254 Park Avenue South
254 Park Avenue South, New York, NY 10010
BBL 1008497508 · BIN 1016212
- Year built
- 1913
- Type
- Condominium
- Units
- 123
- Floors
- 13
- Landmark
- No
- Pets
- Permitted under condominium rules
- Subletting
- Permitted under the condominium declaration
- Pied-à-terre
- Allowed
Every recorded sale at this building, 2009–2026
Price-per-square-foot over time, the line- and floor-premium curves, and every recorded sale.
- Median $/sf (floor-adjusted)
- $1,424
- Listing discount
- 4.3%
- Recorded sales
- 196
- On record
- 2009–2026
Own an apartment here? See what it would sell for.
A Private Pricing Opinion — what your apartment at 254 Park Avenue South 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.
254 Park Avenue South is one of the Flatiron District's more complete adaptive-reuse condominiums. The building began life in 1913 as a Beaux-Arts commercial structure — French limestone, bas-relief cartouches, classical detailing — on the corner of Park Avenue South and East 20th Street, half a block from Gramercy Park. Like much of Park Avenue South, it spent decades as office space before being converted to rentals, and then, in 2008, into a 123-unit condominium under a sponsor group that had acquired the property a few years earlier for roughly $75 million.
The conversion is what distinguishes the building. Rather than carving the old office floor plates into shallow, standard apartments, the 2008 program produced loft-scale residences — many with high ceilings, oversized windows, and, in a number of units, double-height "lofted" mezzanines overlooking the living rooms. The finish level and the amenity package were pitched above the typical Flatiron conversion: a full-time doorman and concierge, a live-in resident manager, a fitness center, and a roughly 1,400-square-foot basement lounge with billiards, poker tables, and a bar. For a boutique building of this vintage, that is an unusually deep amenity set.
The location is the second reason the building matters. Park Avenue South at 20th Street sits at the junction of three of Manhattan's most sought-after downtown neighborhoods — the Flatiron District to the north and west, Gramercy Park immediately to the east, and Union Square a few blocks south. Buyers who want the architectural character and light of a pre-war conversion, the walkability of the Flatiron/Gramercy grid, and full-service amenities in a single building have a relatively short list of options, and 254 PAS is on it.
The building competes with the corridor's other converted lofts and full-service condominiums rather than with new-construction glass towers. Its appeal is character, scale, and neighborhood — not supertall altitude or trophy penthouse pricing.
Architecture and unit composition
The 123 residences occupy 13 floors above the retail base. The unit mix runs from studios and one-bedrooms through two- and three-bedroom homes, with a handful of penthouse-level and combined residences at the top of the building. Many apartments carry the loft signatures of the conversion — high ceilings, large steel-frame or oversized windows, and double-height "lofted" spaces that open over the main living areas.
The Beaux-Arts envelope gives the building a materially different presence from the corridor's newer glass construction. The limestone façade, classical detailing, and generous window openings produce apartments with strong natural light and a pre-war character that new construction cannot replicate. Layouts are more varied than in a purpose-built condominium — a function of adapting a century-old commercial floor plate — which means unit-by-unit review matters more here than in a building where every line repeats.
Interiors delivered at conversion included hardwood floors, central air conditioning, and in-unit washer/dryers in many homes, with select residences offering private terraces or balconies. Corner and upper-floor units carry the most open exposures; lower and interior units trade some light and view for value.
Building operations
254 Park Avenue South operates as a full-service condominium with a 24-hour doorman and concierge and a live-in resident manager — a staffing level that supports the building's amenity program and day-to-day service. Common charges and property taxes are consistent with a full-service Flatiron condominium of this size; buyers should model the full monthly carry (common charges + property taxes + utilities + insurance) at the specific unit level.
As with any converted pre-war building, the diligence questions center on the age of the underlying structure and the systems installed at conversion. Buyers should review current building engineering reports, board meeting minutes, financial statements, and any reserve study — standard practice for a 2008 conversion of a 1913 building. The Roebling Research Library maintains the offering plan and building financials for review during due diligence.
