The Lyons (135 West 79th Street)

The façade is brick over a stone base, with the neo-Renaissance detailing Lyons used across his West Side work. Per its designation records, the building sits inside the Upper West Side / Central Park West Historic District. Any exterior change needs a Landmarks Preservation Commission permit, including windows, masonry, rooftop additions and signage.

Per the offering plan, the building had 53 apartments at conversion. Four of them are penthouse apartments at the top of the building. Management-sourced records describe a regular typical-floor stack: two-bedroom A and B lines and one-bedroom C and D lines. Combinations have altered some layouts over the years. The plan itself notes that individual apartments may differ from the typical floor plans, so check the specific apartment's layout rather than the line.

The co-op is staffed by union building employees, with a live-in superintendent. It has a central laundry room and resident storage. There is no doorman listed in the records reviewed; confirm current staffing and lobby coverage with the managing agent.

Finances, per audited financial statements on file (years ended December 31, 2024 and 2023):

• Underlying mortgage: $3.5 million, interest-only at 4.01%, maturing May 1, 2028. Compare the May 1, 2028 maturity with current reserves, other liabilities and planned capital work before ranking risks. Confirm the outstanding balance and refinancing plan; model rates, amortization and fees. Interest-only terms do not require scheduled principal reduction, but do not rule out prepayments; any maintenance effect depends on the full budget. The co-op also has an undrawn $500,000 line of credit.
• Reserves: A reserve fund of about $420,000 at year-end 2024, plus operating cash. The 2023–2024 audited statements report no reserve study (an assessment of systems’ remaining useful life and replacement cost); check whether one has since been commissioned.
• Operations: Operations were roughly break-even to slightly positive in 2024. The 2025 budget forecast a 3% maintenance increase.
• Assessment: In 2024 the board passed an operating assessment of about $105,000 to offset co-op tax abatement credits for the 2022/23 and 2023/24 tax years. The abatement credits go to eligible shareholders. The assessment recovers them at the building level, so it is not a capital assessment. A smaller assessment of the same kind appears in the 2025 forecast.
• Holder of unsold shares: An investor entity held five apartments, about 10% of the co-op's shares, as of year-end 2024, with no arrears. That level of single-owner concentration is modest, but some lenders ask about it on their questionnaires.

Tax benefits: The co-op receives the standard co-op/condo tax abatement, which is passed through to eligible shareholders. The city's records show no J-51 or other building-level abatement on the lot. Individual shareholder exemptions, such as the senior citizen exemption, do not affect the building as a whole.

• Flip tax: $10 per share, paid by the seller (audited financial statements on file; consistent with management-sourced records). Your flip tax depends on your share count, not your sale price. Get your apartment's share allocation from the managing agent.
• Financing: Up to 75% of the purchase price.
• Pied-à-terre: Permitted.
• Subletting: Permitted with board approval. Short-term and home-sharing rentals are not allowed. The sublet term limits and fees should be confirmed with the managing agent.
• Pets: Permitted per brokerage records.
• Purchases through trusts and LLCs: Not documented in the records reviewed. Get the board's position from the managing agent before you structure a purchase.

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. Most recent trades (2026 to date) cleared a median $1,092/sf (floor-adjusted) across 1 sale. Floor-adjusted means each sale is restated to a constant mix of floors, so the figure can differ from the plain median of the sales listed above. Median listing discount 0.9% 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 1-01210-0017). 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; square footage on co-ops is not officially recorded, figures shown are approximate.

Underwrite the 2028 refinancing. The interest-only mortgage matures May 1, 2028. Ask the managing agent whether the board has started refinancing talks, and what maintenance increase the board is modeling. Model a range of rates, amortization schedules and fees against the board’s current plan; future borrowing terms and maintenance are not established by the old rate.

The board package is standard co-op. Expect a full financial package, reference letters and an interview. Under Local Law 58 of 2026, the co-op must acknowledge your application within 15 days and give you a decision within 45 days of completion.

Ask about reserves. With no reserve study on file, get a list of completed and planned capital work from the managing agent: façade work under Local Law 11, the roof, elevators and the boiler.

Mansion tax likely applies. At the building's typical price level, sales at or above $1 million carry the 1% mansion tax. Run the figures through the Mansion Tax Calculator.

Lead with the policy stack. 75% financing and permitted pied-à-terre use widen your buyer pool, so put them at the top of the listing.

Know your share count. The $10-per-share flip tax is small and predictable. Quote it accurately from the start.

Prepare the refinancing answer. Buyers' attorneys will see the 2028 maturity in the financial statements. Get the board's current position from the managing agent before you go to market.

If you're considering The Lyons, also evaluate:

• 127 West 79th Street (The Clifton House) — prewar co-op on the same blockfront
• 145 West 79th Street (Manchester House) — prewar co-op on the same blockfront
• 150 West 79th Street (The Dorset) — 1911 twelve-story co-op across the street
• 171 West 79th Street — prewar co-op near Amsterdam Avenue
• 252 West 85th Street — another 1914 West Side prewar co-op
• 304 West 75th Street — Robert T. Lyons, 1930, in the historic district
• 310 West 72nd Street — Robert T. Lyons, 1924, converted to co-op
• 130 West 79th Street (The Austin) — the condominium alternative across the street