1199 Park Avenue

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.

1199 Park Avenue operates as a full-service pre-war cooperative under the corporate entity Park Hill Tenants Corp., with Brown Harris Stevens as managing agent. The BHS 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.

Last 5–10 closed sales at 1199 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 1199 Park:

• Inventory turnover is moderate given the ~60–70 unit scale — typically 4–7 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 4–5 BR and upper-floor configurations in the $5M–$10M+ range
• Public listing through StreetEasy and Compass private exclusive is standard

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 Brown Harris Stevens management standard is real. BHS is 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 BHS-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.

The Brown Harris Stevens management credential is a marketing asset. Listing copy should reference BHS 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.

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, transactional mechanics, financial structure, and pricing at the apartment level — not generic market commentary.

We hold first-party documentation on 1199 Park Avenue, including the Twenty-Fifth Amendment to the Offering Plan and the certified 1997 financial statements. This level of building-level documentation depth allows us to advise buyers and sellers with substantially greater accuracy than building-name-recognition alone permits.

If you're considering a purchase or sale at 1199 Park, a 30-minute consultation is the right starting point.