The Real Deal New York

Gramercy Park rentals hit the market for $63M

Rumpel family's 51-55 Irving Place marketed as condo conversion or upgrade

January 14, 2015 05:02PM

51-55-irving

51-55 Irving Place in Gramercy Park (Credit: David Schechtman)

The Rumpel family is asking $62.5 million for a six-story Gramercy Park rental building it has owned for about 50 years.

The 56-unit building at 51-55 Irving Place, near East 17th Street, features a ground-floor retail space. Of the apartments, 40 are market rate and 16 are rent regulated. Part of the retail component is a 1,500-square-foot, two-story townhouse that is home to a restaurant and events space.

An Eastern Consolidated team led by David Schechtman, Andrei Danshes and Wade Hazelton is representing John Rumpel and his family. The brokerage is marketing the property as an opportunity to invest in renovations and raise rents. Schechtman told Crain’s a new long-term owner could convert the property into condominiums.

“There is the opportunity to do some very sexy retail here,” Schechtman told the publication. [Crain’s]Mark Maurer

  • scott

    LOL. I love hearing a new story every day why an overpriced listing makes sense. $1470 a sqf? small units? This market is insane

    • Dreamer

      this guy has a mouth and gets overpriced listings , then hopes the market catches up.
      so far not bad!

      • scott

        I know but it messes up the market for everyone else. Now every owner thinks his property is worth 10x more than it is,because they get emailed all these overpriced “dream listings” and say if this guy can ask for x, I can get even more for my building. Everyone thinks their building is nicer than the next guy. then we have a market like this where none of the deals make sense.

  • anon

    Asking ain’t getting

  • erz

    watch joe sitt and greenoak buy this thing.

    • BH

      i was thinking the same thing. if it’s overpriced and will make your neck vein twitch you can bet Sitt will grab it

  • Marc

    “sexy retail”, thats a good one. not to mention a bit weird.

    • LOL

      “1,500” sf ,,, “so sexy” maybe if there was an extra “0” it would be.

    • Hanz Bregman

      he showed his hairy legs when he said this though..not that awkward

  • Shaha

    Sell it to the donkeys at Thor

  • converter

    this was all over the market through Marcus and Millichap over the summer. No one made offers over 54mm then and no one will be above that now. Building is in bad shape with not much room for growth.

  • richjew

    This market is crazy. I wouldn’t bet against them getting within 6% of ask.

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