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Neighboring Penthouse Enjoys Gramercy Park Hotel Services

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Location: New York, N.Y.
Price: $14,900,000
The Skinny: Set high on the 17th and 18th floors, this John Pawson-designed penthouse, along with the rest of 50 Gramercy Park North, was developed by hotelier Ian Schrager, owner of the neighboring, celeb-friendly Gramercy Park Hotel. As a result, the owner of this 4,200-square-foot duplex penthouse enjoys access to all the hotel services afforded to guests, including concierge service, valet parking, limousine service, housekeeping, room service, massage and spa services, catering services, supervised childcare and babysitting, pet walking, and fresh flower delivery. Of course, this level of pampered luxury doesn't pay for itself, and the monthly common charges run a staggering $23,657. Those sky-high fees might explain why the minimalist three-bedroom unit has been lingering on the market for nearly two years, enduring price chops down from $21.4M to the current $14.9M asking price. That means the owner, an Icelandic investor who paid a whopping $22M for the pad back in 2011, already stands to lose at least $7.1M, nevermind the $662K he's shelled out in common charges.


· 50 Gramercy Park North #PH [Streeteasy]
· Another Pricey Gramercy Park Penthouse Now $2M Less [Curbed NY]