1199 Park Avenue
1199 Park Avenue, New York, NY 10128
Carnegie Hill, Upper East Side
BBL 1015230001 · BIN 1048412
- Year built
- 1961
- Type
- Cooperative
- Units
- 148
- Floors
- 18
- Landmark
- Designated
- Flip tax
- 2% of the sale price, paid by the seller.
- Financing
- Up to 70% financeable (30% minimum down).
- Subletting
- Permitted with Board approval. Short-term rentals and AirBnB are not permitted.
- Pied-à-terre
- Permitted.
- Washer / dryer
- Not permitted (central laundry).
- Pets
- Permitted, subject to Board approval.
- Co-purchasing
- Permitted. Parents purchasing for children permitted.
- Guarantors
- Permitted.
Compiled by The Roebling Research Desk from the building’s offering plan, amendments, and related building documents (primary source dated 2026). Board policies can change by amendment — confirm at the offer stage.
Every recorded sale at this building, 2003–2025
Bedroom-by-bedroom medians, the full transfer record, and how units trade against ask.
- 1BR median
- $668K
- Recent range
- $480K – $2M
- Listing discount
- 2.6%
- Recorded transfers
- 127
1199 Park Avenue is among the Carnegie Hill Park Avenue cooperatives whose particular tier is defined by three structural attributes: management (the elite Park Avenue residential management firm), a building-owned garage (rare and meaningful in this corridor), and proximity to the Museum Mile cultural concentration (the Cooper Hewitt, the Jewish Museum, the Guggenheim, the Met within walking proximity).
The mid-1920s vintage places 1199 Park at the heart of the pre-Depression Park Avenue luxury apartment-house construction era. The same approximate period produced the dense Schwartz & Gross Carnegie Hill cluster immediately south (1133 Park: 1928; 1175 Park: 1925; 1185 Park: 1929), and the broader Park Avenue tier-one corridor extending from East 60s through East 90s. The architectural attribution to Schwartz & Gross — the firm whose Carnegie Hill body of work defined the apartment-house identity of the neighborhood — is consistent with the building's facade language and the era's typical Park Avenue idiom.
The 1980 cooperative conversion date is structurally important. 1199 Park was among the Park Avenue rental-to-cooperative conversions of the early 1980s — a period when many remaining rental properties were converted under the post-1979 amendments to the Martin Act. The conversion produced the cooperative entity Park Hill Tenants Corp., which remains the operating cooperative today. The corporate naming convention ("Park Hill") reflects the building's Carnegie Hill positioning — Carnegie Hill itself is historically referred to as "the hill" within the East Side residential lexicon.
The management is a significant marker. The managing agent is one of the most established luxury residential management firms in New York City, with a portfolio concentrated heavily in Park Avenue, Fifth Avenue, and Carnegie Hill cooperatives. public records-managed buildings tend to feature highly disciplined board operations, conservative financial postures, and a particular institutional culture that shareholders and prospective buyers should expect.
The building-owned garage is among the most economically meaningful attributes of 1199 Park. Per the 1997 financial statements, the garage generated approximately $372,000 in annual lease income to the cooperative corporation — representing roughly 16% of total corporation revenue at that time. The garage lease (held by an outside operator under a multi-year contract) materially reduces shareholder maintenance obligations and provides a cushion against capital expenditure requirements. The economic value of a building-owned garage on Park Avenue, in 2026 terms, is substantial — both as an ongoing income source and as a long-dated asset that may be subject to future re-tenancy at materially higher rates.
For buyers, 1199 Park represents a particular tier of Carnegie Hill Park Avenue inventory: the public records management standard, the institutional garage income cushion, mid-1920s vintage architectural credentialing, and central Museum Mile positioning at materially more accessible pricing than the 1928–1931 Candela / Cross & Cross / Carpenter trophy peak in Lenox Hill.
Architecture and unit composition
The building's mid-1920s vintage and Carnegie Hill positioning indicate the standard Park Avenue pre-war design idiom: limestone-clad base (typically two to three lower floors), brick body above, classical or Renaissance Revival detailing, formal entrance with canopied doormen presence, and apartment configurations reflecting the era's luxury Park Avenue conventions.
Pre-war signatures expected throughout the building:
- 10–11 foot ceilings in primary rooms
- Formal entry galleries
- Library-living combinations
- Primary suites with substantial closet infrastructure
- Service wings characteristic of mid-1920s luxury Park Avenue design
- Wood-framed windows (specific configuration to be verified)
The 1997 financial statements provide insight into the apartment composition through reference to specific units: apartments range across floors at minimum through floor 19, with both A/B/C/D/E configurations and numeric prefixes. The unit numbering pattern suggests the original Schwartz & Gross plan placed either 4 or 5 apartments per typical floor.
