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

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