Manhattan’s posh Gramercy Park neighborhood, which comprises the area surrounding Gramercy Park, is one of the most exclusive parts of New York City. Although it’s primarily a residential neighborhood, this quaint and quiet neighborhood also offers Class A and B office space for lease. Gramercy Park, also known as simply Gramercy, benefits from an excellent location in the heart of Midtown South, making it ideal for small and mid-size businesses looking for a safe, prestigious, and transit-oriented office location.
Gramercy Park is bordered by 14th Street to the south, Third Avenue to the east, 23rd Street to the north, and Park Avenue South to the west. Those living and working in the area have easy access to Union Square, the Flatiron District, the East Village, Stuy Town-Peter Cooper Village, Kips Bay, and Rose Hill.
The neighborhood is home to the private, 2-acre Gramercy Park, one of just two private parks in NYC, alongside Sunnyside Gardens in Queens. Gramercy is generally a safe and quiet neighborhood, especially compared to other Midtown South neighborhoods like Flatiron, Chelsea, or Soho.
Its exclusivity and low inventory of office buildings makes it ideal for a private healthcare practice, lawyer’s office, real estate agency, and other creative office uses. Several medical institutions are located close by, including NYU Medical Center and the Bellevue Hospital Center, which attracts healthcare-related tenants to the area. What’s more, Gramercy Park is home to an affluent and wealthy resident base, which creates opportunities for financial, management, or consultancy businesses.
While Gramercy Park is primarily a residential neighborhood, and commercial developments are limited by local zoning restrictions, there is opportunity for office-using tenants, as well. Available office space for rent in Gramercy usually attracts medical or healthcare companies, legal and financial businesses, as well as consultancy companies. Notable tenants occupying office space in the neighborhood include WeWork, Con Edison, Perry Branding Group, and Digital Pulp.
Office space in Gramercy Park usually rents for $60-$70 per square foot, with Class A space pushing that average even higher. However, asking rents in Gramercy Park are more affordable than rents in other Midtown South neighborhoods, such as Chelsea, Flatiron, Soho or Tribeca.
Gramercy Park is conveniently located close to Union Square, which easily connects residents to all parts of New York City. Various subway stations are located in the area, including the 14th Street-Union Square station, the 23rd Street station, 1 Av and 3 Av. There are a myriad of shopping, dining, and leisure destinations in the area, including Gramercy Park, Union Square Park, Stuyvesant Square Park, and Madison Square Park. The iconic Flatiron Building is also just a short walk away.