Gramercy is named after Gramercy Park, the only private park in New York City. Keys to the coveted park are available only to homeowners in 39 surrounding buildings. Although a key to Gramercy Park might be the most coveted amenity in the city, it’s not the only reason to live here. The rest of the neighborhood offers some of the most affordable real estate in downtown Manhattan.
Gramercy is bounded by 23rd Street to the north; 14th Street to the south; Park Avenue South to the west; and First Avenue to the east. The neighborhood’s prime real estate is surrounding Irving Place and the park itself, where you can find elegant, pre-war architecture and historic buildings. The area to the east of Third Avenue lacks a defining characteristic. Homes in this part of Gramercy are relatively affordable yet still convenient to the rest of downtown.
Other highlights include restaurants and nightlife on Irving Place, such as Pete’s Tavern and Friend of a Farmer, and Stuyvesant Square, a pet-friendly public park on either side of Second Avenue. Gramercy is convenient to all transportation at Union Square, including the 4, 5, 6, N, R, Q, and L trains.