25 Charles Street (The Abingdon)

Pelham designed the six-story building in Colonial Revival dress. Five floors of red brick with white stone trim sit above a rusticated stone base. The second-floor windows carry Georgian-style surrounds, the upper windows have splayed lintels with scrolled keystones, and the entrance has a French-style grille. The 1914 reconstruction at the Seventh Avenue South corner copied the original design closely, most likely reusing the original brick. The building took its name from the Earl of Abingdon, who married into the family that held this part of the Village as a colonial estate. Its original address was 33–37 Charles Street, and the city renumbered the street in 1936.

The 30 apartments are lettered A through E on each floor. The offering plan predates most combinations, and DOB records a run of apartment renovations since 2000, including load-bearing wall removals with new steel in 2005. Because of the angled footprint, apartments toward the Seventh Avenue South side can have layouts unlike the Charles Street–facing lines. Buyers should compare floor plans line by line rather than assume a standard layout.

At the offering, all 30 apartments were rent-regulated: 14 under rent control and 16 under rent stabilization. The sponsor chose a non-eviction plan, which let tenants who did not buy remain under rent regulation. That history explains the long tail of sponsor-owned apartments described below.

The condominium layer. The condominium pays the shared costs — insurance, staff wages, heat, common-area electricity and repairs — and bills the co-op 90% of them as common charges. In 2024 those charges were about $205,000, the co-op's second-largest cost after real estate taxes. The commercial owner pays the other 10%, along with the costs of its own unit.

Mortgage and reserves. Per the 2023–2024 audited statements: a $4.0 million interest-only loan at 3.00% fixed, maturing November 1, 2031, with a $500,000 line of credit, undrawn at year-end 2024; and reserves of about $1.48 million. Because the loan is interest-only, the principal will not have come down at all by 2031. The refinancing then will be the full $4.0 million at whatever rates prevail.

Taxes and maintenance. Maintenance rose 3% in 2024 and 6% in 2025. The 2025 forecast projects a 13.45% increase in real estate taxes, the largest single expense. The board also bills an operating assessment roughly equal to the co-op tax abatement it credits to eligible shareholders.

Abatements. The building held two J-51 abatements, granted in 2008 and 2012 for capital work. DOF records and the audited statements show the final J-51 benefit in tax year 2023/24. No J-51 benefit is active.

Capital work on record. Boiler and burner replacement (2003), façade, parapet, chimney, skylight and roof repairs (2006), and a switch from individual gas meters to a single common meter (2016), per DOB. The audited statements record a courtyard retaining-wall repair and a hallway and common-area restoration in 2023.

Sponsor position. At year-end 2024 the sponsor held 2,000 shares — four apartments, about 13.5% of the shares — per the audited statements. ACRIS records a further sale by the sponsor-affiliated entity in January 2026, so the current position is likely three apartments. Under the sublet policy, sponsor apartments count toward the 40% cap.

Board approval. Full application through an online board-package platform, with financial statements, verification of assets, employment verification, and an interview.

Financing. Capped at 80% of the purchase price. The co-op requires the Aztech recognition agreement form, with three originals delivered to management.

Subletting. The written policy, approved March 16, 2022, allows a sublet after two years of ownership, with board approval, in one-year terms that can be renewed. Sublet fees are 25% of monthly maintenance in years one and two, 35% in years three through five, and 50% after that, resetting to 25% after a full year without subletting. No more than 40% of apartments (12) may be sublet at once, and sponsor apartments count toward that cap. When a new approval would breach the cap, the longest-running sublet may not renew. Apartments occupied rent-free by family members of the shareholder, without a lease, are treated as owner-occupied and do not count toward the cap, though they still need board approval.

Pets. Welcome under the house rules, subject to noise and odor limits. Dogs must be leashed or carried in common areas and may be off-leash on the patio under stated conditions.

Renovation rules. At least 75% of each room's floor must be covered with carpet or equivalent noise-reducing material, with kitchens, baths and closets excepted. New or replacement washers and dryers require board approval.

Not documented on file. Flip tax, pied-à-terre use, and trust or LLC ownership. Confirm each with the managing agent.

Read two sets of books. The co-op's statements show the common charge it pays; the condominium's budget shows what drives that charge. Ask the managing agent for both.

Model the 2031 refinancing. The loan is interest-only, so the full $4.0 million comes due. Reserves near $1.5 million give the board options, but a buyer holding past 2031 should expect maintenance to reflect then-current rates.

Check the sublet queue if you may rent. With a 40% cap and sponsor apartments counted against it, ask how many sublets are active before you rely on rental flexibility.

Mind the footprint. The 1914 cut left irregular rooms toward the Seventh Avenue South side. Measure and review floor plans rather than rely on line averages.

Lead with the balance sheet. A fixed 3.00% loan to 2031 and about $1.5 million in reserves answer a buyer's attorney's first questions.

Lead with Pelham and the history. A named prewar architect, a landmark district and the Seventh Avenue story give the building an identity that small Village co-ops rarely have.

Explain the condop plainly. Some buyers and lenders will not have seen a co-op owning a condominium unit. Have the declaration summary and both budgets ready.

If you're considering 25 Charles Street, also evaluate:

• 135 East 74th Street — another George F. Pelham building, where the co-op likewise owns the residential unit of a condominium
• 69 West 9th Street — Greenwich Village cooperative owning the residential unit of a condominium
• 10 Christopher Street — 1937 West Village cooperative operated with condop-style flexibility
• 15 Charles Street — 1964 condominium on the same tax block
• 22 Perry Street — 1908 stable conversion held as a condominium, on the same block on Perry Street
• 247 West 12th Street — 1910–11 cooperative of the same prewar era
• 270 West 11th Street — 1915 West Village cooperative