Aug 21, 2011
Overview
Ian Schrager’s luxury development opposite the delightful and coveted Gramercy Park saw brisk sales when it opened to buyers in 2005 with 19 of the 23 apartments snapped up in less than six weeks. Despite some early concerns from the block association and residents in this genteel enclave, Schrager has created a building that aesthetically blends in with its neighbors. The boutique hotelier turned residential developer also wisely donated towards the park’s upkeep and responded rapidly to construction noise and mess issues. Schrager’s first foray into residential development generated an enormous amount of publicity and scrutiny with almost all the commentary being favorable. His stated ambition was to rethink the concept of city living for the rich; his inspiration came from the service offered by estate managers in the Hamptons. 50 Gramercy Park North is developed from the rear section of the Gramercy Park Hotel, which was also redesigned and rethought as part of the project (with the collaboration of Julian Schnabel). Residents benefit from a full menu of hotel services and Schrager’s vision of lifestyle that includes a building staff that will walk dogs, shop for groceries and even arrange for a chef to cater a private dinner party.
Amenities
John Pawson, the minimalist British architect, designed the apartments; this collaboration marked a change for Schrager who had previously worked with Philippe Starck. Pawson’s view of design is to create a space that is a series of connected ‘meeting places’ and leave it as a simple canvas for the owner to paint. Each apartment has North and South exposures so they are bathed in light and with fantastic views of the park. Pawson installed custom designed cabinetry some in factory painted to match the wall colors and some in Cherry wood. Floors are white oak and the great rooms feature wood-burning fireplaces. Pawson also makes use of vein cut travertine in the fireplace surround and bathroom vanity and sink units. Each bathroom features a different look with either etched glass matte finish floor tiles or white oak and either Kohler or Vola fixtures and Duravit toilets and sinks.
The kitchens are kitted out with Miele and GE stainless steel appliances, washer dryers and the aforementioned custom cabinets with Valli and Valli hardware. 50 Gramercy Park North offers arguably the most comprehensive package of service amenities in the city, and certainly south of the Central Park hotel/condos. Supervised by the Gramercy Park Hotel team everything the wealthy but time-challenged could wish for is here, 24 hr concierge, individual residence oversight, fitness center, massage and spa services, call screening, message taking and wake up calls, housekeeping are just the tip of the service iceberg.
Of course the apartments come with a key to Gramercy Park, the only remaining private park in Manhattan. John Pawson remarked, “It’s like London.”
Location
Among the big draws for this building is the private park and its surrounding architecture creating a peaceful oasis in the city. Sandwiched between East 20th and 21st streets and bordered by 3rd Ave and Park Avenue South, the park and its neighboring streets have some of the finest residences of pre-war New York and are protected by historical district designation. Easy access to transport (6 train @ 23rd street) in addition to the multiple options a short walk away at Union Square. Retail in the immediate area is not stellar but that is more than made up for by the abundance of great restaurants at hand, not least of course Gramercy Tavern. Overall the location is hard to beat.
Investment Potential
This should be a no-brainer, but we must first consider the Ian Schrager factor. What am I talking about? Ian Schrager charges an enormous premium for his hotel service/lifestyle concepts. It’s almost as though his name alone, regardless of the actual finished product, commands prices 20-30% above market.Where to from here? Probably higher. It is probable that New York will retain its pre-eminence as a ‘playground’ city for wealthy foreign buyers and combined with a steady supply of well-heeled locals demand for luxury and high service should stay high. In the short term prices have probably reached a peak but over the long-term, scarcity (it is less than the initial 23 units now some combining has taken place) and the draw of the park and services will drive demand. We rate it an A- for investment potential.
