161 East 88th Street

The building is typical of mid-1930s Upper East Side apartment houses. The street front is face brick in beige and red, with brick patterning at the window heads and along the parapet. There is no limestone base or cornice. The engineering report bound into the 1982 plan describes Class 3 non-fireproof construction: masonry bearing walls, wood floor beams, and stone-concrete spread footings on rock. Typical floor-to-ceiling height is about 8 feet 2 inches.

Most apartments are compact. Studios run about 500 to 550 square feet and one-bedrooms about 815 to 860, per listing records; the two-bedrooms and combinations are larger. Because the plan fixed share allocations apartment by apartment, a combined unit carries the shares of both originals, which matters when you compare maintenance across listings.

DOB records trace the capital work. Façade repair work was filed in 2006–2007 and again in 2016, each under a sidewalk shed. This six-story building is below FISP’s higher-than-six-story threshold; the filings document façade work, not proof of an applicable FISP cycle. In 2014 filings covered replacing the boiler and burner with a dual-fuel gas/oil unit, a new gas service, and a move from No. 4 to No. 2 heating oil. Apartment renovations and combinations are filed individually with DOB; completion and sign-off should be confirmed for a given apartment.

The financial statements on file in The Roebling Research Library date from the early 1990s and are too old to underwrite a purchase today. Ask the managing agent for the two most recent audited statements, the current budget, the underlying mortgage terms and maturity, the reserve balance, and any assessment in place or planned.

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 (2025) cleared a median $765/sf (recorded) across 1 sale. Median listing discount 3.3% 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 1-01517-0027). 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.

Start with the underlying mortgage. The recorded history describes private holdings and at least two restructurings; verify the current lender and outstanding terms. Ask for the rate, amortization, maturity date and refinancing plan. A near-term maturity with no plan behind it is a maintenance risk.

This is share ownership. Expect a full board package — financials, tax returns, references — and an interview. The board sets the financing ceiling, the minimum down payment, and the rules on sublets, pieds-à-terre, co-purchasing, gifts, and trust or LLC ownership. None of these is documented in current public records. Get each from the managing agent in writing before you sign.

Ask about a flip tax. A flip tax is a transfer fee the co-op charges on a sale, usually paid by the seller. None is documented here. Confirm whether one exists and how it is calculated.

Know the construction. Wood floor beams and 8-foot-2-inch ceilings are normal for this vintage but shape what a renovation can do. Wet-over-dry rules, alteration agreements and board review of plans will apply.

Check for regulated tenancies. The conversion was non-eviction, so any apartment still held by the sponsor or a successor may be occupied by a rent-regulated tenant. For a sponsor or investor sale, ask about occupancy.

Have the building's paperwork ready. Buyers' attorneys will ask about the underlying mortgage early. A clear answer from the managing agent on rate and maturity keeps a deal from stalling at diligence.

Price against the same size band. Comparable studios and one-bedrooms in this building and on the surrounding side streets are the right anchors. Combination sales may provide context when adjusted for area, layout and other material differences; prefer closer matches where available.

Plan for the board timeline. Allow six to ten weeks from contract to closing, including the package review and interview.

If you're considering 161 East 88th Street, also evaluate:

• 141 East 88th Street (Philip House) — a 1928 building a few doors west, converted to condominium in 2013; the condo alternative on the same blockfront
• 153 East 87th Street — a 1928 prewar condominium one block south
• 170 East 88th Street — a 1980 cooperative of similar size across the street
• 444 East 87th Street — a 42-unit Yorkville co-op, mostly studios and one-bedrooms
• 439 East 88th Street — a 32-unit Yorkville co-op from 1915
• 425 East 86th Street — a larger 1929 prewar cooperative on 86th Street
• 180 East 88th Street — a new-construction condominium across the street; a different construction and service comparison; assess actual prices