1399 Park Avenue Condominium (1399 Park)

1399 Park Avenue, Manhattan, NY 10029

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Overview

1399 Park is a 72-unit condo in Manhattan, with 1 parking unit and 1 commercial unit.

Offering plan: Accepted July 2016 · 329 pages · floor plans on page 34
Finishes: Engineered wood floors, Bosch and Thermador appliances, Watermark bathroom fittings and ducted heat pumps for heating and cooling
Prices: $1,282 a square foot on average, as first offered; $120.9 million in all ($105 million when first offered)
Common charges: $616–$3,864 a month, the sponsor's first-year estimate
Developer: Heritage Real Estate Partners; principals David Stern and Jeremy Markowitz
Sponsor: Terrace On The Park LLC, represented by Marans Weisz & Newman LLC
Subway: 3-minute walk to 103 St (6); 8 minutes to 110 St (6)
Amendments: 24, the latest in June 2020

SubmittedAugust 2016
AcceptedJuly 2016
24 amendments
First sale
Latest sale

Sales

72 of 72homes sold (100%)

Every sale: 72 homes, with price and dateSee it free →

From city records (ACRIS), through Sep 30, 2026.

First-Year Budget

From our research: NYC Co-op and Condo Tax Abatement: Is It Worth Paying Prevailing Wage? (Board Calculator)

Ask Claude or ChatGPT: How do 1399 Park's common charges compare with similar buildings? →

Property Taxes

The plan's first-year tax estimate, checked against the city's real bills.

Each home's estimate, city bills and tax breaksSee it free →

Closing Costs

The buyer pays the NYC and NY State transfer taxes, which a seller usually pays.

All 7 closing costs in the plan, with their pagesSee it free →

Amendments

Amendment 24 Jun 22, 2020

Plan term extended 6 months with updated tax information for 2020/21, new managing agent, and sponsor's law firm name change.

27 units remain unsold: 14F, 6G, 9E, 15D, 22A, 8B, 7G, 9C, 9G, 10A, 10D, 10G, 12F, 14D, 15E, 15F, 16A, 16B, 17A, 17B, 18A, 18B, 19A, 19B, 20/21B, 23A, CF UNIT
Building tax liability for 2020/21 estimated at $1,428,595.09 based on January 15, 2020 notice of values
Managing Agent replaced with Halstead Management Company, LLC at 770 Lexington Avenue, 7th Floor, New York, NY 10065
Sponsor's law firm renamed from Marans Weisz & Newman LLC to Marans Newman Tsolis & Nazinitsky LLC
Jason Nazinitsky, Esq. added as escrow account signatory; Daniel Weisz, Esq. removed
Escrow account name changed to "The Marans Newman Tsolis & Nazinitsky LLC Attorney Escrow Account for The 1399 Park Avenue Condominium"
Plan term extended six months from amendment date
Schedule A prices increased for 35 homes (median +3.6%): 6C $1,100,000 → $1,175,000; 7B $1,040,000 → $1,150,000; 7C $1,115,000 → $1,155,000; 7D $1,685,000 → $1,750,000; ...
Schedule A prices decreased for 24 homes (median -2.9%): 6A $1,050,000 → $995,000; 6B $1,025,000 → $995,000; 6G $650,000 → $585,000; 7A $1,065,000 → $1,050,000; ...

Amendment 23 Nov 14, 2019

Plan term extended six months; sponsor refinanced construction loan and maintains board control.

Plan extended for 6 months from amendment date
Sponsor's loan refinanced with First Republic Bank at $30,187,695.00 principal
47 units remain unsold: 6A, 6G, 7C, 7E, 7G, 8B, 8C, 8E, 9C, 9D, 9E, 9G, 10A, 10D, 10E, 10F, 10G, 11A, 11D, 11E, 11F, 11G, 12A, 12C, 12D, 12F, 14A, 14B, 14C, 14D, 14E, 14F, 15A, 15B, 15D, 15E, 15F, 16A, 16B, 17A, 17B, 18A, 18B, 19A, 19B, 20/21B, 22A, 23A
Sponsor maintains board control until 30 days after last unit sells or 3 years after first closing, whichever is later
Current year budget unchanged from original projected first year budget

Amendment 19 Nov 9, 2018

This amendment updates the construction completion and first closing date to February 1, 2019, revises tax projections, adds FinCEN and Tax Cuts and Jobs Act disclosures, offers rescission rights to certain purchasers, and establishes a smoking policy.