Park Avenue-facing apartments (east exposure) look across the Park Avenue median plantings to the east-side buildings of Park. Rear apartments face westward into the building's interior court or onto the rear lot line.
Building operations
1199 Park Avenue operates as a full-service pre-war cooperative under the corporate entity Park Hill Tenants Corp., with **** as managing agent. The public records management is one of the building's most important operational attributes.
Financial profile (based on the 1997 certified financial statements; current figures should be obtained from management during contract review):
- Mortgage: $2.625M held by The Bank of New York; refinanced in 1996 at 7.93% interest-only through October 2006. The refinancing carried a $75,000 prepayment penalty (paid out of interest expense). The 1997 financial statements were prepared by Stuart J. Vogel, CPA, of White Plains, NY.
- Annual revenue (1997): ~$2.28M total, comprising approximately $1.61M maintenance charges, $372K garage income, $111K electric income, $52K parking income, $17K interest income, $51K miscellaneous (sublet fees, late charges, cable TV).
- Annual expenses (1997): ~$2.08M operating + ~$762K real estate taxes + ~$211K mortgage interest. Real estate taxes represented approximately 37% of total operating cash needs.
- Net operating position (1997): $205K positive before depreciation and amortization; net loss of $93K after accounting for ~$298K depreciation and amortization.
- Capital structure (1997): $6.7M shareholders' equity; $9.5M total assets; ~$2.5M cumulative building improvements over the conversion-to-1997 period.
- Maintenance charges: $16.20/share per annum effective January 1, 1998 (increased from prior level; a $0.50/share special assessment was applied to the December 1997 maintenance bill for unbudgeted capital expenditure).
Operational note: The building's mortgage was structured as interest-only through 2006, with the full $2.625M principal due at maturity. This is consistent with the era's standard cooperative refinancing structures and would have required subsequent refinancing in 2006 — the post-2006 mortgage structure should be confirmed with management during due diligence as part of any contract review.
Garage operations: The building maintains a non-cancellable lease on the on-premises garage, providing minimum annual rental income to the cooperative. The 1997 financial statements showed garage income of $372,731 against ~$52,193 garage expense. The garage lease structure has likely been re-negotiated since 1998 — current terms should be obtained from management.
Real estate tax abatements: The building participated in the partial real estate tax abatement program for qualifying cooperative dwelling units (the 1997 abatement was approximately $71,667 for the second year of eligibility). Subsequent abatement program changes have evolved; current abatement should be confirmed with management.
Local Law 97
- 2024–2029 annual penalty
- $0 (under cap)
- 2030–2034 annual penalty
- $0 (under cap)
- Per unit / month range
- —
Facade safety — Local Law 11
The latest available filing classified the facade as SWARMP — Safe With A Repair and Maintenance Program: the engineer identified conditions requiring monitoring or repair before the next inspection cycle. The scope, timeline, and how the building funds the work are building-specific — we review the filings and board materials for you.
QEWI = Qualified Exterior Wall Inspector — the licensed engineer the city requires to sign the report (the independent expert, not the managing agent). Source: NYC DOB facade filings (FISP) · The Roebling Research Library.
See the full facade history →Management & transfer contacts
- Flip tax
- 2% of gross sales price (seller)
- Sublet policy
- 30% of monthly maintenance; ~1 yr, board approval
- Pied-à-terre
- Case by case (primary residence generally required)
- Notable fees
- Managing agent fee $900-$1,000; move-in/out $500
Recent sales
Recent transfers at this building, curated by The Roebling Team research desk. Apartment-level facts are independently verified before publishing; sale prices reflect the recorded transfer amount at the NYC Department of Finance.
| Date | Unit | Apartment | Price | vs. Ask |
|---|---|---|---|---|
| Nov 24, 2025 | 10K | 2 BR · 2 BA | $1,625,000 | -1.5% |
| Oct 15, 2025 | 2F | 2 BR · 2 BA | $1,235,000 | -4.6% |
| Aug 21, 2025 | 2J | 1 BR · 1 BA | $520,000 | -3.5% |
| Jul 21, 2025 | 10A | 3 BR · 2 BA | $2,050,000 | -2.4% |
| Apr 22, 2025 | 16C | 1 BR · 1 BA | $755,000 | +1.3% |
| Feb 19, 2025 | 7K | 2 BR · 2 BA | $1,175,000 | +6.8% |
| Nov 12, 2024 | 9G | 1 BR · 1 BA | $997,470 | +0.9% |
| Oct 10, 2024 | 3D | 1 BA | $480,000 | -8.6% |
Market read. $/sf is measured on the latest sales with reliable square footage (2024): a median $809/sf across 2 sales. The building has traded as recently as 2025. Median listing discount 2.9% from the last ask — a recurring negotiation gap worth pricing into any offer or listing strategy.
