Switching to Rental from Condo, Flatiron Loft Property Re-Opens its Doors

Surviving a condo conversion scare, The Gramercy Park Lofts, located in the Flatiron District of Manhattan is re-opening its doors to renters once again.

(PRWEB) July 10, 2007 -- Gramercy Park Lofts (http://www.tregny.com/270_park_avenue_south.jsp), the newly-renovated luxury loft building located at 270 Park Avenue South and East 22nd Street is scheduled to re-open its doors to renters on August 1st, after narrowly escaping a conversion into individual condominiums. Owner Pan Am Equities' decision to maintain the building as a rental property was influenced by the current success of Manhattan's rental real estate sector, as reported in The Real Estate Group (http://www.tregny.com/), New York's monthly Manhattan Rental Market Reports (http://www.tregny.com/manhattan_rental_market_report).

The Metropolitan area's rental market has been on the rise for the past year, in contrast to the sales market which has seemed to stabilize after the last 4 - year sales boom. With rents doubling and even tripling over the last few years in the trendiest neighborhoods, an increasing number of landlords are changing their mind about selling their property, hoping to repeatedly profit from renting individual units to the waves of young professionals entering the city.

Daniel Baum, COO and Publisher of the Manhattan Rental Market Reports says, "Since the decline of the rental market post the internet bubble and 9/11, the rental market has come back with a vengeance. Prices have soared over the past 3 years to uncharted heights that we see today."

Located at the heart of the Flatiron district, the interior of the Gramercy Park Lofts contains all of the state-of-the-art condo finishings from its potential makeover into condos, making it a standout in the city's rental market.

The 13- story doorman structure houses 80 units ranging in price from $3,500 for a studio to $8,500 for a two bedroom. There are also 2 floors of duplex and triplex penthouses, the largest number in any Manhattan rental building to date. Spectacular Gramercy Park views are available in over 75% of apartments. Union Square and Madison Square Park is a three minute walk away.

According to The Real Estate Group, New York CEO Andrew Barrocas, "It's almost as if this building embodies everything that makes living in Manhattan so special. You've got an unbeatable Gramercy Park / Flatiron location matched with spacious loft-style apartments characteristic of downtown. Add to that brand new, high-end finishings and you end up with a very desirable product that is the Gramercy Park Lofts at 270 Park Ave South."

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