.png)
51 Irving Place
Update
07/10/23
Gramercy Park Rental Building Trades for $30.7M
A 7-story, mixed-use building, located at 51 Irving Place in Manhattan's Gramercy Park neighborhood, has just been sold for $30.7 million. The structure was purchased by Global Holdings Management Group from the previous owner, Springhouse Partners, via an arms-length transaction.
Originally constructed in 1969, the recently renovated asset contains a restaurant on the ground floor and 56 rental apartments on the floors above. Units are available in studio, one, and two-bedroom configurations.
The structure totals 42,476 square feet but it also comes with 5,000 square feet of unused air rights. Springhouse Partners will lose a significant amount of capital on the resale of this property seeing that the firm purchased the building for $55.5 million (nearly twice as much) in May of 2016.
