Gramercy Park Condos in New Canaan, CT

Opening Overview

Gramercy Park is an 8-unit mid-rise condominium completed in 2020 at 202 Gramercy Park in New Canaan, CT. Nine MLS sales on record show closed prices running from $1,225,000 to $2,000,000, with a median of $1,380,000 and a median price per square foot of approximately $813. That positions Gramercy Park well below New Canaan’s overall town median of $2,080,000, making it one of the more accessible points of entry into a condominium market where inventory is consistently thin. With only 8 units in the building and a handful of recorded sales over five years, turnover here is measured in years, not months. Buyers who wait for the right unit at Gramercy Park tend to wait a long time.

Gramercy Park Condos for Sale

Availability at Gramercy Park changes quickly and rarely. At 8 total units, even a single listing represents 12 percent of the entire building’s inventory. Across all recorded MLS activity, the building has produced nine closed sales since 2021, which reflects both the building’s youth and how infrequently owners decide to leave. If you are tracking New Canaan CT condos for a specific price point or floor preference, Gramercy Park warrants active monitoring rather than a periodic search. Contact The Engel Team directly for current availability, including any units that may be in pre-market or off-market status.

Recently Sold at Gramercy Park

MLS records show nine sales at Gramercy Park since 2021. The two most recent sales closed in mid-2025: Unit 202 sold on July 28, 2025 for $1,550,000 at 1,573 square feet (2 bed/3 bath), and Unit 201 closed on June 27, 2025 at $1,380,000 for 1,395 square feet (2 bed/2 bath). Both were in the $880–$990 per square foot range, consistent with the building’s broader median of approximately $813/SF across all sales.

The Penthouse closed in July 2022 at $2,000,000, covering 3,657 square feet with 4 bedrooms and 5 bathrooms. That sale remains the high-water mark for the building and is the only unit to have crossed seven figures on a price-per-foot basis relative to its size. Earlier sales in 2021 established the floor: Unit 301 (3 bed/3 bath, 1,911 square feet) closed at $1,599,000, while Units 303 and one unlisted unit each sold at $1,225,000–$1,300,000 in the 1,515–1,599 square foot range.

Note: Some early 2021 records show tax figures that appear to be data entry artifacts rather than actual assessments. Buyers should confirm current mill rate and assessed value directly with the Town of New Canaan assessor before closing.

About Gramercy Park

Gramercy Park is a boutique mid-rise condominium building at 202 Gramercy Park in New Canaan, CT, completed in 2020. The building contains 8 units across multiple floors, including a penthouse. Construction in 2020 means buyers are working with relatively new building systems, which matters for reserve fund health and deferred maintenance risk, both of which are common concerns at older New Canaan condominium stock. For buyers searching New Canaan CT real estate and specifically targeting newer construction, Gramercy Park is one of a small number of options built within the last decade. Its small unit count also means the building functions more like a private residence than a large managed complex, with fewer owners sharing common expenses and decisions.

Homes and Layouts at Gramercy Park

Recorded MLS sales document unit sizes ranging from 1,395 to 3,657 square feet, with most standard units falling in the 1,395–1,911 square foot range and the Penthouse significantly larger at 3,657 square feet. Bedroom counts run from 2 to 4, with bath counts ranging from 2 to 5. The majority of recorded sales are 2-bedroom, 3-bathroom configurations in the 1,500–1,600 square foot range. The Penthouse is the outlier in every dimension: square footage, bedroom count, price, and annual tax assessment. Floor plan and parking specifics for individual units should be confirmed with the listing agent or condominium documents, as variation between units at an 8-unit building can be significant.

What Buyers Need to Know

HOA fees at Gramercy Park have ranged from $685 to $1,070 per month across recorded sales, with the most recent 2025 transactions showing fees of $888 and $1,070. The variation between units likely reflects differences in unit size, floor, or association fee structure established at the time of original sale. Buyers should request the current fee schedule, a full reserve fund study, and meeting minutes covering at least the past two years before making an offer on any unit in this building.

Because Gramercy Park was completed in 2020, it is still relatively early in its reserve fund accumulation cycle. A five-year-old building with 8 units generates a limited reserve base. Any capital improvement, unexpected system failure, or common area project in the near term could trigger a special assessment. Ask specifically whether the association has a funded reserve study on file, what the current reserve balance is, and whether any assessments have been levied or are under discussion.

Property taxes on record range from $12,311 to $13,972 for standard units in recent sales, with the Penthouse carrying a substantially higher assessed value. Buyers should confirm the current assessed value with the New Canaan assessor directly, particularly for units that have not transacted recently and may be assessed differently than a recent sale would suggest.

Rental restrictions, owner-occupancy requirements, pet policies, and renovation approval processes are governed by the condominium association’s declaration and bylaws. These documents are not standardized across New Canaan’s smaller buildings. Buyers financing with a conventional or jumbo loan should confirm that the building meets lender owner-occupancy thresholds before proceeding. At 8 units, even two investor-owned units can affect lending eligibility for the remaining owners.

This building is not on the waterfront, so flood insurance is not the primary due diligence concern here. The focus should be on reserve adequacy, HOA governance, and unit-by-unit renovation variation in a building where each owner may have customized finishes since original construction.

Buying or Selling at Gramercy Park

Pricing a unit at Gramercy Park accurately requires treating each sale as its own comp exercise. With nine total sales over four-plus years and significant variation in unit size, floor, and finish level, the $813/SF building median is a starting point, not a ceiling or a floor. The Penthouse at $2,000,000 and the entry-level 2025 sale at $1,380,000 are both part of the same building’s record, but they are not interchangeable data points. A buyer making an offer or a seller setting a list price here needs granular comp analysis, not a town-wide average.

If you are considering a purchase at Gramercy Park, The Engel Team can help you evaluate the specific unit against verified sales, review association documents, and assess where a unit sits relative to others in the building. If you own a unit and are considering selling, the 2025 closed comps at $1,380,000 and $1,550,000 provide a current benchmark, but list price strategy in an 8-unit building with irregular turnover is more nuanced than in a larger complex. For buyers also considering New Canaan homes for sale more broadly, Gramercy Park occupies a specific niche: newer construction, smaller building, and a price point meaningfully below the town’s single-family median. Contact The Engel Team to discuss current availability or to request a valuation on a unit you own.

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