- Year built
- 1973
- Type
- Cooperative
- Landmark
- No
- Pets
- Pets permitted
Gramercy rewards buyers who want a real neighborhood with a quiet, residential character a short walk from Union Square and the East Side's transit. Park Towers, at the corner of Third Avenue and East 17th Street, is one of the area's larger postwar cooperatives — a 32-story tower that offers the height, light, and open views the lower prewar stock around Gramercy Park cannot, paired with the regular turnover and practical floor plans of a full-service postwar building.
Completed in 1973, the building sits at a useful crossroads: Gramercy Park and Irving Place are a few blocks south and west, Union Square and its transit hub are within easy reach, and the restaurants and services of the East Side surround it. For a buyer who wants a co-op address in Gramercy with elevation, a doorman, and a roof terrace — rather than the scarcity premium and strict terms of a small prewar building on the park itself — Park Towers is a logical option.
A note on names: Park Towers (195 Third Avenue) should not be confused with Gramercy Park Towers at 205 Third Avenue, a separate and larger postwar cooperative one block north. They are different buildings.
Architecture and unit composition
Park Towers is a 32-story postwar cooperative of roughly 270 apartments in the white-brick-era idiom of its 1973 vintage, with balconied lines on some exposures. The height is the building's defining architectural advantage: upper-floor apartments enjoy open city views and strong light, a meaningful contrast to the lower-rise Gramercy stock nearby.
The unit mix runs the postwar range, and at this scale across a single co-op, turnover is steady — Park Towers offers genuine access to a Gramercy co-op address across a spread of layouts. Some apartments carry private balconies and in-unit washer/dryers, practical features that distinguish the better lines in the building.
Building operations
This is a full-service cooperative with a full-time doorman, concierge, elevator service, central laundry, bicycle storage, and a common roof terrace. The service level and the roof amenity are part of the appeal for a household that wants a doorman building with outdoor common space in Gramercy.
Carrying costs are expressed as monthly maintenance, which covers the building's underlying mortgage, real estate taxes, staff, heat, and operations. As with any co-op, board policies — financing limits, flip tax, and pied-à-terre and subletting allowances — vary by amendment and should be confirmed during due diligence. Buyers should review the co-op's financial statements, reserve position, and any assessment or capital-project history during due diligence; the Roebling Research Library maintains current building materials for clients.
Recent sales
Because Park Towers is an approximately 270-unit cooperative, turnover is regular rather than rare — several apartments typically change hands in a given year across the building's layout range. As a co-op, pricing is best read on a per-room and per-line basis rather than strictly on price per square foot: lower-floor and entry layouts anchor the base of the market, while higher floors with open views, private balconies, and renovated interiors command premiums. The doorman, roof terrace, and central location broaden the building's appeal. Our sales view for the building reflects recorded transfers as they post.
Recent transfers at this building, sourced from NYC Department of Finance records. Apartment-level detail (line, condition, asking-price context) verified upon consultation request.
| Date | Unit | Price |
|---|---|---|
| May 19, 2006 | 14E | $575,000 |
Sales sourced from NYC Department of Finance recorded transfers (BBL 1-00898-0001) 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
Buy the floor and the view. The building's height is its edge; upper-floor apartments with open views and good light command the premiums, and private-balcony lines stand out.
It's a co-op — underwrite the board terms. Expect a board package and interview, and confirm the financing limit, flip tax (if any), and pied-à-terre and subletting policies before you commit.
Do postwar co-op diligence. Review the building's financials, reserves, and any assessment or capital-project history. Confirm monthly maintenance and what it covers.
Don't confuse it with 205 Third Avenue. Park Towers (195 Third) and Gramercy Park Towers (205 Third) are separate buildings; make sure your comparables are drawn from the right one. Run any purchase through the Mansion Tax Calculator.
What to know if you’re selling
Lead with elevation and services. Open views, the doorman and concierge, the roof terrace, and the central Gramercy/Union Square location are the rational reasons buyers choose this building.
Position each apartment on floor, exposure, and condition. Higher-floor view lines and renovated apartments command premiums; benchmark against the best comparable apartments in the building rather than against the different building at 205 Third.
Prepare a clean board package. Co-op sales move on the quality of the application and the buyer's financials; a well-prepared package and realistic in-building pricing keep the process moving.
Comparable buildings
If you're weighing Park Towers, these nearby Gramercy and East Side co-ops and condos make a useful comparison set:
- 205 Third Avenue (Gramercy Park Towers) — the larger postwar cooperative one block north
- 200 East 16th Street — a Gramercy/Stuyvesant Square–edge residential building
- 200 East 20th Street — a full-service building near the park
- 130 East 18th Street (Gramercy Plaza) — a full-service postwar co-op near Gramercy Park
- 121 East 22nd Street — a Gramercy residential building a few blocks north
The Roebling Team at Park Towers
The Roebling Team at Compass specializes in Gramercy, Union Square, and the broader East Side co-op and condo market. We publish this profile because buyers and sellers evaluating a Gramercy cooperative deserve building-specific intelligence — the practical advantages of a full-service postwar tower, the board's policy posture, and where individual lines and floors sit in value.
If you're considering a purchase or sale at Park Towers, a 30-minute consultation is the right starting point. We'll bring the full context this page provides plus the transactional specifics your situation requires — financial structuring, due diligence priorities, comparable analysis at the apartment level, and the pacing strategy that fits your timeline.
The neighborhood
For the full corridor — architecture, schools, transit, and pricing across Gramercy — read The Roebling Team Guide to Gramercy.
Get the full picture on this building.
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