He purchased swampy land from James Duane's Gramercy Farm then spent an additional $180,000 -- an incredible sum in those days -- to drain the swamp and haul away cart load after cart load of earth. Gramercy Square was laid out -- 60 plots surrounding the central park. In 1832 he obtained tax exempt status for the park and a year later he surrounded it with a heavy cast iron fence. Landscaping of the park started in 1844 and shortly thereafter the refined brownstone mansions began appearing around it.
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| Gramercy Park in 1905 -- NYPL Collection |
Therefore The Gramercy had no more than three spacious apartments to a floor. The lobby was outfitted to resemble the reception areas of a Fifth Avenue mansion. Unheard of in residential architecture, an Otis elevator served the residents. Marketed as "French Flats" to distinguish them from the more familiar walk-up tenements, each apartment sold for $10,000 to $20,000 (a two-bedroom today is around $1.5 million).
Today The Gramercy remains a co-op apartment, having boasted over the years such residents as Margaret Hamilton (the Wicked Witch of the West) and James Cagney. As they did in 1881 the owners receive a key to the Park -- the last private park in Manhattan. The keys are numbered and kept track of and the locks are changed every October 1st.
In 1994 the co-op spent around $700,000 to finally replace the old Otis hydraulic elevator, the oldest in the City. Despite this and other necessary updates, The Gramercy still retains its wonderful Queen Anne charm -- deeply carved brownstown abutting red brick, sharp late Victorian angles and a soaring verticality. It is one of the many jewels of historic Gramercy Park.




