To understand what’s happening in the Gramercy real estate market, we interviewed several award-winning Certified TopAgents who specialize in the area.
Holly Parker, Prudential Douglas Elliman: Holly is a member of Prudential Douglas Elliman’s Pinnacle Club. She is a long-term Gramercy resident and has completed dozens of deals in the neighborhood.
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Ivana Tagliamonte, Halstead Property: Ivana was the top agent for the Halstead Village offices in 2008. She is a well-known Gramercy-area expert.
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Tracie Hamersley, CitiHabitats: Tracie has sold over $75 million worth of real estate in the past six years. She has been the top agent in CitiHabitat’s Gramercy office on multiple occasions.
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What are some of Gramercy’s unique characteristics?
Ivana Tagliamonte: Gramercy has a lot of historic co-ops as well as some prestigious full-service post-war co-ops. There is a charm about Gramercy, probably associated with Gramercy Park (the only private park in NYC). You don’t have to be on the park to appreciate it because the neighborhood has a lot of beautiful townhouse blocks – East 19th is known as “Block Beautiful.” What makes Gramercy so unique is that it is not only a historic neighborhood, but it also has great amenities, including top restaurants, boutiques and services—and is one of the most centrally located neighborhoods in the city. You are steps away from Midtown, the East Village, Union Square and the West Village.
Holly Parker: Gramercy Park is just beautiful. If you’re a Downtown person and you want to be able to walk to great restaurants and a farmer’s market, Gramercy is ideal. The area offers an amazing quality of living.
Tracie Hamersley: It’s diversity makes it unique. You can’t put a label on Gramercy. You’ve got University students, people who have lived there for 40 years, families, singles and professionals – you really have every type of person.
What do you see happening in the Gramercy market these days?
Tracie Hamersley: There simply aren’t many Gramercy homes – studios, one or two bedrooms – on the market. There are even fewer large Gramercy homes. Prices have come down, but now there is less room to negotiate than there was a few months ago.
Ivana Tagliamonte: The Gramercy home market is still very stable. There is still low inventory around Gramercy Park and the more coveted buildings have very few units available. That said, you can find values and great opportunities. For example, there is potential to purchase in some premiere, new developments at the same price they were sold for several years ago. Because you would not be buying from the developer, you would not have to pay the 2-3% closing costs that the original buyer paid.