Local Law 97
- 2024–2029 annual penalty
- $0 (under cap)
- 2030–2034 annual penalty
- $27,520/yr
- Per unit / month range
- $0 – $19
- Modeled exposure split equally across 121 units (the city tax-lot count). Not an assessed amount; co-op shareholders are typically charged by share allocation.
Source: NYC LL84 benchmarking and PLUTO · The Roebling Research Library. City record last verified September 2026.
See full Local Law 97 analysis — emissions history, scenarios, methodology →Facade safety — Local Law 11
The latest available FISP filing classified the facade as Safe — no repairs were required at that inspection. Facade inspections run on a fixed five-year cycle; future inspection, repair, and any assessment decisions remain building-specific.
How to read this, and where it comes from
QEWI = Qualified Exterior Wall Inspector — the licensed engineer the city requires to sign the report (the independent expert, not the managing agent).
Penalties shown are amounts DOB assessed against filings on record across 2005–10 to 2020–25. The FISP dataset does not record whether they were paid, contested or remain open, so treat the figure as history rather than a current balance and confirm the building’s standing with the managing agent.
Source: NYC DOB facade filings (FISP) · The Roebling Research Library. City record last verified September 2026.
Management & transfer contacts
- Notable fees
- Application processing $700; credit check $120/applicant; working capital contribution 2 months' common charges; closing fee $750; move-in/out fee $1,000 each
Recent sales
254 Park Avenue South trades as a boutique full-service condominium in one of Manhattan's most liquid downtown submarkets. Pricing is best understood on a price-per-square-foot basis, in line with the corridor's converted-loft condominiums rather than new-construction glass towers, with meaningful variation by floor, exposure, ceiling height, and the presence of lofted or outdoor space.
The building's price architecture runs from one-bedrooms at the entry point, where a lofted space on a high floor carries a premium, through two-bedroom homes with private terraces, to the combined corner penthouse lofts at the top of the building. Unit-level pricing depends on floor, exposure, condition, and layout, and should be confirmed against current comparable sales at offer stage.
The pricing story here is stability rather than volatility. The building's character, amenities, and location give it a durable buyer pool, and its position below the trophy-tower tier means it is less exposed to the sharp swings that hit ultra-luxury new construction.
Recent closings 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.
| Date | Unit | Apartment | Price | PPSF | vs. Ask |
|---|---|---|---|---|---|
| Jul 23, 2026 | 4R | 1 BR · 1 BA · 788 sf | $807,500 | $1,025/sf | off-mkt |
| Jul 8, 2026 | 5P | 1 BR · 1 BA · 729 sf | $1,070,000 | $1,468/sf | -7.0% |
| Jun 11, 2026 | 3L | 1 BR · 1 BA · 716 sf | $970,000 | $1,355/sf | -2.9% |
| Feb 4, 2026 | 7PR | 2 BR · 2 BA · 1,235 sf | $1,930,000 | $1,563/sf | -1.0% |
| Oct 24, 2025 | 1P | 1 BR · 730 sf | $900,000 | $1,233/sf | -3.7% |
| Sep 3, 2025 | 4H | 1 BR · 1 BA · 716 sf | $985,000 | $1,376/sf | off-mkt |
| May 16, 2025 | 6C | 1 BR · 1 BA · 669 sf | $1,250,000 | $1,868/sf | -16.7% |
| May 7, 2025 | 9A | 2 BR · 2 BA · 1,200 sf | $1,800,000 | $1,500/sf | +0.0% |
Market read. Most recent trades (2026) cleared a median $1,424/sf (floor-adjusted) across 4 sales. 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 4.3% from the last ask — a recurring negotiation gap worth pricing into any offer or listing strategy.
The retrade record
Lines that have traded more than once in the public record — the building’s appreciation arc, apartment by apartment.
Full closing history with price-per-square-foot over time, the complete retrade record, and every line that has traded.