First Unit Closing now projected for February 1, 2019
First Year of Operations commencement updated to February 1, 2019
Updated property tax projections based on January 7, 2019 letter from Metropolitan Realty Exemptions, Inc.
Rescission rights offered to purchasers: those who signed before 18th Amendment entitled if closing doesn't occur by January 1, 2019; those who signed after 18th Amendment entitled if closing doesn't occur by August 31, 2019; new purchasers entitled if closing doesn't occur by January 31, 2020
FinCEN disclosure requirements added for entity purchasers buying with cash or non-bank financing over $300,000
Tax Cuts and Jobs Act disclosure warning that tax projections may be inaccurate due to 2018 law changes
Smoking policy prohibits smoking and electronic cigarettes in all enclosed common areas; permitted in units and outdoor areas

Amendment 18 Jun 6, 2018

First Unit Closing projected for September 1, 2018; First Year of Operations budget updated with commencement date September 1, 2018; offering term extended six months.

First Unit Closing projected by September 1, 2018
First Year of Operations commences September 1, 2018
First Year Budget updated (Exhibit A attached)
Offering term extended by six months from filing date
Parking Garage Unit closed on March 21, 2018; purchaser obligated to complete work for Certificate of Occupancy
No residential units have closed; condominium operations not yet commenced

Amendment 17 Feb 15, 2018

Four units have new advertised prices.

Unit 9B price: $1,125,000.00
Unit 10F price: $995,000.00
Unit 11D price: $1,995,000.00
Unit 12F price: $695,000.00

Amendment 16 Nov 7, 2017

Plan declared effective after 39 units (53%) sold; selling agent changed to Douglas Elliman; condominium marketing name added as North Park Tower; Declaration and By-Laws revised.

Plan declared effective with 39 units sold (53% of building)
Selling agent changed to Douglas Elliman, LLC at 575 Madison Avenue
Condominium marketing name: North Park Tower
Declaration and By-Laws revised including fitness room/gym on fifth floor as General Common Element
Community Facility Unit and Parking Unit owner rights and Board restrictions modified
Unit Owner responsibilities for violations and fines added
Definitions section updated with corrected terms including Community Facility Unit and Parking Unit

Amendment 15 Oct 27, 2017

Prices updated for 9 units across multiple floors.

Unit 19A price set to $2,850,000.00
Unit 19B price set to $2,995,000.00
Unit 22A price set to $3,995,000.00
Unit 7D price set to $1,750,000.00
Unit 6E price set to $795,000.00
Unit 6G price set to $630,000.00
Unit 7G price set to $645,000.00
Unit 10G price set to $690,000.00

Amendment 14 Sep 15, 2017

Price of Unit 7B changed to $1,150,000.00

Amendment 13 Aug 7, 2017

Price of Unit 7B changed to $1,150,000.00

Amendment 12 Jul 18, 2017

The offering plan term is extended by six months, with an unchanged first-year budget of $1,250,315.52 in common charges.

Offering term extended by six (6) months from the filing date of this Amendment
First-year budget for condominium operations commencing January 1, 2018 remains unchanged at $1,250,315.52 total common charges
No units have closed; construction not yet complete; condominium operations have not commenced

Amendment 11 Jul 18, 2017

Prices updated for four units.

Unit 6E price set to $840,000.00
Unit 7G price set to $670,000.00
Unit 8G price set to $685,000.00
Unit 9G price set to $695,000.00

Amendment 10 Jul 10, 2017

Price of Unit 9C adjusted to $1,275,000.00.

Amendment 9 May 12, 2017

Prices for 8 unsold units have been updated.

Unit 6C price set to $1,175,000.00
Unit 7C price set to $1,195,000.00
Unit 8E price set to $875,000.00
Unit 10E price set to $895,000.00
Unit 10F price set to $975,000.00
Unit 11D price set to $2,195,000.00
Unit 11F price set to $995,000.00
Unit 15F price set to $795,000.00

Amendment 8 Apr 25, 2017

Prices updated for 9 unsold units.

