3 Hanover Square (Cotton Exchange Building)
3 Hanover Square, New York, NY 10004
BBL 1000280001 · BIN 1000831
- Year built
- 1922
- Type
- Cooperative
- Units
- 205
- Floors
- 22
- Landmark status
- Requires confirmation
- City records and our profile differ. Confirm with building management.
- Subletting by shareholders
- Permitted with conditions
- Maximum financing
- 80% of the purchase price
- Flip tax
- 3% of the purchase price, paid by the seller
- Doorman
- Full-time doorman
- Financing
- Up to 80% financeable (20% minimum down).
- Subletting
- Permitted with Board approval.
- Managing agent
- Akam Associates, Inc.
Compiled by The Roebling Research Desk from the building’s offering plan, amendments, and related building documents (primary source dated 2026). Board policies can change by amendment — confirm at the offer stage.
Every recorded sale at this building, 2003–2026
Price-per-square-foot over time, the line- and floor-premium curves, and every recorded sale.
- Median $/sf, 2026 to date
- $894
- floor-adjusted, 2 sales
- Listing discount
- 2.6%
- Recorded sales
- 264
- On record
- 2003–2026
Own an apartment here? See what it would sell for.
A Private Pricing Opinion — what your apartment at Cotton Exchange Building 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.
3 Hanover Square (Cotton Exchange Building) is the original New York Cotton Exchange building — Donn Barber's 1922-23 commission converted in 1985 to one of the earliest FiDi residential cooperatives.
Its New York Cotton Exchange institutional provenance ties the address directly to early-20th-century Wall Street commodities-trading history, and that history was built by hand of note: the Donn Barber architectural pedigree runs to a broader portfolio of substantial early-20th-century commercial commissions. When the 1985 cooperative conversion arrived, it counted among the earliest residential conversions anywhere in the Financial District.
Architecture and building operations
Donn Barber's 1922-1923 design produced the original New York Cotton Exchange building at 3 Hanover Square. The 1985 cooperative conversion produced 205 cooperative apartments — among the earliest residential conversions in FiDi.
Operations: 24-hour doorman; live-in superintendent; private storage.
Policy framework — verify via The Roebling Research Library
- Type: Cooperative — board interview required
- Minimum down: Verify with managing agent
- Pied-à-terre: Verify with managing agent
- Pets: Verify with managing agent
- Subletting: Board approval required
- Board interview: Required
Specific policy framework should be verified against the Roebling Research Library's offering plan and house rules at engagement.
Application and transaction fees
Fees below are from building management's published schedule, as of September 2026. They are shown as published, item by item; no total is added because the total depends on the transaction. Deposits are listed apart from nonrefundable charges.
- Terms
- Equal to 3% of the sale price
- Rate
- 3% of the purchase price
- Paid by
- Seller
Source: building management's published schedule, as of September 2026
Purchase
12 items
Fees and charges
| Item | Paid by | When | Amount | Refundable |
|---|---|---|---|---|
| Additional Co-Applicant FeeConditionalPaid to management | Paid by Buyer | When With the application | Amount $200 if there is more than one co-applicant or financial statement form | Refundable Non-refundable |
| Application Processing FeePaid to management | Paid by Buyer | When With the application | Amount $725 | Refundable Non-refundable |
| Compliance FeePaid to management | Paid by Buyer | When With the application | Amount $500 | Refundable Not stated |
| Credit Check FeePer applicantPaid to management | Paid by Buyer | When With the application | Amount $150 per applicant/adult applicant | Refundable Non-refundable |
| Move In FeePaid to the building | Paid by Buyer | When With the application | Amount $500 Monday-Friday ($1000 Saturday-Sunday) | Refundable Non-refundable |
| Move-In/Out Fee - Within BuildingPaid to the building | Paid by Seller | When With the application | Amount $500 Monday-Friday ($1000 Saturday-Sunday) | Refundable Non-refundable |
| Power of Attorney Review FeeConditionalConditions: If ApplicablePaid to management | Paid by Buyer | When At closing | Amount $150 (If applicable) | Refundable Not stated |
