1020 Park Avenue
1020 Park Avenue, New York, NY 10028
- Year built
- 1962
- Type
- Cooperative
- Units
- 53
- Floors
- 21
- Landmark
- Designated
- Pets
- Permitted
- Subletting
- **Sublets not permitted** (per Compass; the post-war structure does not loosen the typical Park Avenue Carnegie Hill restrictive sublet posture)
- Flip tax
- 2% of gross sale price
1020 Park Avenue is among the southern Carnegie Hill cooperatives that sit immediately south of the geographic seam between Carnegie Hill and Lenox Hill — the most consequential transition in the Park Avenue residential corridor. The building is positioned between 1036 Park (immediate north neighbor) and 1040 Park (Delano and Aldrich 1925, three doors north at the 86th corner), forming part of the substantial Carnegie Hill Park Avenue cluster between East 84th and East 86th.
The 1962 vintage places 1020 Park among the substantial post-war infill construction along the Park Avenue corridor — buildings developed between approximately 1948 and 1970 that added scale, modern systems, and new architectural language to the dense 1920s pre-war Carnegie Hill / Lenox Hill cooperative tradition. Wechsler & Schimenti was a prolific post-war Manhattan apartment firm whose body of work extends across the Upper East Side and other Manhattan residential corridors.
The 1020 Park architectural language is materially different from the surrounding 1920s pre-war stock — 21 stories vs. the pre-war mid-rise scale, tan-brick exterior with travertine marble base vs. the pre-war limestone-and-brick Renaissance Revival idiom, modern building systems, and post-war layout conventions. For prospective buyers, this difference matters: 1020 Park trades on different fundamentals than the immediately surrounding pre-war Carnegie Hill cooperatives.
The August 1961 cooperative incorporation date is structurally significant. 1020 Park Ave., Inc. (incorporated New York) was formed to acquire the land and building — placing 1020 Park among the earliest Park Avenue post-war buildings to operate under a cooperative ownership structure from the outset.
For the broader framework comparing pre-war and post-war Manhattan inventory: Pre-war vs. Post-war Manhattan Apartments.
The 53-unit residential scale places 1020 Park among the smaller-to-mid-size Park Avenue cooperatives — meaningfully more institutional than the tightest pre-war Candela peers (740 Park: 33; 778 Park: 18; 720 Park: 31) but smaller than the larger Carnegie Hill peers (1040 Park: ~100; 1199 Park: ~148). The combination of 53 residential apartments plus 5 ground-floor professional spaces gives the building both a manageable institutional density and a meaningful supplementary revenue stream from the professional tenants.
The professional-space rental income is one of the building's distinctive financial attributes. Per the 2019 financials, the 5 ground-floor offices generated approximately $412,000 in annual rent — equivalent to roughly 12% of total cooperative revenue and a structural cushion against shareholder maintenance pressure. This is uncommon and meaningful on Park Avenue.
For buyers, 1020 Park represents a particular tier of Carnegie Hill / Lenox Hill border inventory: post-war Wechsler & Schimenti construction with materially lower per-square-foot pricing than the surrounding pre-war stock, 53-apartment moderate scale, distinctive commercial income from the professional spaces, prestigious Park Avenue / 86th corner positioning, and a transactional pattern (4 sales in 2019, 2 in 2018) suggesting moderate turnover with average sale prices in the $2.5M–$3M range based on the transfer fee data.
Architecture and unit composition
The building's 1962 vintage and Wechsler & Schimenti design produce the era's signature post-war architectural language: 21-story massing, tan-brick exterior with travertine marble base, modernist clean lines, and apartment configurations reflecting 1960s luxury post-war design conventions.
The 53 residential apartments are distributed across the building's post-war stories with layout configurations characteristic of the era: typically 8.5–9 foot ceilings (rather than pre-war 10–11), L-shaped or combined living/dining layouts in many lines, modern bathroom and kitchen positioning consistent with 1960s luxury construction, central air conditioning, and modern building systems throughout.
Cumulative building improvements over the cooperative's history have been substantial — per the 2019 balance sheet, $6.34M in improvements have been capitalized relative to a $1.95M original cost basis (1961 acquisition cost), indicating ongoing reinvestment in lobby renovations, elevator upgrades, mechanical systems, and (most recently) Local Law 11 façade restoration work.
Park Avenue-facing apartments (east exposure) look across the Park Avenue median plantings. 85th Street- and 86th Street-side exposures look across the cross-streets to neighboring buildings.
Building operations
1020 Park Avenue operates as a full-service post-war cooperative under the corporate entity 1020 Park Ave., Inc. Building services are provided by SEIU Local 32BJ-represented employees under the multiemployer Building Service 32BJ Pension Fund collective bargaining structure.
Important union note: Per the 2019 financial statements, the 32BJ Pension Fund was in "red zone" funding status (less than 65% funded) as of July 2019, with critical-status designation and a rehabilitation plan in effect. Buyers should understand this is a multi-employer pension obligation that 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.)
Financial profile (FY 2019):
| Line Item | 2019 |
|---|---|
| Total revenue | $3,541,202 |
| Maintenance charges (shareholders) | $2,838,225 |
| Operating assessment | $270,908 (~$8.81/share) |
| Professional space rents (5 tenants) | $411,790 |
| Total wages + union + payroll + workers comp | $1,266,301 |
| Real estate taxes (NYC) | $1,455,515 |
| Mortgage interest | $98,430 |
| Net income | $186,159 |
| Building improvements + reserve fund | Strong (reserve balance $485,492 end of 2019) |
The 2019 net income of $186K is meaningful — a positive operating year following 2018's near-breakeven $1,464 net result.