Unit 6C: $1,130,000.00
Unit 7C: $1,150,000.00
Unit 8C: $1,195,000.00
Unit 8E: $850,000.00
Unit 9C: $1,225,000.00
Unit 10E: $875,000.00
Unit 11C: $1,295,000.00
Unit 11E: $925,000.00

Amendment 7 Mar 31, 2017

Prices updated for nine unsold units.

Unit 7D price set to $1,795,000.00
Unit 9D price set to $1,850,000.00
Unit 12A price set to $1,295,000.00
Unit 12B price set to $1,200,000.00
Unit 12D price set to $2,495,000.00
Unit 14B price set to $1,250,000.00
Unit 14D price set to $2,250,000.00
Unit 15B price set to $1,295,000.00

Amendment 6 Mar 9, 2017

Prices of 7 unsold units adjusted.

Unit 7A: $1,150,000.00
Unit 9F: $925,000.00
Unit 10F: $950,000.00
Unit 11F: $975,000.00
Unit 16A: $3,950,000.00
Unit 16B: $3,495,000.00
Unit 20/21A: $3,795,000.00

Amendment 5 Nov 29, 2016

Floor plans revised for dimension and height corrections, budget updated with new utility costs and staffing changes, reserve fund implemented, and Schedule A updated.

Slab-to-slab height corrections on multiple floors (1st-2nd, 3rd-4th, 4th-5th, 5th-6th, 14th-15th, 22nd-23rd)
Bedroom entry/closet configuration revised in B-line units on floors 6-14
Closets combined in second bedroom of C-line units on floors 6-11
Closets swapped in C-line units on floors 12-14
Window removed from public hallway on 19th floor
13th floor removed and apartments above renumbered
Electricity costs updated based on new utility report
Handyman position eliminated; superintendent now handles handyman duties

Amendment 4 Jan 24, 2017

Prices updated for 11 unsold units.

Unit 19B price: $3,100,000.00
Unit 19A price: $2,950,000.00
Unit 12D price: $2,400,000.00
Unit 15D price: $2,250,000.00
Unit 11D price: $2,000,000.00

Amendment 3 Nov 30, 2016

Prices updated for two units.

Unit 11C price set to $1,225,000.00
Unit 15C price set to $710,000.00

Amendment 2 Nov 18, 2016

Prices updated for 16 unsold units.

Unit 7A: $1,095,000.00
Unit 7B: $1,065,000.00
Unit 9A: $1,125,000.00
Unit 11A: $1,175,000.00
Unit 11B: $1,155,000.00
Unit 11E: $865,000.00
Unit 11F: $945,000.00
Unit 11G: $715,000.00

Amendment 1 Aug 22, 2016

Prices for 11 residential units updated in Schedule A.

Unit 6A price set to $1,080,000.00
Unit 6B price set to $1,050,000.00
Unit 6D price set to $1,700,000.00
Unit 6E price set to $815,000.00
Unit 6G price set to $668,000.00
Unit 7D price set to $1,728,000.00
Unit 7E price set to $845,000.00
Unit 8F price set to $918,000.00

What each amendment changed, line by lineSee it free →

Team

Sponsor: Terrace On The Park LLC
Developer: Heritage Real Estate Partners
Principals: David Stern, Jeremy Markowitz
Counsel: Marans Weisz & Newman LLC
Tax estimate: Metropolitan Realty Exemptions, Inc.Prepared the first-year real estate tax projection
Construction lender: Madison Realty Capital$53.4 million loan stated in the plan
General contractor: Glenwood ConstructionHeld the general construction permit on DOB job 121192887
Interior designer: Whitehall InteriorsReported by aspiremetro.com

From our research: What Does a Title Agency Do, and How Do You Pick One for a NYC Condo?

Zoning

Zoning district: R7-2

Today's zoning, from city data (PLUTO 26v2).

Nearby

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Cereza0.3 mi · 52 units · 2017
1630 Madison Avenue Condominium0.3 mi · 11 units · 2002
Rebar East 98th Street Condominium0.3 mi · 11 units · 2019
Mirada Condominium0.4 mi · 69 units · 32 parking · 2007

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The Condo Book Project Are 1399 Park's common charges high for the area? Yes, they're on the high side. 1399 Park budgets $1.21 per square foot a month, against a $1.04 median for the 10 most similar Manhattan plans.Schedule A Do you want to see the list of similar buildings?

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