| Recognition Agreement FeeConditionalConditions: If FinancingPaid to management | Paid by Buyer | When At closing | Amount $325 (If financing) | Refundable Non-refundable |
| Closing FeePaid to management | Paid by Shareholder | When At closing | Amount $750 | Refundable Non-refundable |
| New York State Stamp TaxPer sharePaid to management | Paid by Shareholder | When At closing | Amount $0.05 per share | Refundable Non-refundable |
Deposits
| Item | Paid by | When | Amount | Refundable |
|---|---|---|---|---|
| Move-In DepositPaid to the building | Paid by Buyer | When With the application | Amount $500 | Refundable Refundable |
| Move-Out DepositPaid to the building | Paid by Seller | When With the application | Amount $500 | Refundable Refundable |
Sublet
12 items
Fees and charges
| Item | Paid by | When | Amount | Refundable |
|---|---|---|---|---|
| Move Out FeePaid to the building | Paid by Shareholder | When With the application | Amount $500 (Monday - Friday) $1000 (Saturday-Sunday) | Refundable Non-refundable |
| Pre-Letter A Sublease FeeRecurringJanuary 1st, 2023Paid to management | Paid by Shareholder | When With the application | Amount The sublease fee will be 25% of the units monthly maintenance; | Refundable Non-refundable |
| Sublease FeeRecurringJanuary 1st, 2023Paid to management | Paid by Shareholder | When With the application | Amount The sublease fee will be 25% of the units monthly maintenance. | Refundable Non-refundable |
| Additional Co-Applicant FeeConditionalPaid to management | Paid by Subtenant | When With the application | Amount $200 if there is more than one co-applicant or financial statement form | Refundable Non-refundable |
| Application Processing FeePaid to management | Paid by Subtenant | When With the application | Amount $575 | Refundable Non-refundable |
| Building Processing FeePaid to the building | Paid by Subtenant | When With the application | Amount $250 | Refundable Non-refundable |
| Credit Check FeePer applicantPaid to management | Paid by Subtenant | When With the application | Amount $150 per applicant | Refundable Non-refundable |
| Move In FeePaid to the building | Paid by Subtenant | When With the application | Amount $500 Monday-Friday ($1000 Saturday-Sunday) | Refundable Non-refundable |
Deposits
| Item | Paid by | When | Amount | Refundable |
|---|---|---|---|---|
| Security DepositPaid to the building | Paid by Shareholder | When With the application | Amount Equal to one (1) month's maintenance | Refundable Refundable |
Sublet renewal
Fees and charges
| Item | Paid by | When | Amount | Refundable |
|---|---|---|---|---|
| Application Processing FeePaid to management | Paid by Subtenant | When With the application | Amount $150 | Refundable Non-refundable |
| Sublet Expiration Date FeeConditional · RecurringPaid to management | Paid by Subtenant | When With the application | Amount $100 per month, if failure to comply with submitting the renewal forms before the Sublet expiration date | Refundable Non-refundable |
| SubleaseRecurringPaid to management | Paid by Shareholder | When Upon approval | Amount 25% of the unit's monthly maintenance (billed monthly) | Refundable Non-refundable |
Refinance
3 items
Management's “less refinance” schedule
Fees and charges
| Item | Paid by | When | Amount | Refundable |
|---|---|---|---|---|
| Application Processing FeePaid to managementRequired | Paid by Shareholder | When With the application | Amount $400 | Refundable Non-refundable |
Management's “more refinance” schedule
Fees and charges
| Item | Paid by | When | Amount | Refundable |
|---|---|---|---|---|
| Application Processing FeePaid to management | Paid by Shareholder | When With the application | Amount $500 | Refundable Non-refundable |
| Credit Check FeePer applicantPaid to management | Paid by Shareholder | When With the application | Amount $150 per applicant | Refundable Non-refundable |
Ownership transfer
13 items
Fees and charges
| Item | Paid by | When | Amount | Refundable |
|---|---|---|---|---|
| Application Processing FeePaid to management | Paid by Buyer | When With the application | Amount $750 | Refundable Non-refundable |
| Compliance FeePaid to management | Paid by Buyer | When With the application | Amount $500 | Refundable Not stated |
| Credit Check FeePer applicantPaid to management | Paid by Buyer | When With the application | Amount $150 per applicant/adult applicant | Refundable Non-refundable |
