699 Second Avenue

699 Second Avenue is a 1955 postwar masonry building — six stories on a corner lot, with a renovated terrazzo lobby and ground-floor retail. The building's total area is approximately 30,662 square feet, of which roughly 25,982 square feet is residential, with the balance in the ground-floor retail. The corner lot gives many of the apartments corner exposure and cross-ventilation typical of the mid-century postwar idiom.

The 40 residential units skew toward studios and one-bedrooms, which is the driver of the building's pricing position relative to the Murray Hill co-op median. The building has invested in its physical plant in recent years — a new elevator, a new roof, facade work, and a renovated lobby — a capital-work record that materially reduces the near-term assessment risk a buyer would otherwise underwrite in a building of this vintage.

699 Second Avenue operates as a cooperative. The building runs a video-intercom secured entry rather than a staffed lobby — consistent with its boutique scale and a feature that keeps maintenance overhead contained. A live-in superintendent manages day-to-day operations. The recently replaced elevator, central laundry room, bike storage, and fee-based storage cages make up the amenity infrastructure. There is no roof deck, no fitness center, and no garage.

The cooperative board's policy framework, as reflected in public records and publicly recorded NYC building data: pets are permitted; pied-à-terre use is permitted; co-purchasing is handled case-by-case; guarantors are permitted; and financing is allowed up to 80%. Subletting is permitted but restrictive — the owner must own and reside in the unit for at least two years, subletting is capped at a maximum of two of any five years, and a sublet fee of approximately 20% of maintenance applies. The flip tax is 2% and seller-paid. Confirm the flip-tax payer, the current sublet policy, financing requirements, and maintenance ranges with the managing agent and the offering plan during due diligence.

Recent sales

Recent transfers 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.

Market read. $/sf is measured on the latest sales with reliable square footage (2013): a median $572/sf across 1 sale. The building has traded as recently as 2017.

Sales sourced from NYC Department of Finance recorded transfers (BBL 1-00918-0035) 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 on co-ops is not officially recorded, figures shown are approximate.

The fee-owned structure is a genuine advantage. The tenants' corporation owns the building in fee — there is no ground lease — and the building is not an HDFC. Two of the most common due-diligence red flags that attach to lower-priced Manhattan co-ops simply do not apply here.

The recent capital work reduces near-term assessment risk. A new elevator, new roof, facade work, and a renovated lobby are all recent. Buyers should still review board minutes and reserve status, but the building has already addressed several of the big-ticket items that drive special assessments in postwar buildings.

The sublet policy is restrictive — underwrite it as an owner-occupant. Subletting requires two years of ownership and residence, is capped at two of any five years, and carries a sublet fee of roughly 20% of maintenance. This is an owner-occupant building; do not underwrite it as an investment property.

The board policy framework is otherwise accommodating. Pets, pied-à-terre use, guarantors, and financing up to 80% are all available, with co-purchasing considered case-by-case.

Verify the operational baseline at offer stage. The 2% seller-paid flip tax, financing requirements, maintenance by line, and reserve status should all be confirmed with the managing agent and the offering plan during due diligence.

Marketing should lead with the fundamentals. A fee-owned postwar co-op — no ground lease, not an HDFC — with recent capital work and an accommodating financing policy is a clean story for value-oriented buyers. The corner-lot exposure and renovated lobby reinforce it.

Frame the boutique scale as a feature. The video-intercom entry, live-in super, and intimate 40-unit culture are deliberate. Position them against the full-service buildings rather than apologizing for the absence of a doorman.

Pricing requires apartment-level comparable analysis. With very low turnover and a studio-and-one-bedroom mix, aggregate figures are thin. Reference the most-recent closed comp on the relevant line and layout.

Closing timelines are cooperative-standard. Board approval is required; pacing typically runs 60–90 days from contract through approval to closing.

If you're considering 699 Second Avenue, also evaluate:

• Nearby Murray Hill and Kips Bay postwar cooperatives — a cluster of mid-century co-ops along Second and Third Avenues in the low 30s and high 30s, comparable in vintage, amenity level, and pricing to 699 Second.

The Roebling Team at Compass works the Murray Hill and Gramercy corridor as part of our broader Manhattan practice. We publish this building profile because Murray Hill buyers and sellers deserve building-specific intelligence — architectural context, policy framework, and comparable analysis at the apartment level — not generic neighborhood commentary.

If you're considering a purchase or sale at 699 Second Avenue, a 30-minute consultation is the right starting point.