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Gramercy Park Condo Goes Into Contract for $42 Million

A five-bedroom penthouse at 18 Gramercy Park, a new condo development, is in contract for $42 million. That deal, made at full asking price, will be the highest price paid for a Manhattan apartment south of 59th Street when it closes next year, according to Jonathan Miller, an appraiser and president of Miller Samuel.

The largest unit in the building, the duplex apartment has four terraces, including a 40-foot-wide terrace facing the Chrysler Building and Gramercy Park. It also has an outdoor swimming pool and a whirlpool. The complex is being developed by Robert A.M. Stern and the same team that built 15 Central Park West, another high-profile condo building.

Since the project began marketing in July, the developers—Arthur Zeckendorf, his brother William Lie Zeckendorf and Israeli billionaire Eyal Ofer—say eight of 16 apartments in the building, where asking prices averaged $17.5 million, are in contract, all at full asking price.

Though wealthy foreigners have become big buyers of trophy homes in Manhattan, all of the buyers at 18 Gramercy Park are Americans. Mr. Zeckendorf says foreign buyers favor Midtown.

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