- Year built
- 2006
- Type
- Cooperative
- Units
- 24
- Landmark
- No
Own an apartment here? See what it would sell for.
A Private Pricing Opinion — what your apartment at 2002 Fifth Avenue would likely sell for today, what it costs to sell, and what you’d walk away with — reviewed personally against condition, exposures, renovation quality, and the competition actually on the market.
A 24-unit cooperative built in Harlem in the mid-2000s is usually an HDFC or an HPD-assisted homeownership co-op, with income limits on buyers and a cap on resale prices. 2002 Fifth Avenue is neither, and its regulatory status is the first thing to establish here. The sponsor, 2002 Fifth Avenue LLC, sold every apartment in 2006 and 2007 to individual buyers at market prices. Resales since then have closed at levels no HDFC formula would allow. No regulatory agreement with the city appears on the lot in ACRIS. The building's tax benefit is an ordinary 421-a exemption, not an HDFC or affordable-housing exemption.
The facts that do shape ownership are two schedules, and both steps are close.
The land is leased. The sponsor took a ground lease on the lot from its private owner in April 2003 and assigned it to the cooperative. Per the 2015 audited statements, the lease runs to March 31, 2102, and the base rent rises 15 percent every eight years: $195,500 a year through March 2019, $224,825 through March 2027, $258,549 from April 1, 2027, and so on to $909,543 a year in the lease's final period. Ground rent was the corporation's largest single expense — roughly 40 percent of the 2015 budget — and the corporation keeps a dedicated ground-lease reserve fund, as the offering plan requires.
The tax exemption is in its last stretch. The 25-year 421-a benefit currently exempts about 95 percent of the lot's assessed value, per the DOF roll. Per the audited statements, the exemption stays at 100 percent for 21 years and then drops to 80, 60, 40 and 20 percent in years 22 through 25. With DOF's benefit start of 2008, the step-down begins around the 2029/30 tax year, and full taxes apply from about 2033/34. Buyers should check the exact years against the DOF bill.
A buyer today is pricing maintenance that will absorb a ground-rent increase in 2027 and a phased return to full real-estate taxes a few years later.
Architecture and unit composition
The seven-story building replaced a five-story predecessor on the corner lot; HPD's records list the earlier building as demolished. The new building has 24 apartments over a community-facility base, plus an 18-space garage. DOF records about 29,000 square feet of gross building area.
The recorded apartment lines run three to five per floor from the second floor up, finishing with three penthouse apartments (PHA–PHC). The A and B lines on the fourth floor were combined into a single apartment, 4AB. The community-facility unit at the base was sold by the sponsor in 2013 and has been used for a day-care program; a DOB alteration to create day-care space on the first and second floors was filed in 2012.
The architect of record on the DOB new-building filing is Alexander Compagno, RA.
Building operations
The 2015 audited statements describe a small, lean operation. Income comes from carrying charges on the apartments, garage spaces and community-facility unit, plus a ground-lease assessment. The largest costs are ground rent, labor, fuel and electric, and repairs. There was no underlying mortgage at the 2015 year-end, and ACRIS shows no mortgage recorded against the lot since then; the sponsor's construction loans were satisfied of record in 2006. The corporation held 11 garage-space shares in its treasury at that date.
Those same statements note that no study had been done of future major repairs and replacements. For a building now twenty years old, buyers should ask for the current capital plan and reserve balance along with the latest statements.
Policy framework
The documented terms are structural rather than house policy:
- Ownership: Shares in 2002 Fifth Avenue Apartment Corp., with a proprietary lease. The corporation's interest in the land is leasehold under the ground lease to 2102.
- Garage spaces: Separate share allocations that can be bought and sold independently; several resales have moved an apartment and a space together.
- Pets, subletting, flip tax, financing ceiling, minimum down payment, pied-à-terre, trust and LLC purchases: Not documented in the material on file. Get them from the managing agent and the current purchase application.
Recent sales
The building trades as an open-market new-construction Harlem cooperative. Resales have come through steadily since the sponsor sell-out, with the penthouses and the combined fourth-floor apartment at the top of the range. Within the stack, price follows floor, line, private outdoor space and whether a garage space is included. Buyers comparing it with nearby condominiums should adjust for the co-op structure and for the ground rent and 421-a schedules above, both of which are in maintenance and neither of which a condominium buyer carries in the same form. Market statements here are indexed to 2025, the last complete year.
