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Gramercy Park Co-op Building Hits Market for $50M

A Gramercy Park co-op building, located at 18 Gramercy Park South, has been put on the market for $50 million amidst ongoing legal disputes. The property, originally constructed in 1927 and designated as a co-op in the 1960s, spans 11 stories and includes 16 residential units. The sale has attracted attention due to a legal battle between the building's board and two shareholders, who are contesting the board's handling of the sale and the building's financial management. The outcome of this dispute could impact the co-op's marketability and future ownership structure, adding complexity to the sale process of this iconic New York City property. Read more on The Real Deal.