Mortgage structure (per 2019 reporting):
| Attribute | Detail |
|---|---|
| Lender | Investors Bank |
| Original principal | $2,895,000 |
| Interest rate | 3.40% per annum |
| Payment structure | Interest-only |
| Monthly payment | $8,203 |
| Initial maturity | February 1, 2027 |
| Extension option | 10-year extension to February 1, 2037 at greater of 4.00% or 10-year UST + 2.00% |
| Revolving line of credit | $1,000,000 unsecured (undrawn as of 2019) |
| Prepayment | Declining-scale penalty; 10%/year prepayable without penalty; last 12 months of each term prepayable without penalty |
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 is being funded via reserve fund draws, line-of-credit draws (if needed), capital assessments, and operating cash. The 2019 capital assessments alone raised $599,625 ($19.50/share, billed in two waves of $8.25/share and $11.25/share). This is consistent with the standard Park Avenue cooperative capital expenditure pattern for buildings of this scale and vintage.
Real estate tax history:
| Fiscal Year | Tax Rate | Annual Tax |
|---|---|---|
| 2016/17 | 12.892% | $1,234,818 |
| 2017/18 | 12.719% | $1,329,010 |
| 2018/19 | 12.612% | $1,430,259 |
| 2019/20 | 12.473% | $1,480,771 |
Tax rates have declined modestly while assessed valuations have grown. The cooperative routinely protests assessed valuations.
Operational policy framework (per the Sample Alteration Agreement dated October 25, 2018):
- Structural alterations require board-approved Alteration Agreement and compliance with its terms
- The Alteration Agreement framework was most recently updated October 2018
Recent sales
Last 5–10 closed sales at 1020 Park Avenue (replace this section with current ACRIS data — pull at publication time and refresh quarterly):
[Recent sales table to be populated from ACRIS]
Sales context at 1020 Park:
- Inventory turnover is moderate given the 53-unit scale — based on the 2018–2019 data, approximately 2–4 transactions per year
- Pricing spans a range — smaller 2BR configurations in the $1.5M–$3M range; 3–4 BR mid-floor configurations in the $3M–$6M range; larger upper-floor and combined apartments in the $5M–$10M+ range
- Public listing through StreetEasy and Compass private exclusive is standard
- 2% flip tax should be factored into all transaction cost calculations
What to know if you’re buying
The professional space rental income reduces shareholder maintenance burden. Approximately $412,000 in annual commercial rental income from 5 professional tenants provides a stable supplementary cash flow that materially offsets shareholder maintenance obligations. This is uncommon and valuable on Park Avenue.
The 2% flip tax is structural. Buyers should expect 2% of the gross sales price to be paid at closing as a transfer fee. On a $3M purchase, $60,000; on a $5M, $100,000.
The Local Law 11 façade project is recent. The 2020-era $1.47M LL11 façade restoration was a major capital project. Current building condition and any subsequent capital assessments should be confirmed with management during due diligence.
The mortgage matures in February 2027. Buyers should understand the building will face a refinancing event in early 2027. The current rate of 3.40% is below 2026 market rates; refinancing at maturity may result in higher debt service, potentially increasing maintenance pressure.
Confirm specific policies directly with management. Current professional tenant lease terms (most ran through 2020–2023 per the 2019 reporting), current mortgage refinancing posture, sublet specifics, pet policy, and pied-à-terre allowance should be confirmed during the contract review process.
Board approval follows tier-one Carnegie Hill / Lenox Hill border norms. Strong financial profile, professional accomplishment, primary-residence intent, and the established Park Avenue board package requirements.
Renovation is constrained by historic district status. The building's position in the Expanded Carnegie Hill Historic District means LPC oversight on any exterior work. Interior renovations require Alteration Agreement (most recently updated October 2018) and board review.
What to know if you’re selling
The financial position is a marketing asset. Listing copy can reference the supplementary commercial income (~$412K/year), the meaningful reserve fund ($485K at end of 2019), and the disciplined capital expenditure framework. Positive net income (2019: $186K) is evidence of operational health.
Pricing requires apartment-level comparable analysis. Floor altitude, exposure, configuration, and renovation history all matter substantially.
Recent transaction volume has been moderate. Only 2–4 sales per year is meaningful context for pricing strategy; comparable analysis depends on small samples.
Closing timelines are co-op standard. 6–10 weeks from contract signing to closing.
The Roebling Team at 1020 Park
The Roebling Team at Compass specializes in Central Park West, the Upper East Side, and the broader Park-facing Manhattan market. We publish this building profile because Park Avenue Carnegie Hill buyers and sellers deserve building-specific intelligence — architecture, board culture, financial structure, transactional mechanics, and pricing at the apartment level — not generic market commentary.
We hold first-party documentation on 1020 Park Avenue, including the 2018–2019 cooperative financial statements (Prisand, Mellina, Unterlack & Co., LLP audit), the Sample Alteration Agreement (as of October 25, 2018), the Proprietary Lease, and the original Offering Plan. This level of building-level documentation depth allows us to advise buyers and sellers with substantially greater accuracy than building-name-recognition alone permits — particularly on the implications of the professional space income structure, the 2027 mortgage refinancing event, and the post-Local-Law-11 capital expenditure framework.
If you're considering a purchase or sale at 1020 Park, a 30-minute consultation is the right starting point.