From Battery Park City to Gramercy: I wanted to own a place somewhere quiet and quaint

After her rent went up by 60 percent over the span of three years, Rachel decided to buy a place of her own. As a real estate broker, she knew what she wanted and how to find it: A condop in quaint Gramercy Park. Here’s her story as told to Kelly Kreth. 

I was born and raised in Madison, Connecticut, and moved to New York City to attend Fordham Law School in the ’90s.

Most recently I was renting in Battery Park City in an 800-square-foot, one-bedroom apartment on the 35th floor with river views. It was a doorman building with a gym and pool. My rent was initially $2,250.

In the summer, living in a waterfront neighborhood was paradise, but in winter it was freezing cold because of the wind coming off the water. It was also a bit out of the way for my commute—I am an agent at Keller Williams NYC and I work in both Manhattan and Brooklyn. While I had access to multiple subway lines, the walk to station was a good 10 minutes.

[Editor's note: “Transitions” features first-person accounts of what it’s like to move from one NYC neighborhood to another. Have a story to share? Drop us an email. We respect all requests for anonymity.]

The shopping at Brookfield Place was great. Eating at PJ Clarkes on the marina felt like you were in Newport, Rhode Island. I had a dozen quality restaurants within walking distance. I liked taking walks along the river and was happy that there were so many green spaces and places for biking.

Last November, my rent was raised again to a whopping $4,700; it had increased 60 percent in three years! I didn’t think the place was worth it anymore.

I decided buying something would be a good idea. Rents were at record highs and I knew it was the right time to stop wasting money on rent. Because it’s my job to know a good deal about real estate, I only needed to see two places before making my decision.

I bought in a condop, which is mixed-use co-op building. I was familiar with this building because I showed apartments there frequently. I knew it was well maintained and even though it was a co-op, it operated like a condo, giving shareholders the flexibility of renting out their units, and there was no board interview.

I applied in mid-December and was approved by mid-January.

What she thinks of her new place

I now have a 900-square-foot, one-bedroom with a newly renovated open kitchen. I purchased it for $1.185 million. It has a corner window with a view of Gramercy Park. But most importantly, it has four huge closets.

So far, the only downsides are the through-the-wall air conditioner, which is louder than central air; and the radiator, which is noisy sometimes when the heat goes on.

 My new building is smaller than my last one (13 stories instead of 35) and feels much more neighborly. 

How she finds her new neighborhood

The neighborhood of Gramercy Park is idyllic. It's this little enclave between the five-star restaurants of Park Avenue South and the sports bars of Third Avenue. Irving Place has cute brunch places like Friend of a Farmer, gourmet ice cream shops and artisanal cheese stores. It's tucked away from the hustle and bustle that is just blocks away. The shopping on lower Fifth Avenue is great too.

So places I frequent and enjoy are: Oceans Restaurant for sushi; Pierre Loti is great to meet a friend for a glass of wine; and Pete's Tavern is iconic. The Petco on East 17th and Park Avenue South is like the Bloomingdale’s of pet stores!  It's insanely nice. 

I love walking around Gramercy Park’s namesake park. It really is beautiful, including the architecture of the buildings around it.

Commuting is easier now too; I’m right near the 6 and R lines. I can get all the way uptown in under 20 minutes door to door.

Buying instead of renting and moving to a more central, quaint area were both great ideas. Family and friends have come to visit and they love it.  And we are all excited for the Gramercy Park Hotel to reopen next year!