor whose portfolio includes the Seagram's and Lever House buildings on Park Avenue.

    The residential section of the project, which includes about 180 hotel rooms, has 23 condominium apartments, many with 18-foot-high ceilings, and a key to the park.

    The apartments ranged in price initially from about $3.75 million to $20 million and were designed by John Pawson, who designed Calvin Klein s shop on Madison Avenue and 60th Street. The kitchens are clad in American cherry wood, satin-finished Varenna cabinetry and double sinks designed by Pawson. The master bathrooms have deep, oversize tubs, travertine basins and walk-in showers. All apartments will have floor-to-ceiling windows, park views and white oak floors and many will have wood-burning fireplaces and 12-foot-four-inch-high ceilings. The building's lobby is being gutted and raised in height to two-stories and a rooftop bar will become a private club.

    The brown-brick property has a two-story limestone base and is designed in Renaissance Revival style.

    The hotel portion of this project has concierge service, valet parking and limousine service, access to a rooftop garden and meeting rooms. The public portions of the hotel have been designed by Julian Schnabel, the artist and movie director, in an eclectic and flamboyant style.

    Apartments will have housekeeping service, room service, massage and spa services, catering services, supervised childcare and babysitting services, pet walking services, fresh flower service and private storage.

    "Not only is Gramercy Park convenient to Midtown," notes the project's website, "you could say that Gramercy Park is the real 'Midtown' because it is so central to all the areas of Manhattan that one frequents. You're at Centerpoint in the functional center of New York City and New York City is the functional center of the planet."

    "The hotel is being created," the website continued, "by Ian Schrager's longtime partners, Michael Overington and Anda Andrei, with a little help from some of Ian Schrager's friends which include the painter, Julian Schnabel. The Gramercy Park's idiosyncratic, eclectic vision will offer a perfect modern alternative to the institutional approach one now finds in even the most high-end boutique hotels. As Morgan's marked a paradigm shift in hotels twenty years ago and created a new industry, so the new Gramercy Park Hotel will accomplish the same impact today. It will be the most spirited and charming hotel in New York, reflecting a fabled heritage and the lively, adventurous spirit of an emerging age. A great hotel is not just a building, it's an individual, with personality, spirit and authenticity. It's original, romantic, surprising, poetic and whimsical. It evokes an emotional response like a work of art."

    While the exterior of this property is pleasant with a few decorative balconies, it is not as attractive as the stately apartment building at One Lexington Avenue. In recent decades, the Gramercy Park Hotel had been rather doughty and less than luxurious, but in its new incarnation it is very lively.

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    Nearby Subway Stations

    1. 6
    at Park Ave 0.09 miles
    1. N
    2. R
    at Broadway 0.25 miles
    1. Q
    2. 4
    3. 5
    4. L
    at Broadway and 16th 0.31 miles
    1. M
    2. F
    at 6th Ave 0.46 miles

    Carter Horsley's Review

    Gramercy Park Hotel, 50 Gramercy Park North Carter Horsley's Building Review
    "In late 2004, numerous older hotel properties in the city in prime locations began to be converted to luxury condominium apartments to take advantage of a very, very strong market for such units." Read Carter's Full Review

    The pros & cons

    Pros
    • Overlooks Gramercy Park
    • Extravagant hotel lobby
    • Close to Subway
    • Fireplaces
    • Includes key to Gramercy Park
    • High ceilings
    • Doorman
    • Full service building
    • Concierge
    • Few units
    • Rooftop club
    Cons
    • Some nightlife noise from very popular hotel
    • No balconies
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    Famous Residents at Gramercy Park Hotel, 50 Gramercy Park North

     

    Pricing Comparison of Similar Buildings

    View Detailed Comparison

    Gramercy Park Hotel, 50 Gramercy Park North - 10 year Sales History

    View Full Sales History
     

    Gramercy Park Hotel, 50 Gramercy Park North Alternate Address

    • 2 Lexington Ave

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    In the Neighborhood: What’s Available & Sales Stats

    Not enough data available to generate chart.
    • 231 Available for Sale
    • $2,073 Avg. Price / Ft2
    • $3,064,812 Avg. Price
    • $2,200,000 Median Price
    1. Most Expensive 18 Gramercy Park South Apt PH | $46,500,000
      Price / ft2 $7,347
    2. Least Expensive The Foundry Apt 4E | $550,000
    Not enough data available to generate chart.
    • 41 Available for Rent
    • $73 Avg. Price / Ft2
    • $5,405 Avg. Price
    • $4,200 Median Price
    1. Most Expensive Gramercy Park Hotel Apt 15AB | $29,000
      Price / ft2 $91
    2. Least Expensive 379 First Avenue Apt 7 | $2,500
      Price / ft2 $50

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    for more information Are you ready to tour Gramercy Park Hotel? Contact
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