For many New Yorkers, Gramercy Park means luxury and elegance. And with good reason: This neighborhood, with its gated park and historic buildings, has plenty of prestige. It also provides a laid-back oasis in busy Manhattan, while being in a super-convenient downtown location. With prestige often comes high prices, but there are definitely deals to be found. For example, our Deal of the Week. This spacious Gramercy Park 1BR, 207 E. 21st St. #5B, boasts exposed brick and a Juliet balcony, for far below the area’s average price.

The Price: $550,000

The median asking price for a home in Gramercy Park is $1.4 million, according to the StreetEasy Data Dashboard. That means our Deal of the Week is almost a million bucks below the neighborhood average!

Buyers who put down the 20% minimum down payment of $110,000 can expect to see monthly payments of $3,311. This includes a mortgage payment of $1,838 and a maintenance fee of $1,473.

Why You’ll Love It…

Though it’s recently renovated, this Gramercy Park 1BR has a classic charm about it. That’s thanks to exposed brick walls, hardwood floors, and crown moldings. The large living room gets ample light from wide, south-facing sliding doors leading out to a Juliet balcony. The bedroom has another big south-facing window, and there are two custom closets for easy storage. (And we do mean custom: There’s even a hotel-style safe for your valuables.) The kitchen makes an impact with a stylish update, featuring marble countertops and stainless steel appliances (including a dishwasher.) Plus, the bathroom is also modern and updated.

Before you panic about that 5 in the unit number, rest assured: Our Deal of the Week is an elevator building! There’s also a laundry room and bike storage. Nearby Third Avenue is lined with bars, shops, and restaurants. And finally, besides Gramercy Park itself, multiple other parks are within a few blocks, including Union Square and Madison Square.

Gramercy Park Homes Under $800K on StreetEasy Article continues below

… And Why You Might Not

Even though it’s just a block away, sadly, our Deal of the Week does not come with a key to Gramercy Park. At $1,473, the maintenance fee is relatively high. In addition, there’s a police precinct just down the street, which might get noisy when it comes to sirens. However, for the location and amenities, the price is hard to beat!

To learn more, check out the listing at 207 E. 21st St. #5B, in Gramercy Park.