1020 Park Avenue

City records report 52 apartments across 21 stories, while the offering plan and 2018–2019 financial statements refer to 53 residences. Layouts include classic-six and classic-seven apartments, two- and three-bedroom configurations, and combinations such as 15AB; the A line is typically the larger corner residence.

The asymmetrical upper setbacks produce private terraces on approximately the top six floors. The 21A combination includes a reported 45-foot terrace with four exposures; confirm the actual dimensions and rights for the apartment.

The 2019 balance sheet records $6.34 million in capitalized improvements against the $1.95 million original 1961 cost basis. These are historical accounting figures, not a current condition assessment. The separate capital-project section below preserves the 2020-era facade budget and funding detail.

Park Avenue-facing apartments (east exposure) look across the Park Avenue median plantings. 85th Street-side exposures look across the cross-street to neighboring buildings.

1020 Park Avenue operates as a full-service white-glove cooperative under the corporate entity 1020 Park Ave., Inc. Building services are provided by SEIU Local 32BJ-represented employees under the multi-employer Building Service 32BJ Pension Fund collective bargaining structure.

A meaningful union note: Per the 2019 audited financial statements, the 32BJ Pension Fund was in "red zone" funding status (less than 65 percent funded) as of July 2019, with critical-status designation and a rehabilitation plan in effect. The red-zone status creates a small but real withdrawal-liability exposure for the cooperative corporation if it were ever to leave the plan. Most Park Avenue cooperatives with 32BJ labor face similar exposure; the structural feature is common to the corridor but warrants explicit acknowledgment.

Financial profile (FY 2019, per the audited financial statements)

The 2019 net income of $186,000 represented a positive operating year following 2018's near-breakeven $1,464 net result.

Mortgage structure (per the 2019 reporting)

The mortgage reported in the 2019 audited statements matures February 1, 2027. Unless it has been extended, repaid or refinanced since — the 2019 reporting does not show later activity — the building faces a refinancing event in early 2027. The reported rate was 3.40 percent; refinancing at a higher rate would increase debt service and could put pressure on maintenance. The extension option provides a structural fallback (10-year extension at the greater of 4.00 percent or 10-year UST plus 2.00 percent) and is exercisable at the cooperative's election. Confirm current refinancing posture with management during due diligence.

Capital project pipeline

The cooperative was budgeting approximately $1.47 million for the Local Law 11 façade restoration project anticipated to begin in 2020. The project funding mix included reserve fund draws, line-of-credit availability, capital assessments, and operating cash. The 2019 capital assessments alone raised $599,625 ($19.50 per share, billed in two waves of $8.25 per share and $11.25 per share). Current LL11 status and any additional capital project pipeline through 2026 should be confirmed with management during due diligence.

Real estate tax history

Tax rates have moderated modestly while assessed valuations have grown. The cooperative routinely protests assessed valuations.

Operational policy framework (per the Sample Alteration Agreement dated October 25, 2018 and verified public sources)

• Pet policy: pets allowed upon board approval
• Pied-à-terre: case-by-case (board approval required)
• Secondary residence: case-by-case (board approval required)
• Subletting: not permitted
• Corporate / diplomat purchases: not permitted
• Short-term rentals / Airbnb: not permitted
• In-unit washer/dryer: permitted
• Guarantors: case-by-case
• Maximum financing: 50 percent of purchase price or appraised value
• Flip tax / transfer fee: 2 percent of gross sale price, payable by purchaser at closing (in effect for contracts entered after January 1, 2016; exempt if purchaser is a current shareholder)
• Window replacement: original windows must be replaced; 50 percent deposit due at closing
• Tax deductibility on maintenance: approximately 39 percent
• Open houses: by appointment
• Board interviews: virtual allowed
• Move-in / move-out deposits: $5,000 each (refundable, less $1 per share)

Structural alterations require a board-approved Alteration Agreement (most recently updated October 25, 2018) and compliance with its terms. The reported 2 percent transfer fee is a one-time buyer closing cost calculated on the gross sale price, subject to the effective-date and current-shareholder exemption above. It is not an ongoing carrying cost.