Sales sourced from NYC Department of Finance recorded transfers (BBL 1-00849-7508). 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 from recorded condo declarations and offering plans.
Closed rents at 254 Park Avenue South, last 36 months
| Size | Leases | Median / month |
|---|---|---|
| 1 bedroom | 11 | $7,000 |
| 2 bedroom | 5 | $9,200 |
17 closed leases, October 2023 to September 2026. Most recent lease September 2026. Sizes with fewer than 2 leases are not shown. Compiled by The Roebling Team at Compass from closed leases.
At the recent median sale of $1.25M (11 sales since 2024), a buyer putting 25% down would pay about $54,909 to close, or 4.4% of the price.
- Mansion tax: $12,500
- Mortgage recording tax: $18,047
- Title insurance: $5,625
- Attorneys, lender, building fees, reserves and filings: $18,738
Assumes a resale (the seller pays transfer taxes), a $4,500 attorney fee and a mortgage on the rest.
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What to know if you’re buying
This is a converted pre-war building — diligence on the conversion matters. The structure dates to 1913; the condominium and its systems date to the 2008 conversion. Review engineering reports, board minutes, financial statements, and any reserve study. The Roebling Report's coverage of construction and conversion risk in The Cracks in a $90M Penthouse frames the right questions to ask of any converted or recently renovated building.
Layouts vary — review unit-by-unit. Because the floor plates were adapted from a commercial building, apartment lines are less uniform than in purpose-built condominiums. Lofted mezzanines, ceiling heights, exposures, and outdoor space differ meaningfully from unit to unit and drive pricing.
Condo flexibility is real. 30–45 day closings; foreign buyers welcome; pied-à-terre and investment use permitted under the declaration; subletting allowed.
Mansion tax applies at and above $1M. Most transactions here cross the $1 million mansion-tax threshold, and higher-floor and combined units can reach additional cliff thresholds. Run pricing through the Mansion Tax Calculator.
Value the amenity package correctly. A full-time doorman, live-in resident manager, fitness center, and the basement game room and lounge are unusual for a boutique conversion of this size — and they support both livability and resale. Weigh the common charges that fund them against comparable buildings that offer less.
Location is a large part of the value. The Flatiron / Gramercy / Union Square junction is one of the most walkable and liquid downtown submarkets. See the building at different times of day and walk the immediate blocks.
What to know if you’re selling
Lead with character and amenities. The Beaux-Arts façade, loft-scale interiors, and the depth of the amenity program differentiate the building from newer, more generic Flatiron inventory. That is the story the buyer pool responds to.
Pricing requires unit-level context. Because layouts and exposures vary, comparable-sale analysis must be done at the apartment level — floor, ceiling height, lofted space, outdoor space, and light all move price per square foot.
The downtown buyer pool is deep but discerning. Presentation and condition matter in this submarket. Turn-key, well-staged homes with clear light and clean layouts command the building's stronger pricing.
Closing timelines are condo-fast. 30–45 days from contract signing to closing.
Comparable buildings
If you're considering 254 Park Avenue South, also evaluate the corridor's other full-service and converted-loft condominiums in the Flatiron, Gramercy, and Union Square submarkets — buildings that offer comparable pre-war character, boutique scale, and downtown location. The right comparison set depends on your budget, unit size, and whether you prioritize amenities, outdoor space, or new-construction finishes; we build a tailored comp set at the apartment level during a consultation.
More Flatiron buildings
- 175 Fifth Avenue (The Flatiron Building) — 1902 condominium
- 222 Park Avenue South — 1910 co-op
- 240 Park Avenue South — 2007 condominium by Gwathmey Siegel & Associates
- 260 Park Avenue South — 1911 condominium
- 278 Park Avenue South (Gramercy Place) — 1894 condominium by Philip Birnbaum & Associates
- Förena, 540 Sixth Avenue — 2020 condominium by Morris Adjmi Architects
The neighborhood
For the full corridor — architecture, transit, and pricing across Flatiron — read The Roebling Team Guide to Flatiron.
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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