Gramercy Park is bounded by 23rd street to the north, 14th street to the south, and west to east – Park Avenue to First Avenue. Its namesake is the almost 2 acre private park, one of only two private parks in the city, which is accessible only by residents who pay a fee and are given a key. Gramercy is an Anglicization of the Dutch phrase meaning “little crooked swamp,” a description that was no longer apt after the land was bought and developed in the 1830s. The owner drained the swamp and laid out 60 parcels of land around the square. The square was to be held in trust for the owners of the homes, creating the second private square in the city.
Two of the buildings on the park’s east side, constructed in 1883 and 1905, were two of New York’s first apartment buildings. Today, housing on the park is highly prized and commensurately priced. Carriage-houses and brownstones still abound in the neighborhood, though townhouses and mid-rise doorman buildings dominate the area. For those who love the part of town but are looking for something less expensive, prices tend to come down a bit once you go past Third Avenue.
There are at least five subway lines within a short walk. Train lines include the N, R, Q, 4, 5, and 6. The area is prized for its accessibility, near Union Square, the Flatiron District and the East Village. Coffee-shops, upscale bars and restaurants dot the area which is also home to the prestigious Players Club and the chic Gramercy Park Hotel.