Gramercy Park is a small neighborhood nestled near the Flatiron District, the East Village, and Kips Bay. Full of great restaurants, shopping, and access to green space, it’s no wonder prices in the neighborhood are routinely higher than Manhattan averages. Even if buying in the neighborhood doesn’t guarantee you a key to the park, it does guarantee you’ll be able to enjoy the impeccable vibes of this classic New York neighborhood. Our Deal of the Week, 235 E. 22nd St. #6Q, is a spacious studio with a massive walk-in closet, eat-in kitchen, and pre-war details.

Price $499,000
Space Studio, 1 bath
Neighborhood Gramercy Park
Borough Manhattan

Learn more about our Deal of the Week!

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The Price: $499,000

The median asking price for a home in Gramercy Park was $1.9 million last December, according to the StreetEasy Data Dashboard. That means our Deal of the Week is just over a quarter of the median asking price for the neighborhood.

Buyers who choose to put down the minimum 25% down payment of $124,750 can expect to see monthly payments of $3,630. This includes a mortgage payment of $2,356 and a maintenance fee of $1,274. It’s also far below Gramercy Park’s median asking rent of $4,500 this December.

Why You’ll Love It…

The main living area of this studio has two closets, one by the entrance and one staged as a sleeping nook in the listing photos. However, it could easily be used as a normal closet by situating the bed elsewhere. The large oversized windows let in plenty of light, while the original hardwood floors with inlays and beamed ceilings add the perfect amount of pre-war charm.

Unlike many studios, this one has a separate, eat-in kitchen! It features plenty of storage via cabinetry and custom closets that would work perfectly as pantry space. The black tile backsplash pairs perfectly with the black tile floor and black countertops, while the white cabinets add a nice pop. There’s enough room for a small dining set. Plus, the kitchen has its own window — as does the bathroom.

Across from the bathroom, you’ll find a spacious dressing area with a large double-door closet and built-in shelving. You could also use this space as your sleeping nook or a home office.

The unit is located in an art deco co-op just one-and-a-half blocks from Gramercy Park, with an elevator, full-time concierge, afternoon and evening doorman, and live-in super. Plus, there’s a gorgeous common garden, shared rooftop deck, laundry room, and bike storage. Guarantors are allowed. Madison Square Park and Union Square are a few blocks away, and the 6 train is about a quarter mile away for easy transit.

…And Why You Might Not

While it’s great that this studio has so many windows, they unfortunately face north, meaning you won’t get much direct sunlight. Pets are allowed, but the co-op’s policy only permits one dog per unit. The co-op also forbids pied-a-terres. The kitchen lacks an oven, but does have a stove.

However, when you consider all of the storage space and the neighborhood, this one is definitely a steal!

Check out the listing at 235 E. 22nd St. #6Q, listed by Matthew Hakim of Compass.

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