Recent sales

Recent transfers at this building, from The Roebling Research Library. Prices are the transfer amounts recorded with the NYC Department of Finance; apartment-level detail is checked against the building’s own file in The Roebling Research Library before publishing.

Market read. $/sf is measured on the latest sales with reliable square footage (2025): a median $4,179/sf (recorded) across 1 sale. The building has traded as recently as 2026. Median listing discount 4.8% from the last ask — a recurring negotiation gap worth pricing into any offer or listing strategy.

Sales sourced from NYC Department of Finance recorded transfers (BBL 1-01497-0034). Apartment-level facts (line, condition, asking-price context) curated and cross-verified in The Roebling Research Library. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price; square footage on co-ops is not officially recorded, figures shown are approximate.

Review current commercial income. Obtain the leases, occupancy and latest rent roll for the five professional spaces before treating the 2019 revenue figures as current offsets to shareholder maintenance.

Confirm the transfer-fee terms. The documented policy above includes the effective-contract date and current-shareholder exemption; obtain the operative schedule before calculating the buyer’s closing costs.

Update the mortgage information. Obtain the present loan balance and any extension, refinancing or repayment documents; the detailed terms above are from the 2019 statements.

Confirm the financing basis. The reported maximum is 50 percent of purchase price or appraised value; ask which basis governs the proposed purchase and obtain separate lender approval.

Distinguish occupancy permissions. The reported sublet prohibition is separate from case-by-case pied-à-terre or secondary-residence approval; confirm the proposed use with the board.

Check the capital-project record. Obtain the completion documentation, final cost and later assessments for the facade work described above.

Confirm the board's current requirements. Financing is capped at 50% of the purchase price and subletting is not permitted; pied-à-terre use requires confirmation. Confirm liquidity, occupancy and application requirements from the governing documents and application instructions. Plan for 6-10 weeks from contract through approval to closing.

Date the financial points in listing copy. Listing copy can reference the commercial income (about $412,000 annual in 2019), the reserve fund balance ($485,492 at year-end 2019) and the capital program, each stated as of the 2019 audited statements unless the seller has current statements. The 2019 net income of $186,000 is a single year and does not by itself show current operating health.

Present retained architectural details. Show the apartment’s actual windows, layout and terrace rights, using the building history above for attribution.

Pricing requires apartment-level comparable analysis. A-line versus B-line versus C-line versus D-line all produce meaningful pricing variation; setback-terrace upper-floor inventory commands substantial premium.

Date the transaction sample. The earlier estimate of 2–4 annual sales needs a defined period and recorded transfers before it can support pricing.

Allocate the transfer fee correctly. The reported fee is buyer-paid; it affects seller proceeds only if the contract shifts that obligation. Confirm the applicable exemption and current schedule.

Closing planning example. A 6–10-week contract-to-closing window is an estimate; confirm board, lender and scheduling requirements.

If you're considering 1020 Park Avenue, also evaluate:

• 1036 Park Avenue — immediate neighbor north; another HDC-recognized post-war Park Avenue cooperative
• 1065 Park Avenue — third HDC "Six to Celebrate" post-war Park Avenue cooperative
• 1040 Park Avenue — Delano and Aldrich 1925; three doors north at the Park / 86th corner; full-service approximately 100-unit pre-war (architecturally distinct register)
• 1050 Park Avenue — Carnegie Hill peer
• 1060 Park Avenue — Carnegie Hill peer
• 1075 Park Avenue — Blum brothers 1929; Carnegie Hill pre-war peer
• 1133 Park Avenue — Schwartz & Gross 1928; nearby Carnegie Hill pre-war peer
• 1185 Park Avenue — Schwartz & Gross 1928-29; Park Avenue courtyard pre-war peer
• 1199 Park Avenue — northern Carnegie Hill peer
• 200 Central Park South — Wechsler & Schimenti peer (the firm's most architecturally consequential commission for direct architectural comparison)