New York's Cooperative and Condominium Community

Habitat Magazine Insider Guide




Park Avenue Co-ops, Once Blue-Chip, Are Now Also-Rans


Park Ave. Passe

Park Avenue co-ops have lost their luster with today's luxury buyers.

Aug. 21, 2019

June, as noted, was the dizziest, ritziest month in the history of New York City’s luxury real-estate market, as high-end buyers opened their checkbooks to beat the July 1 arrival of a “mansion tax” and increased transfer taxes. More than 600 homes traded for over $2 million during the month, the priciest being the $80 million Amazon CEO Jeff Bezos paid for three apartments, including a penthouse, at 212 Fifth Avenue near Madison Square Park. 

Based on an analysis of the top 25 transactions by The Real Deal, condominiums dominated the list, though townhouses accounted for a healthy one-third of the top sales. Here’s the surprising news: the biggest sales, all in Manhattan, were concentrated in Tribeca, Billionaires’ Row, and the Upper East Side – but Park Avenue co-ops, once the bluest chip of city real estate, did not account for a single one of the top 25 sales. 

“They are no longer the market leaders in the high-end space,” says appraiser Jonathan Miller, “as the past five years have seen them lose significant ground to condos.”

Ask the Experts

learn more

Learn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments

Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise

Source Guide

see the guide

Looking for a vendor?