1199 Park Avenue

City records date the building to 1961, which places it in the postwar Park Avenue idiom. Describe its facade, apartment layouts and finishes from current plans and inspected conditions rather than inferring them from a 1920s design tradition.

Assess each apartment's ceiling heights, layout and finishes from its plans and condition; 1920s apartment conventions should not be assumed for a 1961 building.

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 4 or 5 apartments per typical floor; confirm against current plans.

Park Avenue-facing apartments (west exposure) look across the Park Avenue median plantings to the buildings on the avenue's west side. Rear apartments face eastward into the building's interior court or onto the rear lot line.

1199 Park Avenue operates as a full-service postwar cooperative under the corporate entity Park Hill Tenants Corp. Its long-standing institutional 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 before depreciation and amortization. The figures reconcile only if real estate taxes of ~$762K and mortgage interest of ~$211K are included in that expense total: revenue of ~$2.28M less the reported ~$205K pre-depreciation surplus implies ~$2.08M. This is an arithmetic reconciliation, not verification of the statement classifications; obtain the certified statement before treating the components as established.
• 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. How that balance was repaid or refinanced after 2006, and the current mortgage structure, should be confirmed with management during due diligence as part of any contract review.

Garage operations: The 1997 statements describe a non-cancellable lease on the on-premises garage, with minimum rental income to the cooperative. The 1997 financial statements showed garage income of $372,731 against ~$52,193 garage expense. Obtain current terms from management; the historical statements do not establish later renewals or amendments.

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.

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 (2024): a median $809/sf (floor-adjusted) across 2 sales. The building has traded as recently as 2026. Median listing discount 2.8% 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 1-01523-0001). 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.

Confirm current garage income. The 1997 statements report approximately $372,000 in annual garage lease income. Review the current lease, expenses and audited statements to establish its present contribution to maintenance and capital funding.

Expect a thorough board package. Confirm the application instructions with the managing agent, and review the current budget, audited statements, debt and any assessments.

The 1980 conversion structure is mid-late among Park Avenue conversions. The conversion date does not establish current shareholders’ holding periods, cost bases or investment returns. Evaluate recent comparable sales and each seller’s actual transaction history.

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 review sets the bar. Financing is capped at 70% of the purchase price and pieds-à-terre are permitted with conditions; confirm the building's current liquidity, ownership, occupancy and subletting requirements from its governing documents and application instructions.

Renovation runs through the board. 1199 Park is outside the Expanded Carnegie Hill Historic District; confirm the approvals required for exterior work with the relevant agencies and building management. Interior renovations require Alteration Agreement and board review.

Views depend on the apartment. The Park Avenue corridor is largely built out and the 94th–95th Street cross-streets are mid-block residential, but views vary by floor, position and exposure, and none is protected without a recorded instrument.

The management credential is a marketing asset. Listing copy should reference the 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.

Use the seller’s actual acquisition history. The 1980 conversion date does not establish a current owner’s purchase price, holding period or negotiating position.

Closing timelines are co-op standard. 6–10 weeks from contract signing to closing.

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 — Emery Roth 1924–25; immediate Carnegie Hill peer
• 1133 Park Avenue — Nathan Korn 1923–24; 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