45 Park Avenue
45 Park Avenue, New York, NY 10016
- Year built
- 2006
- Type
- Condominium
- Units
- 106
- Floors
- 21
- Landmark
- No
- Pets
- Permitted under condominium rules
- Pied-à-terre
- Allowed
- Financing
- No building-imposed financing cap (condominium); financing is subject to lender underwriting.
- Subletting
- Generally permitted (condominium); confirm any rental cap or right of first refusal at the offer stage.
- Land
- Fee simple (condominium; no ground lease indicated).
- Tax status
- Condominium taxed as a homeowners' association under IRC Section 528 (elected 2009 & 2010).
- Managing agent
- Penmark Management, LLC
Compiled by The Roebling Research Desk from building documents and current market data. Board policies can change by amendment — confirm at the offer stage. As of 2026.
Every recorded sale at this building, 2007–2026
Price-per-square-foot over time, the line- and floor-premium curves, and every recorded sale.
- Median $/sf
- $1,636
- Listing discount
- 5.4%
- Recorded sales
- 221
- On record
- 2007–2026
45 Park Avenue is among the new-construction luxury condominiums that anchored the mid-2000s Park Avenue South / Murray Hill new-build cycle. The First Closing on October 1, 2007 places the building in the same general vintage cohort as the broader 2006–2009 Manhattan luxury condominium boom (the era that produced 15 Central Park West, the Trump Park Avenue conversion, and a substantial cohort of mid-2000s new construction across Manhattan).
The Park Avenue / East 37th corner positioning places 45 Park at the southern end of the Park Avenue residential tradition — south of Grand Central Terminal and within Murray Hill, a residential neighborhood whose character is defined by a mix of pre-war cooperative buildings (chiefly between Madison and Third, East 34th to East 40th), new-construction condominiums, and the proximity to the broader Midtown East commercial corridor.
The building's 100-residential-unit configuration plus 16 separately deeded parking condominium units is a notable design choice. New-construction Manhattan condominiums frequently include parking, but the structure of selling parking spaces as separately deeded condominium units (rather than as licensed spaces under a master parking lease) creates clean ownership transferability and ongoing value for parking purchasers — a structural advantage particularly relevant in Murray Hill, where on-street parking is highly constrained.
The 2 professional units generate ongoing commercial rental income for the cooperative, providing a modest supplementary income stream.
For buyers, 45 Park represents a particular tier of Murray Hill inventory: new-construction luxury condominium with full amenity services, the structural advantage of separately deeded parking spaces, and Park Avenue address positioning at a materially more accessible pricing tier than the trophy Park Avenue corridor (Lenox Hill 60s–80s and Carnegie Hill 86th–96th).
Architecture and unit composition
The 100 residential units distribute across the building's stories in standard luxury-condominium configurations — typically including 1 BR, 2 BR, and 3 BR layouts, with larger combined units possible on premium floors. Ceiling heights, finishes, and apartment infrastructure reflect the mid-2000s luxury new-construction standard.
Pre-war-adjacent design signatures (consistent with the broader Park Avenue residential idiom) include limestone-clad base, classical detailing at the entrance, and a residential character distinct from glass-curtain-wall supertall construction.
The Resident Manager's Unit (Unit 305) is leased from the Sponsor to the Condominium Association under a structured arrangement — initial 3-year lease at $1/year for the first two years, then $6,744/month for the third year (commencing October 1, 2007). The Association subsequently capitalized to purchase the Resident Manager's Unit outright via a $25,000/month assessment commencing June 2009.
The 16 parking condominium units provide individually deeded parking spaces. The 2 professional units offer commercial/office space.
Building operations
45 Park Avenue operates as a luxury condominium with full-time doorman, on-site superintendent, building monitoring system, and the standard condominium-tier amenities for the building's size and price point. Management is provided by Penmark Management, LLC.
Financial profile (FY 2009):
| Line Item | 2009 |
|---|---|
| Total revenue | $1,683,726 |
| Members' common charges | $1,649,807 |
| Interest income | $12,990 |
| Late charges | $18,580 |
| Total expenses | $1,594,919 |
| Payroll + employee benefits | $814,519 |
| Real estate / utilities | ~$330,000 (fuel + electricity + gas + water + sewer combined) |
| Excess of revenues over expenses | $88,807 |
The 2009 financial position showed positive operating performance ($88K excess of revenues over expenses), with prior year (2008) showing a stronger $156K excess. The Association maintained a healthy members' equity position ($796K at end of 2009) following two years of operations.
Letter of Credit (Con Edison utility deposit): The Condominium obtained a $43,990 letter of credit from Signature Bank in lieu of depositing additional funds with Con Edison — a standard new-construction condominium financing arrangement.
Income tax treatment: The Association elected to be taxed as a homeowners' association under IRC Section 528 (not as a regular corporation) in 2008 and 2009, allowing for favorable tax treatment of member fees.
Capital expenditure framework: The Association capitalized to acquire the Resident Manager's Unit from the Sponsor through a structured monthly $25,000 assessment commencing June 2009, totaling approximately 17 monthly installments through October 2010 to align with the expiration of the original Sponsor lease.
