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New York & Tri-State  + Downtown New York  + Apartments  | 

Long-Term Owner Divests Gramercy Apartments After 35-Year Hold

Michael Ferrara and Alan Stenson of New York City-based investment sales brokerage firm Brax Realty completed the sale of 305 E. 21st St. in Gramercy for $8,000,000. The purchase price equated to a price per square foot of $374 and a price per unit of $216,000.

The 50’ wide, 21,356-square-foot apartment building is located between First and Second avenues and has a total of 37 units. Ferrara and Stenson represented the seller, a long-term owner, and also procured the purchaser, a private investor.

This was the first time the property traded hands in more than 35 years. The building was sold with six of the 37 units delivered vacant.

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Brax Realty

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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