JLL Capital Markets recently closed the sale of 210-220 E. 22nd St., a highly sought-after rental building in Manhattan’s Gramercy Park neighborhood, for $104.5 million. The seller was represented by a JLL team consisting of Andrew Scandalios, Jeffrey Julien, Rob Hinckley and Steven Rutman while the buyer was a joint venture between Robert Morgenstern’s Canvas Property Group based in New York City, Declaration Partners and Tokyu Land US Corporation.
According to Hinckley, Gramercy Park has always been known as one of the most exclusive submarkets in NYC with limited availability. The location is ideal for those working in Midtown South’s tech sector or on First Avenue’s medical corridor due to its walkable commute and vibrant community.
The property consists of two interconnected buildings with shared ground floor connectivity and is currently 95% occupied. It offers a mix of fair market units including studios (82), one-bedroom units (75), two-bedroom units (39) and three-bedroom units (8). Half of these have already undergone full renovations.
Overall, this transaction highlights the strong demand for properties located within prime neighborhoods like Gramercy Park that offer both convenience and luxury living options.