Local Law 97
- 2024–2029 annual penalty
- $0 (under cap)
- 2030–2034 annual penalty
- $13,558/yr
- Per unit / month range
- $0 – $11
Recent sales
Recent closings at this building, curated by The Roebling Team research desk. Apartment-level facts are independently verified before publishing; sale prices reflect the recorded transfer amount at the NYC Department of Finance.
| Date | Unit | Apartment | Price | PPSF | vs. Ask |
|---|---|---|---|---|---|
| May 26, 2026 | 1506 | 1 BR · 1.5 BA · 859 sf | $1,500,000 | $1,746/sf | -6.0% |
| May 13, 2026 | 706 | 1 BR · 1.5 BA · 871 sf | $1,425,000 | $1,636/sf | off-mkt |
| Apr 28, 2026 | 202 | 1 BR · 958 sf · private outdoor | $1,200,000 | $1,253/sf | -4.0% |
| Mar 20, 2026 | 3R | 1 BR · 871 sf | $1,425,000 | $1,636/sf | off-mkt |
| Aug 11, 2025 | 1904 | 1 BR · 1.5 BA · 970 sf | $1,650,000 | $1,701/sf | -2.7% |
| May 30, 2025 | 1801 | 2 BR · 2.5 BA · 1,519 sf | $2,450,000 | $1,613/sf | -2.0% |
| Apr 1, 2025 | 1803 | 1 BR · 1 BA · 812 sf | $1,395,000 | $1,718/sf | off-mkt |
| Jan 10, 2025 | 2104 | 1 BR · 1.5 BA · 970 sf | $1,600,000 | $1,649/sf | -8.6% |
Market read. Most recent trades (2026) cleared a median $1,636/sf across 4 sales. Median listing discount 5.4% 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.
Other recent transfers
| Date | Unit | Price |
|---|---|---|
| Apr 13, 2026 | 4R | $1,179,000 |
| Mar 19, 2026 | 1 | $1,995,000 |
| Feb 24, 2026 | 4F | $695,660 |
| Feb 20, 2026 | 5 | $1,295,000 |
| Feb 26, 2026 | 3F | $532,740 |
| Mar 11, 2026 | 2 | $1,995,000 |
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 1-00892-7503) 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; square footage from recorded condo declarations and offering plans.
What to know if you’re buying
The separately deeded parking is a structural value attribute. The 16 parking condominium units are individually deeded, with transferable ownership. On-street parking in Murray Hill is highly constrained; an owned parking space is a meaningful long-term asset (currently valued in the $150K–$300K+ range in this geography).
The Murray Hill tier differs materially from the trophy Park Avenue corridor. Buyers attentive to differentiation should understand that 45 Park is a new-construction Murray Hill luxury condominium — distinct from the pre-war Lenox Hill (60s–80s) and Carnegie Hill (86th–96th) trophy cooperative corridor. Pricing reflects this distinction; the Murray Hill tier is materially more accessible.
Condominium structure offers maximum flexibility. 30–45 day closings; foreign buyers welcome; pied-à-terre and investment use permitted; subletting allowed under the condominium declaration.
Confirm specific policies directly with management. Current pet policy details, sublet specifics, common charge levels, current capital expenditure pipeline, and the post-2010 history of the Resident Manager's Unit acquisition should be confirmed during contract review.
Working Capital Fund contribution at closing: Each purchaser must contribute 2 months' common charges to the Working Capital Fund — a one-time, non-refundable payment to the Association at closing.
Murray Hill neighborhood character is specific. Lower-pressure than the Madison Avenue / Upper East Side commercial corridor; quiet residential blocks; mix of pre-war cooperative inventory and newer construction; proximate to Grand Central, the East 30s subway access, and the broader Midtown East commercial corridor.
What to know if you’re selling
Pricing requires Murray Hill / Park Avenue South-tier comparable analysis. Do not benchmark against the trophy Park Avenue corridor north of 60th — different buyer pool, different pricing tier.
The parking value should be marketed separately when relevant. If the unit includes a parking condominium, list and price it as a distinct value attribute.
Closing timelines are condo-fast. 30–45 days from contract signing to closing.
Comparable buildings
If you're considering 45 Park Avenue, also evaluate:
- 10 Park Avenue — nearby pre-war Murray Hill peer
- 35 Park Avenue — pre-war Murray Hill peer
- 67 Park Avenue — pre-war Murray Hill peer
- 71 Park Avenue — pre-war Murray Hill peer
- The Spire Lofts and other Murray Hill new-construction inventory
- The Murray Hill condominium (150 East 39th)
- The Sky House (11 East 29th)
The Roebling Team at 45 Park Avenue
The Roebling Team at Compass specializes in Central Park West, the Upper East Side, and the broader Park-facing Manhattan market — including the Murray Hill new-construction condominium tier. We publish this building profile because Murray Hill buyers and sellers deserve building-specific intelligence — financial structure, transactional mechanics, parking economics, and pricing at the apartment level — not generic market commentary.
We hold first-party documentation on 45 Park Avenue, including the 2009 and 2010 certified financial statements (Hyman & Associates audits), the 2009 Offering Plan Messenger Form, and broader transaction archive. This level of building-level documentation depth allows us to advise buyers and sellers with substantially greater accuracy than building-name-recognition alone permits.
If you're considering a purchase or sale at 45 Park, a 30-minute consultation is the right starting point.