| Recognition Agreement FeeConditionalConditions: If FinancingPaid to management | Paid by Buyer | When At closing | Amount $325 (If financing) | Refundable Non-refundable |
| Closing FeePaid to management | Paid by Shareholder | When At closing | Amount $750 | Refundable Non-refundable |
Transfer: trust
Fees and charges
| Item | Paid by | When | Amount | Refundable |
|---|---|---|---|---|
| Application Processing FeePaid to management | Paid by Buyer | When With the application | Amount $500 | Refundable Non-refundable |
| Compliance FeePaid to management | Paid by Buyer | When With the application | Amount $500 | Refundable Not stated |
| Closing FeePaid to management | Paid by Shareholder | When At closing | Amount $500 | Refundable Non-refundable |
Transfer: estate
Fees and charges
| Item | Paid by | When | Amount | Refundable |
|---|---|---|---|---|
| Application Processing FeePaid to management | Paid by Buyer | When With the application | Amount $750 | Refundable Non-refundable |
| Compliance FeePaid to management | Paid by Buyer | When With the application | Amount $500 | Refundable Not stated |
| Credit Check Fee $150 per applicant/adultPer applicantPaid to management | Paid by Buyer | When With the application | Amount $150 per applicant/adult applicant | Refundable Non-refundable |
| Recognition Agreement FeeConditionalConditions: If FinancingPaid to management | Paid by Buyer | When At closing | Amount $325 (If financing) | Refundable Non-refundable |
| Closing FeePaid to management | Paid by Shareholder | When At closing | Amount $750 | Refundable Non-refundable |
Management updates its schedule without a public filing. The date is when management last updated the page, not when a rule changed. Confirm the current schedule with management before you apply.
Considering an apartment here? Send Corey the listing to discuss the building's costs and purchase requirements.
Own an apartment here? Request an apartment-specific pricing review.
Financing and purchase requirements
- Maximum financing
- 80% of the purchase priceSource: building management's published schedule, as of September 2026
Sublet and pied-à-terre policy
A condominium owner leasing a unit and a co-op shareholder subletting are different rules, and a building-wide rule is different from a restriction on one apartment. This is the building's rule; confirm it for the specific apartment.
- Subletting by shareholders
- Permitted with conditionsMaximum sublet allowed is two (2) years.Source: building management's published schedule, as of September 2026
- Pied-à-terre ownership
- Not verified
Considering an apartment here? Send Corey the listing to discuss the sublet and pied-à-terre rules for that apartment.
Monthly carrying charges in recent sales
- Maintenance, per room
- $567 per room a monthMedian of 17 recorded sales since October 2023Source: recorded sales, refreshed October 2026
- Maintenance, per square foot
- $1.93 per square foot a monthMedian of 9 recorded sales since October 2023Source: recorded sales, refreshed October 2026
Maintenance as recorded with each sale. A co-op's maintenance already covers the building's real estate taxes and the building's own mortgage, if it has one; add your own loan payment for the monthly outlay. A summary of recorded sales, not a current bill; charges change.
Building staffing and amenities
- Doorman
- Full-time doormanSource: The Roebling Team's building profile
- Concierge
- YesSource: recent listing records
- Live-in superintendent
- YesSource: The Roebling Team's building profile
- Elevator
- YesSource: NYC Department of City Planning records (PLUTO)
- Amenities noted
- StorageSource: The Roebling Team's building profile
Staffing and amenities as our building profile and recent listing records describe them. A feature not listed is not confirmed absent. Outdoor space, parking and some facilities can belong to particular apartments or to a separate owner; confirm access for the specific apartment.
Local Law 97
- 2024–2029 annual penalty
- $0 (under cap)
- 2030–2034 annual penalty
- $182,479/yr
- Per unit / month range
- $0 – $75
- Modeled exposure split equally across 202 units (the residential count on the city's lot record). Not an assessed amount; co-op shareholders are typically charged by share allocation.
Source: NYC LL84 benchmarking and PLUTO · The Roebling Research Library. City data last refreshed September 2026.