Unit-level transaction history is maintained in The Roebling Research Library and shared with clients during diligence.
The retrade record
Lines that have traded more than once in the public record — the building’s appreciation arc, apartment by apartment.
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 |
|---|---|---|
| Apr 15, 2025 | 5B | $1,050,000 |
| Feb 3, 2025 | PS8 | $925,000 |
| Oct 13, 2023 | 3A | $875,000 |
| Sep 7, 2023 | 4D | $585,000 |
| Apr 4, 2023 | 5C | $835,000 |
| Jul 15, 2022 | 6B | $1,600,000 |
Sales sourced from NYC Department of Finance recorded transfers (BBL 1-01722-0033) 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.
Buying here? Co-op closing costs typically run 2 to 3% of the price. See NYC co-op and condo closing costs, line by line.
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What to know if you’re buying
The tenure is market-rate. No income test and no resale formula applies, per the public record. Confirm with the purchase application, but don't discount the apartment as if it were an HDFC.
Read the ground lease. Ask for the lease itself, not a summary: the rent schedule, whether anything beyond base rent passes through, any purchase option or renewal rights, and what happens at expiry. About 76 years remain, which is longer than most share lenders' minimum-term requirements. Confirm with your lender before you're in contract.
Model 2027 and 2029–2033. The ground rent steps up in April 2027 and the 421-a exemption starts phasing out around 2029/30. Ask the managing agent how the board plans to absorb both, and whether future maintenance increases have been projected.
Confirm the garage position. If a space isn't included in the sale, ask whether spaces are available and on what terms.
What to know if you’re selling
Lead with the tenure and answer the lease question early. Buyers who see "Harlem co-op, 2006" will assume HDFC restrictions. The listing packet should say plainly that the building is market-rate, and should include the ground-lease rent schedule and the 421-a schedule. That takes away the two points a buyer's attorney would otherwise use to negotiate.
Price against the right comparables. New-construction Harlem condominiums nearby are the obvious comparison. The honest adjustment is for co-op board process and the lease and tax schedules, not for any resale restriction.
Comparable buildings
- Madison Park Apartments (1831 Madison Avenue) — 2001 Harlem cooperative with a 25-year 421-a nearing expiry; an HDFC, and so the contrast in tenure
- 5th on the Park (1485 Fifth Avenue) — 2007 Fifth Avenue condominium at the southern end of Marcus Garvey Park
- 1400 Fifth Avenue — mixed-income Harlem condominium with a 421-a phase-down and a regulatory agreement
- The Lenox (380 Lenox Avenue) — 2006 Harlem new-construction condominium of the same vintage
- Mount Morris Court (3 West 122nd Street) — 24-unit prewar condominium steps from Marcus Garvey Park
- The Adeline (23 West 116th Street) — Harlem condominium with a documented 421-a position
- 111 Central Park North — 2007 Harlem condominium whose 421-a has already expired, with deeded parking
More Harlem buildings
- 1485 Fifth Avenue (5th on the Park) — 2007 condominium by FXCollaborative (Fox & Fowle / FXFOWLE)
- Madison Park Apartments, 1831 Madison Avenue — 2001 co-op
- Graham Court, 1923–1937 Adam Clayton Powell Jr. Boulevard — 1899 by Clinton & Russell
- 2101 Eighth Avenue (Parc Standard) — 2008 condominium
- 2110 Frederick Douglass Boulevard — 2008 condominium
- 2131 Frederick Douglass Boulevard (The Livmor) — 2010 condominium
The neighborhood
For the full corridor — architecture, transit, and pricing across Harlem — read The Roebling Team Guide to Harlem.
The full playbook — what goes in the package, how boards read your financials, the interview, and the timeline — plus sample cover, reference, and personal letters you can adapt.
How to read the facts on this page. Items attributed to an offering plan describe the building as it was offered at that filing — unit mix, square footage, the amenity program as planned. They are not a statement about how the building operates today. Tax and compliance figures are sourced separately to current City records and carry their own dates. House rules, staffing and fee policy can change by board resolution without any public filing: treat every policy line here as a starting point for diligence and confirm it with the managing agent. Where this page compares one building or neighborhood to another, that is our analysis of the recorded record — it names the measure, the period and the sample it rests on, and it is an observation about medians rather than a prediction about any particular apartment.
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