419 Park Avenue South
419 Park Avenue South, New York, NY 10016
BBL 1008840084 · BIN 1018236
- Type
- Condominium
- Landmark
- No
Elad Group bought the 1927 office building for about $72.1 million in August 2024, roughly $450 a square foot of existing area, and is converting it to 111 condominiums, adding a 21st story. The building was about 60% vacant at the sale, per published reporting, and the conversion had to wait for remaining office leases to expire.
The financing is in place: a $146.1 million loan closed in January 2026, per published reporting, and the DOB permit followed in May. Reporting at the sale estimated conversion costs at $600 to $700 a square foot for the building's roughly 10,000-square-foot floor plates.
Architecture and residences
Hill West Architects filed the conversion in September 2025. The DOB job converts the building from commercial use to mixed-use residential, raises it from 20 to 21 stories and from 247 to 262 feet, and creates 111 dwelling units on 178,313 square feet of work area, with an estimated job cost of $35 million. Permits indicate no more than seven apartments per floor, per published reporting.
The 160,114 square feet of existing area divided by 111 homes is about 1,440 square feet of gross area per home, an allocation that includes amenities, retail and circulation; finished apartments will be smaller on average.
Planned amenities, per reporting on the permits: a package room, bike storage, private storage, a fitness center, a spa with sauna and steam room, a social lounge, a children's playroom and a roof terrace. Unit mix, finishes and pricing have not been published.
Office-building conversions. Deep office floor plates leave interior space far from windows. Ask how the layouts handle depth: kitchens and baths in the core, home offices or windowless rooms. Ask which systems are new, from windows and risers to elevators and the facade.
Timeline and filings
- August 8, 2024: Sale to Elad Group closes, about $72.1 million (recorded August 19, 2024).
- September 4, 2025: DOB conversion job M01223041 filed by Hill West Architects; approved May 15, 2026.
- January 26, 2026: $146.1 million loan closes.
- May 28, 2026: Conversion permit issued; related structural and mechanical filings follow through the fall.
- 2027: Completion estimate, per published reporting. Listing records had targeted a second-quarter 2026 sales launch, which has passed without a launch on record.
Offering and pricing
No offering plan has been found and no prices have been published. Until the Attorney General accepts a plan the sponsor cannot sign contracts or take deposits. The purchase basis works out to about $650,000 per home before conversion cost.
Facade safety — Local Law 11
The latest available FISP filing classified the facade as Safe — no repairs were required at that inspection. A filed Safe grade is not a guarantee of current condition: owners still maintain the facade and, where required, observe parapets each year. Future inspection timing (Local Law 49 of 2025 changed the cycle framework from October 1, 2026), repair and any assessment decisions remain building-specific.
How to read this, and where it comes from
QEWI = Qualified Exterior Wall Inspector — a licensed professional engineer or registered architect who meets DOB’s FISP qualifications and signs 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 October 2026.
Be first to know when 419 Park Avenue South launches
There are no sponsor sales yet. Register below and we’ll reach out the moment pricing and the offering plan are released — before the building is on the open market.
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Buying here? Condo closing costs with a mortgage typically run 3 to 6% of the price. See NYC co-op and condo closing costs, line by line.
What to know if you’re buying
Before the plan is accepted. A sponsor may collect expressions of interest under an approved CPS-1 application but may not take deposits. An interest list does not secure a unit.
Unit count. The DOB job shows 111 units; reporting has cited 100 and 107, and one later DOB filing lists 200. Schedule A will settle it.
Remaining commercial space. The building converts to mixed use. Ask what commercial units stay in the condominium and how their share of the budget is set.
Taxes and abatement. Ask whether the conversion uses any tax incentive and what the plan projects for real estate taxes; published reporting conflicts on whether a city conversion program applies.
Deposits and contract. New-development contracts typically require 10% to 20% at signing, held in escrow under the plan.
Closing costs. In sponsor sales the buyer customarily pays the New York State and New York City transfer taxes, and the mansion tax applies at $1 million and above, at higher rates in New York City at $2 million or more. The calculators below price both.
Comparable buildings
If you're considering 419 Park Avenue South, also look at these Park Avenue South and NoMad condominiums:
- Madison House (15 East 30th Street) — new-construction NoMad tower nearby
- Huys (404 Park Avenue South) — 1917 commercial building converted to condominiums
- 400 Park Avenue South (402 Park Avenue South) — condominium tower on the same stretch of the avenue
- 88 & 90 Lex (90 Lexington Avenue) — former office building converted to condominiums
- 278 Park Avenue South (Gramercy Place) — Park Avenue South condominium
- Celeste Gramercy (150 East 23rd Street) — newer condominium nearby
More Gramercy buildings
- 350 East 18th Street (The Florian) — 2025 condominium
- 382 Second Avenue — co-op
- 385 First Avenue — condominium
- 567 Second Avenue — condominium by CetraRuddy Architects
- Nolen (609 Second Avenue) — condominium
- Stuyvesant Town / Peter Cooper Village — 1947
The neighborhood
For the full corridor — architecture, transit, and pricing across Gramercy — read The Roebling Team Guide to Gramercy.
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 419 Park Avenue South?
Request a private building brief with the relevant comparable sales, current and off-market availability, and an apartment-specific view of value.
646.939.7375 · c.cohen@compass.com