Gramercy Park, often shortened to Gramercy, is a quiet district in Midtown South that, in many ways, has remained untouched by new development over the years. Walking the streets of Gramercy Park, filled with Victorian charm and cultivated greenery, you’d never guess that the area was once in the middle of a swamp. The Manhattan neighborhood borders Third Avenue to the west, Park Avenue South to the east, 23rd Street to the north, and 14th Street to the south.
The primarily residential neighborhood is well known for the private park at its center that shares the same name. Gramercy Park covers close to two acres of land and is one of only two private parks in New York City, accessible only by key. Approximately 400 keys are in circulation, most belonging to residents who live directly around the park and pay an annual fee.
With few tourist attractions, Gramercy Park can provide a reprieve from the bustling crowds in surrounding districts. Gramercy’s convenient proximity to Union Square allows for easy commuting both in and out of the neighborhood.
Gramercy Office Space | Lease Data & Trends
The Gramercy Park commercial real estate inventory totals approximately 21.5 million square feet, with three-fifths of the inventory comprised of Class A properties. Despite the low vacancy rate of 5.2%, office space in Gramercy Park still rent at a lower price per square foot — $69.92 — than the Midtown South average of $74 and the Midtown Manhattan average of $76. Gramercy office space in a Class A building costs on average $73 per square foot to rent. More than 100,000 additional square feet are currently under construction, primarily Class A units.
What Our Brokers Say Gramercy Office Space
The appeal to renting Gramercy Park office space comes from the convenient central location combined with a more laid back neighborhood pace. The neighborhood’s 19,000 residents tend toward the affluent, which creates an excellent environment for financial and business management consultants.
Gramercy Park is located near a handful of health and medical institutions, including Bellevue Hospital Center, VA NY Harbor Healthcare System, and NYU Medical Center, making the location idea for businesses offering medical services and products. Home health care services and healthcare consultants are common tenants in the area.
Other notable tenants in the area include Con Edison, Button, Gotham Ghostwriters, ATTCK, Perry Branding Group, and Digital Pulp.
Getting Around Gramercy Park
Gramercy Park is the 11th most walkable neighborhood according to Walk Score, scoring 100% for both walking and transit. Gramercy Park is considered a safe neighborhood with little congestion, and the sidewalks around the private Gramercy Park provide scenic routes for joggers, dog-walkers, and employees looking to get a breath of fresh air during a busy workday.
Union Square is located at Gramercy Park’s southwest corner, and the area is serviced by the 4, 5, 6, N, Q, R, and L trains.
In the Neighborhood
Much of the area within Gramercy Park is a designated historic district, admired for the well-preserved buildings showcasing Greek Revival, Italianate, and Gothic Revival architecture. Gramercy Park is even home to two of New York City’s first apartment buildings, which both retain their original facades. This architecture is intermixed with classic brownstones, modern residential developments, and luxury condos.
Not everything has remained preserved in the past, however. While some neighborhood favorites like Pete’s Tavern have been in operation since 1864, relative newcomers Maialino, Midwinter Kitchen, and Yama are part of a vibrant culinary scene. Gramercy Park also has a lively happy hour scene for after-work socialization, with plenty of popular happy hour specials to be found at Revival, Barfly, Ampersand, and Bait & Hook, to name a few.