See full Local Law 97 analysis — emissions history, scenarios, methodology →Facade safety — Local Law 11
The latest available filing classified the facade as SWARMP — Safe With A Repair and Maintenance Program: the engineer identified conditions requiring monitoring or repair, with repairs due by the deadline stated in the filing. The scope, timeline, and how the building funds the work are building-specific — we review the filings and board materials for you.
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 data last refreshed September 2026.
Management & transfer contacts
- Flip tax
- 3% of sale price
- Sublet policy
- Allowed; max 2 years; must be shareholder 3 years, written board consent required
- Pied-à-terre
- Pied-a-terres welcome (no investors)
- Notable fees
- Sublease fee 20% (yr1)/25% (yr2) of monthly maintenance; NYS stamp tax $0.05/share; max financing 80%
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.
| Date | Unit | Apartment | Price | PPSF | vs. Ask |
|---|---|---|---|---|---|
| Jun 10, 2026 | 8A | 1 BA | $390,000 | +0.0% | |
| Mar 9, 2026 | 11C | 2 BR · 2 BA · 1,330 sf | $1,175,000 | $883/sf | -5.6% |
| Jan 15, 2026 | 9G | 1 BA · 650 sf | $565,000 | $869/sf | -8.9% |
| Dec 4, 2025 | 13F | 2 BR · 2 BA · 1,400 sf | $1,390,000 | $993/sf | -4.1% |
| Oct 28, 2025 | 10H | 1 BA | $399,000 | +0.0% | |
| Oct 21, 2025 | 21C | 1 BR · 1 BA | $715,000 | -5.8% | |
| Sep 17, 2025 | 13E | 1 BA | $550,000 | -9.8% | |
| Aug 21, 2025 | 4E | 1 BR · 1 BA | $620,000 | -4.6% |
Market read. Most recent trades (2026 to date) cleared a median $894/sf (floor-adjusted) across 2 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 2.6% 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 1-00028-0001). 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.
What would your apartment rent for?
Enter your apartment and I'll send you what it would rent for, from comparable closed leases at Cotton Exchange Building and nearby.
At the recent median sale of $620K (11 transfers in the past 24 months, since October 19, 2024), a buyer putting 25% down would pay about $10,875 to close, or 1.8% of the price.
- Mansion tax: $0
- No mortgage recording tax or title insurance on a co-op purchase
- Attorneys, lender, building fees and filings: $10,875
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
The 1922-23 New York Cotton Exchange institutional provenance is real architectural-history context.
The 1985 cooperative conversion is among the earliest residential conversions in FiDi.
The 205-unit operational scale supports comprehensive amenity infrastructure.
Roebling cross-references the offering plan through the Roebling Research Library during diligence.
Comparable buildings
- Liberty Tower (55 Liberty) — Cobb 1909 / 1979-80 conversion; nearby FiDi cooperative landmark peer
- 1 Wall Street Court (Cocoa Exchange) — Clinton & Russell 1904 / 2006 conversion; nearby FiDi landmark peer
- Cipriani Club Residences (55 Wall) — McKim Mead & White 1907-10; nearby Wall Street landmark peer
- 25 Broad Street (The Broad Exchange) — Clinton & Russell 1902 / 2019 conversion; nearby Broad Street landmark peer
- 1 Wall Street — Walker / Macklowe 2023; nearby FiDi trophy peer
Sources: The Roebling Research Library (offering plans, house rules, financial statements, board minutes, internal transaction records); NYC Department of Finance recorded transfers; publicly recorded NYC building data.
More Financial District buildings
- 1 Park Row — 2025 condominium
- 1 Wall Street — 1931 condominium
- 1 Wall Street Court (Cocoa Exchange / Beaver Building) — 1904 condominium
- 5 Beekman Street (The Beekman Residences) — 2016 condominium
- 8 Spruce Street (New York by Gehry) — 2011
- 15 Broad Street (Downtown by Starck) — 1928 condominium
The neighborhood
For the full corridor — architecture, transit, and pricing across Financial District — read The Roebling Team Guide to Financial District.
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.
Considering a move at Cotton Exchange Building?
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646.939.7375 · c.cohen@compass.com