Gramercy Park’s medieval lair gets yet another price cut, seeks $4.88M

When Gramercy Park’s medieval lair came on the market in 2014, it was the first time the co-op had been listed in 45 years. Three years, several brokerage firms, and a few price cuts later, the museum-like apartment is back on the market, and this time it’s asking $4.88 million—down from its most recent asking price of $5.5 million last summer.

The broker on the property, Richard Zavlyanov of Nest Seekers International explained to the Curbed that the paucity of interested buyers in the past had to do with the apartment’s price ($7 million when it first came on the market in 2014) and its price per square foot—the latter has now reduced to just over $2,600.

The co-op spans 1,868 square feet and is located on the 12th floor of the 16-story building at 44 Gramercy Park North—diagonally across from the park. The building was designed by the notable early twentieth century architecture firm, Schwartz and Gross, and built in 1930. Zavlyanov told Curbed that this particular unit had in fact been built for the owner of the building at the time.

The current owner of the apartment (not the same as the owner of the building) has lived here for nearly 60 years, Zavlyanov told Curbed, and is finding the upkeep harder as he gets older.

“He wants this masterpiece to pass down to someone else,” Zavlyanov said over the phone. “He doesn’t want it to be torn down.”

Zavlyanov is confident that the co-op’s current price will make it an easier sell. Aside from the fact that it looks like it could be an apartment inside the Morgan Library, this co-op comes with a stone fireplace, carved wooden doors, 14 stained glass windows, and a 500-square-foot terrace.

When it was on the market last summer, it was also being offered as part of a combo unit for $6.25 million, but that’s now off the table. Will the co-op finally be scooped up this time around?

• Listing: 44 Gramercy Park #12BA
• Gramercy Park’s Medieval Lair Returns With a Larger Floorplan Asking Less [Curbed]
• $7 Million Gramercy Co-op Looks Like a Medieval Lair [Curbed]