The retrade record
Lines that have traded more than once in the public record — the building’s appreciation arc, apartment by apartment.
Other recent transfers
| Date | Unit | Price |
|---|---|---|
| Dec 9, 2009 | 7E | $535,000 |
Full closing history with price-per-square-foot over time, the complete retrade record, and every line that has traded.
Sales sourced from NYC Department of Finance recorded transfers (BBL 1-01523-0001) and verified listing data. Apartment-level facts (line, condition, asking-price context) curated and cross-verified by The Roebling Team research desk. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price.
What to know if you’re buying
The garage income is structural. The building-owned garage generates substantial annual income for the cooperative corporation, reducing shareholder maintenance burden and providing a cushion against capital expenditure pressures. This is a meaningful and rare attribute on Park Avenue.
The management standard is real. The managing agent is among among the most institutionally disciplined cooperative management firms in New York City. Buyers should expect rigorous board package requirements, conservative financial review, and the standard tier-one Carnegie Hill board approval framework.
The 1980 conversion structure is mid-late among Park Avenue conversions. Many shareholders may be holders since the original conversion, with original purchase prices that reflect the early-1980s pricing tier. The cap rate / value structure has materially appreciated in the 45+ years since.
Confirm specific policies directly with management. Financing posture, current mortgage terms, flip tax structure, sublet specifics, pied-à-terre allowance, current real estate tax abatement, and current garage lease terms should all be obtained from management during the contract review process.
Board approval follows tier-one Carnegie Hill norms. Strong financial profile, professional accomplishment, primary-residence intent, and public records-standard due diligence are central criteria.
Renovation is constrained by historic district status and pre-war character. The building's position in the Expanded Carnegie Hill Historic District means LPC oversight on any exterior work. Interior renovations require Alteration Agreement and board review.
View permanence is excellent. Park Avenue corridor is built out; 94th–95th Street cross-streets are stable mid-block residential.
What to know if you’re selling
The management credential is a marketing asset. Listing copy should reference public records as managing agent — the institutional discipline carries weight with prospective buyers and broker counterparts.
The garage income story is differentiated marketing material. Few Park Avenue cooperatives own and lease their own garages; this is a distinguishing financial attribute.
Pricing requires apartment-level comparable analysis. Floor altitude, exposure, configuration, and renovation history all matter substantially.
The 1980 cooperative conversion vintage produces a particular shareholder profile. Original-purchaser shareholders may carry meaningfully different cost bases than mid-tenure or recent shareholders, affecting the seller's pricing strategy.
Closing timelines are co-op standard. 6–10 weeks from contract signing to closing.
Comparable buildings
If you're considering 1199 Park Avenue, also evaluate:
- 1185 Park Avenue — Schwartz & Gross 1929; nearby Carnegie Hill peer with distinctive courtyard plan
- 1175 Park Avenue — Schwartz & Gross 1925 (same vintage); immediate Carnegie Hill peer
- 1133 Park Avenue — Schwartz & Gross 1928; nearby Carnegie Hill peer
- 1130 Park Avenue — pre-war Carnegie Hill peer at Park / 91st corner
- 1040 Park Avenue — Delano and Aldrich 1925; same vintage at Park / 86th corner
- 1075 Park Avenue — Blum brothers 1929; Carnegie Hill peer
The neighborhood
For the full corridor — architecture, schools, transit, and pricing across Park Avenue — read The Roebling Team Guide to Park Avenue.
The full playbook — what goes in the package, how boards read your financials, the interview, and the timeline — plus sample cover, reference, and personal letters you can adapt.
Considering a move at 1199 Park Avenue?
Request a private building brief with the relevant comparable sales, current and off-market availability, and an apartment-specific view of value.
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A Private Pricing Opinion — what your apartment at 1199 Park Avenue would likely sell for today, what it costs to sell, and what you’d walk away with — reviewed personally against condition, exposures, renovation quality, and the competition actually on the market.