The Gramercy Park submarket – which includes the areas around Union Square and Madison Park for commercial real estate purposes – acquired its name from the beautiful private park that graces the southern end of Lexington Avenue at East 21st Street. The area’s central location, pre-war beauty, and broad range of amenities makes it ideal for any type of office tenant.
Once a swamp, Gramercy Park was built in 1831 at the direction of Samuel Ruggles, a developer and parks advocate who pushed for the park to spur the development of – what was, at the time – northern Manhattan. In 1863, Gramercy Park was opened to Union soldiers who assisted in subduing the New York City Draft Riots.
Overall current inventory in the Gramercy Park submarket is approximately 31 million square feet. As of the first quarter 2012, the vacancy rate was just 5 percent. Average asking Class A rents are in the neighborhood of $65 per square foot, while average asking rents are $47 per square foot.
The Best Manhattan Office Buildings in Gramercy Park
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