36 Sutton Place South

The 1961 offering plan describes the apartments on seven lines, A through G, across the typical floors, with two penthouses, PHA and PHB. Stock prices in the plan's Schedule C rise steadily with floor.

The count has moved since then:

• Combinations. DOB records the combination of 7B and 7C in 2016 and a 2007 filing connecting two apartments while keeping them legally separate.
• The professional office. In 2016 DOB approved converting a ground-floor doctor's office into apartment 1B and combining it with 1C; ACRIS recorded a sale of the combined 1B/1C in 2026.
• Hallway space. The corporation has sold hallway space to adjoining apartments as additional shares. ACRIS records such transfers in 2014 and 2016. Issued shares rose from 32,050 allocated in the plan to 32,447 by 2020.

The offering plan's physical report describes the original finishes as modest: flush panel doors, simple trim, ceramic-tile baths, casement windows. Most apartments have since been renovated to varying standards under DOB alteration filings. Under the house rules, any window air conditioner being replaced, and every one in a major renovation, must become a through-the-wall unit.

Staffing. Union doorman and service staff; payroll and related costs were about 36% of expenses in 2020, per the audited statements. The service elevator has set operating hours under the house rules.

Elevators. The plan describes two Westinghouse passenger elevators and one service elevator. The corporation contracted in December 2020 to modernize a passenger/service elevator, about $310,000 plus related costs, per the audited statements.

Façade and roof. DOB records parapet reconstruction, terrace membrane replacement, lintel replacement and repointing on each elevation in 2002, with further parapet and masonry work in 2006–07. Ask for the most recent Local Law 11 filing and its rating.

Heating. DOB records a new dual-fuel gas/oil burner and new low-pressure gas service in 2011.

Capital assessment. In September 2019 the board levied a capital assessment of about $950,000, billed over 30 months through April 2022. About $575,000 restored the capital reserve fund, and the rest funded service-elevator and terrace work.

The underlying mortgage. At the end of 2020 the corporation carried a $5.4 million interest-only first mortgage at 3.65%, maturing May 1, 2026, plus an undrawn $1 million line of credit, per the audited statements. ACRIS shows that loan consolidated and increased to $10 million with the same lender in May 2022, about $4.6 million of it new money. The rate, maturity and use of the 2022 proceeds are not in the documents on file. This is the first thing to ask for. A mortgage that nearly doubled in 2022 changes the maintenance math.

Maintenance and budget. The board raised maintenance 3.0% for 2021 after larger increases in 2019 and 2020 that covered earlier deficits, per the board's budget letter on file. Real estate taxes were about 39% of expenses in 2020. The building also earns income from a rooftop antenna lease, laundry, storage lockers and the gym.

Board package and interview. Purchasers buy shares and a proprietary lease, subject to board approval after a full package and an interview.

Flip tax. The audited statements describe a transfer fee of 2% of the gross purchase price, charged when shares change hands. Confirm with the managing agent which side pays and whether the rate has changed since 2020.

Pets. No dogs are permitted in apartments or common areas. Cats need the board's prior written consent, and no more than two will be considered. No other pets are allowed. These rules come from the 2010 house rules on file; confirm they are current.

Subletting. The 2010 house rules say subleasing is prohibited, and the proprietary lease requires board consent for any sublet. Treat this building as owner-occupancy only unless the managing agent says otherwise in writing.

Financing, liquidity, pied-à-terre, trusts. Not documented in the materials on file. Get the financing ceiling, post-closing liquidity requirement, and the board's position on pied-à-terre use and trust or LLC purchases from the managing agent before you bid.

Recent sales

Sales sourced from NYC Department of Finance recorded transfers (BBL 1-01367-0020) 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.

Get the 2022 mortgage terms first. Ask for the rate, maturity, amortization and what the new money paid for. That loan now drives maintenance.

Ask about the elevator and terrace programs. The 2019 assessment and the 2020 elevator contract suggest the capital cycle is under way. Ask whether it is finished and whether another assessment is planned.

No dogs. It is a hard rule in the house rules on file. Settle it before contract.

Plan to live here. Subletting is effectively closed under the house rules. Buyers who need rental flexibility should look elsewhere.

Lead with the corner and the corporation. A 1949 Boak & Raad doorman building at Sutton Place South and East 55th Street, co-op since 1961, with no sponsor overhang, is a clean story.

Have the financial answers in the package. The 2022 refinancing terms, the reserve balance after the 2019 assessment and the status of the elevator work are what a buyer's attorney will ask for. Having them ready keeps the board timeline on track.

• 20 Sutton Place South — 1953 co-op on the same block, part of the same redevelopment of the brewery site
• 430 East 56th Street (Sutton Manor) — 1955 co-op on the same block
• 50 Sutton Place South — mid-1950s co-op filling the blockfront across East 55th Street
• 60 Sutton Place South — early-1950s co-op between East 53rd and 54th Streets, more than three times the size
• 14 Sutton Place South — Rosario Candela's 1929 prewar co-op, the corridor's prewar comparison
• 2 Sutton Place South — Emery Roth's 1938 co-op at East 57th Street
• Plaza 400 — the late-1960s tower co-op on the same block, about six times the apartment count
• 11 Fifth Avenue (The Brevoort) — Boak & Raad's 1950s full-block co-op downtown