Although Park Towers’ khaki-brick exterior blends in with its midcentury neighbors, its stature — over 10 stories taller than any surrounding property — offers a clue to the high-end living spaces inside. From the private courtyard to the granite lobby, this building has a polished look that also shows up in luxury finishes and appliances in select renovated units, as well as the roof deck’s panoramic views. “You can see all of Manhattan. You can even see out to Jersey, Brooklyn and Queens,” says Kevin Maher, an agent with over 17 years of experience who’s been selling in this building since 2020.
“The maintenance is also very reasonable for the apartments that you’re getting there,” Maher says. “And the co-op board runs a tight ship. It’s in very good financial standing.” A below-ground parking garage and fitness center are the building’s two biggest perks, aside from the location. Being only two blocks from Union Square means residents have easy access to shops, restaurants and eight different subway lines. But like the rest of the Gramercy Park neighborhood, the immediate surroundings are mostly residential.
Diverse furnishings and layouts starting at 600 square feet
One-bedroom units make up the bulk of Park Towers’ stock, followed by two bedrooms and a few three-bedroom conversions. Kitchens are either near the entrance in one-bedroom layouts, along with a tiny foyer, or they’re just off the living room, turning the foyer into a narrow entryway for coats and boots. Two-bedroom units have ample closet space in both sleeping areas, as well as an extra half bath or a second full bathroom connected to one of the bedrooms. On the south side, all two-bedroom units have balconies. There are a few three bedrooms with two-and-a-half bathrooms, walk-in closets and sliding room dividers, depending on how they were converted.
Over the building’s 50-year history, owners have updated furnishings and appliances at different paces. So, while dishwashers are common, flooring can be hardwood or parquet, bathrooms can be plain jane or sleek stone tiled, and kitchens range from vintage to ultra-modern.
One bedrooms from $900,000 and maintenance from $1,200
Prices can vary by up to $100,000, depending on size, renovations and location within the building. But “most of the one bedrooms trade at $900,000, give or take,” Maher says. “The A and the J line have double exposure windows. Obviously, the views are nicer, so those will be more even if they’re not much bigger.” Two-bedroom prices range from $1.2 to $1.4 million, except for the more expensive combo units, and three bedrooms are all over $2 million.
Monthly maintenance fees range from $1,200 to $3,200, which cover building staff that includes front-door service, porters and a live-in superintendent. “It’s very fair maintenance, and that has a lot to do with the commercial leases that offset the cost,” Maher says, referring to the parking garage and dentist offices on the ground floor.
Exercise, parking and rooftop amenities
A public, underground parking garage on the north side offers preferred rates for residents, and the recently renovated lobby has seating for guests. During warm months, the roof has lounge chairs. A shared laundry room makes up for a lack of washer-dryers in the units, and the basement also has a bike room and storage spaces with a waitlist. “The gym is OK, it’s nothing special,” Maher says, “but it’s a popular building. The full-service staff is excellent.”
Between Downtown and Midtown, with a nearby riverwalk
In addition to the restaurants, bars and miscellaneous businesses up and down Third Avenue, a few blocks down, 14th Street has more shopping and dining in both directions — especially west in Union Square, where there’s a year-round farmers market. The Gramercy Park neighborhood is a residential buffer between buzzing Downtown and corporate Midtown, and one block east, Stuyvesant Park is a compact but refreshing green space. Farther east, Stuyvesant Cove has waterfront paths along the East River.
On-site parking and easy transit access
Buses run along Third Avenue in front of Park Towers, eight different subway lines serve Union Square just a few blocks west and a CitiBike station on 15th Street makes it convenient to reach places in a hurry. The parking garage in the building offers lower rates to residents, but they can’t guarantee that a spot will always be available.
The fine print
“It’s not a very sublet-friendly building,” Maher says. Owners must seek permission from the co-op board, and because the board limits the number of units that can be leased out at any one time, not every request is granted. Owners can have tenants in their unit for up to two years, but no longer. “It’s a two-year maximum for lifetime of ownership,” Maher says.
In addition to leasing application fees, owners pay a surcharge of 10% of the monthly rent they charge tenants. Owners are also responsible for a flip tax if they sell their unit, priced at $10 for each share of the building they own. “The one bedroom I have has 432 shares, so that’s like $4,300, which is very reasonable,” Maher says. “A lot of buildings can be a percentage of the purchase price. So, if you’re doing 2% of $900,000, you’re talking $18,000.”
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Quantarium
Current List Price
Sold Price
Area Factors
Low Crime
Crime Score®
3/ 10
Biker's Paradise
Bike Score®
94/ 100
Walker's Paradise
Walk Score®
100/ 100
Rider's Paradise
Transit Score®
100/ 100
Sources: WhatIsMyCrimeRisk.com, Walk Score
Sources: WhatIsMyCrimeRisk.com, Walk Score
WhatIsMyCrimeRisk.com, Powered by CAP Index provides objective, accurate, and consistent data to help measure, compare, and mitigate crime risks. Walk Score® measures the walkability of any address. Transit Score® measures access to public transit. Bike Score® measures the bikeability of any address.
Sound Score® measures the noise level of any address. Environmental risk data is provided by First Street Foundation® and is designed to approximate risk and not intended to include all possible scenarios.
Parks in this Area
Stuyvesant Square
2 min walk
Dog Park
Trails
Events
Peter's Field
4 min walk
Basketball
Multi-Purpose Field
Augustus St. Gaudens Playground
5 min walk
Basketball
Playground
Union Square Park
6 min walk
Dog Park
Picnic Area
Trails
Cooper Triangle
11 min walk
Trails
Lower East Side Playground
11 min walk
Basketball
Volleyball
Playground
Bellevue South Park
12 min walk
Basketball
Dog Park
Volleyball
Manuel Plaza
13 min walk
Picnic Area
Trails
Events
Madison Square Park
13 min walk
Dog Park
Picnic Area
Playground
Schools
Source:
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