Irving Place

Untapped Value at Gramercy Park


Many successful investments begin by identifying potential value where others do not. The property at the corner of Irving Place and 17th Street is a prime example. Here, Springhouse saw a highly advantaged Gramercy Park location and a severely mismanaged and underutilized property, resulting in significantly below market rents and an opportunity to substantially reposition the asset to be more in line with its local surroundings.


6 story elevator building


50,000 square feet


56 apartments


10,000 square feet of commercial space


1 high end cocktail lounge, 1 cozy wine bar, 2 restaurants and a stand-alone carriage house


A corner, mixed-use asset surrounded by fine dining, hotels and shopping. Set in the heart of Gramercy Park – one of New York’s most charming and desirable neighborhoods.

An upscale mixology bar (“Dear Irving”) occupies 2,500 sf at the property and includes the lavish private back room pictured above, drawing a sophisticated and celebrity clientele.

Expansive multi-room layouts on this vintage floor plan recall the building’s history and pedigree.

A vibrant, highly walkable neighborhood with a range of amenities, including the famous greenmarket at Union Square.