As a private park, Gramercy Park is held in common by the owners of the 39 surrounding structures, as it has been since December 31, 1831. Two keys are allocated to each of the original lots surrounding the park, and the owners may buy keys for a fee, which was originally $10 per key, but was $350, with a $1,000 fee for lost keys, which rises to $2,000 for a second instance. The Medeco locks are changed annually, and any property that does not pay the annual assessment of $7,500 per lot has its key privileges revoked; additionally, the keys are very hard to duplicate. , there were 383 keys in circulation, each individually numbered and coded.