Originally built as single family homes for sale, Gramercy Park Condominiums' owner soon fell into financial trouble. The townhomes were then rented to unsuspecting VICTIMS. The most sad thing is that there are condominium owners here, mixed in with the renters. They are at a COMPLETE LOSS on the property they purchased. In April of 2006 the property entered bankruptcy court where a judge established a trust (Park Living LTD) in order for current tenants to continue occupancy. The bankruptcy judge appointed the management, the hours they are allow to work, the maintenance, etc.

This is a very bad living situation. Now that peoples' leases are expiring they are moving out. The building is becoming very empty. I am moving as soon as my lease up. I'll miss my huge bath tubs, but I cannot live at a place where things don't get fixed. And has a very uncertain future. With the downturn in the lending/real estate markets, I really don't see this property picking up a new owner anytime soon. I'm sure I can kiss my deposit goodbye since bankrupt companies aren't liable to pay you anything.

Don't move here. There are tons of other properties in Houston.

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