- 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 building documents and current market data. Board policies can change by amendment — confirm at the offer stage. As of 2026.
Every recorded sale at this building, 2003–2025
Bedroom-by-bedroom medians, the full transfer record, and how units trade against ask.
- 1BR median
- $710K
- Recent range
- $520K – $2M
- Listing discount
- 2.4%
- Recorded transfers
- 116
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
- —
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 26, 2025 | 10K | 2 BR · 2 BA Closed Nov 24, 2025 (recorded Nov 25) at $1.625M — 1.52% under the $1.65M asking. 10K — 2BR/2BA. Most recent print. **K-line cross-cycle:** 10K $1.625M (Nov 2025) → 4K $1.625M (Sep 2021) — identical pricing across 4+ years on the K-line 2BR. | $1,625,000 | -1.5% |
| Oct 24, 2025 | 2F | 2 BR · 2 BA Closed Oct 15, 2025 (recorded Oct 23) at $1.235M — 4.63% under the $1.295M asking. 2F — 2BR/2BA. | $1,235,000 | -4.6% |
| Sep 19, 2025 | 3B | Closed Sep 4, 2025 (recorded Sep 16) at $654,657 (recorded transfer). 3B — 1BR-tier with an unusual specific recorded amount, often signaling a related-party or estate transfer with carrying-cost true-up. | $654,657 | off-mkt |
| Sep 9, 2025 | 2J | 1 BR · 1 BA Closed Aug 21, 2025 (recorded Sep 4) at $520K — 3.53% under the $539K asking. 2J — 1BR/1BA. | $520,000 | -3.5% |
| Jul 30, 2025 | 10A | 3 BR · 2 BA Closed Jul 22, 2025 (recorded Jul 24) at $2.05M — 2.38% under the $2.1M asking. 10A — 3BR/2BA. **A-line cross-cycle:** 10A $2.05M (Jul 2025) → 14A $2.4M full-ask (Aug 2022) → 15A $2M (Mar 2022, -4.76%) → 5A $1.5M full-ask (May 2022) → 4A $1.475M +5.73% (Jan 2023) → 8A $1.575M (Oct 2011). | $2,050,000 | -2.4% |
| May 7, 2025 | 16C | 1 BR · 1 BA Closed Apr 22, 2025 (recorded May 5) at $755K — 1.34% OVER the $745K asking. 16C — 1BR/1BA. Premium-to-ask close on upper-floor C-line. | $755,000 | +1.3% |
| Feb 24, 2025 | 7K | 2 BR · 2 BA Closed Feb 25, 2025 (recorded Feb 14) at $1.175M — **6.82% OVER the $1.1M asking**. 7K — 2BR/2BA. Strongest recent premium-to-ask signal at 1199 Park — $75K above ask, suggesting renewed competitive bidding on the K-line 2BR format as the building emerged from 2023-2024 softness. | $1,175,000 | +6.8% |
| Nov 21, 2024 | 9G | 1 BR · 1 BA Closed Nov 12, 2024 (recorded Nov 19) at $997,470 — 0.86% OVER the $989K asking. 9G — 1BR/1BA. Tight premium-to-ask close just under the $1M threshold. | $997,470 | +0.9% |
Market read. Most recent trades (2024) cleared a median $850/sf across 2 sales. Median listing discount 1.9% 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 |
|---|---|---|
| May 31, 2023 | 5J | $525,000 |
| Sep 16, 2022 | 7E | $900,000 |
| Jun 29, 2021 | 5E | $687,000 |
| Apr 5, 2019 | 5H | $651,750 |
| Dec 10, 2018 | 6C | $570,000 |
| Mar 8, 2016 | — | $705,000 |
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 Roebling Team at 1199 Park Avenue
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.