The Ascot Co-op: The Ascot's location is genuinely excellent — direct 6 train access from the building plaza puts you in Grand Central in 6 minutes, and you're walking distance to both Madison Square Park and Herald Square. The building amenities are solid for a post-war: roof deck, garage, gym, and private storage included with purchase.
But the board governance here raises serious red flags that could hit your wallet hard. Multiple resident reviews cite "no board term limits" and "elections seem fixed," combined with "several unexpected assessments and increasing co-op fees." The building is currently running another assessment for lobby and hallway renovations as of 2024.
There are also livability issues on south and east exposures — residents report significant heat and AC problems that may require expensive building-wide improvements like tinted windows. One unit took 299 days to sell, suggesting the board may be particularly selective during the approval process.
The public records are clean (zero HPD and DOB violations), but in a co-op, the real risk is board mismanagement, not city violations. If you're considering buying here, demand to see the last three years of board minutes, reserve fund balance, and get clarity on any planned capital improvements before you sign anything.
Pros and cons
Pros
+ Direct 6 train access from building plaza — no weather exposure
+ Private storage included with purchase (rare building amenity)
+ On-site garage parking in a neighborhood where most buildings have none
+ Zero HPD and DOB violations — clean public records
Approx. low end — varies by unit. Use the calculator below to add your mortgage.
~$1,200/mo
Common charges and tax figures shown are sourced from current active listings and vary by unit size and floor. Verify all figures with building management, the offering plan, and your attorney before closing. MeetFlatiron makes no representations as to the accuracy of financial figures shown.
Payment calculator
Purchase price$479,000
Down payment20%
Interest rate6.75%
Principal and interest—
Common charges (enter your unit's figure)$/mo
Property taxes (enter your unit's figure)$/mo
Total monthly—
For illustrative purposes only. Common charges and taxes vary by unit — verify exact figures with building management. Actual mortgage rates vary by lender. Co-op buyers receive a share loan — not a traditional mortgage. Consult your lender.
Red flag —
The most significant concern is board governance — residents report "no board term limits," "elections seem fixed," and "several unexpected assessments and increasing co-op fees." The building is currently running another assessment for lobby/hallway work as of 2024. Additionally, residents cite ongoing heat/AC problems on south and east exposures that may require expensive building-wide improvements.
What agents won't tell you
Board dynamics
This is where The Ascot becomes concerning for potential buyers. Multiple resident reviews cite a board with "no term limits" where "elections seem fixed" — classic warning signs of entrenched co-op governance. The pattern of "several unexpected assessments and increasing co-op fees" suggests either poor financial planning or board members who are quick to pass costs to shareholders rather than manage reserves properly. One unit taking 299 days to sell (Unit 16E, ultimately selling for $15,000 below asking) indicates the board may be particularly selective or difficult during the approval process.
What it's actually like to live here
Day-to-day life here is genuinely convenient — direct subway access means no weather exposure, and the doorman/concierge setup handles packages and visitors efficiently. The roof deck with BBQ setup is a real amenity that many comparable buildings lack. However, south and east-facing units have documented heat and AC issues that the building hasn't adequately addressed — residents specifically mention these exposures as problematic and requiring potential expensive fixes like tinted windows. Neighborhood noise from bars and nightlife has increased according to current residents, and police enforcement of noise complaints "are no longer a priority."
Services and amenities
Full-time
Concierge
Elevator
Gym
Roof deck
Outdoor space
Bike room
Storage space
Laundry in building
Live-in super
Parking
Hardwood floors
Washer/dryer in unit
Dishwasher
Pets allowed
No Pool
Pet policy: Dogs and cats allowed — no specific weight limits found in public records
Amenity information sourced from building listings and public records. Amenities are subject to change — verify current offerings with building management before closing.
Transit
28th St (Park Ave South)
6
direct access from plaza
Herald Square
NQRWBDFM
~4 blocks
33rd St (Park Ave South)
6
~5 blocks
23rd St (Park Ave South)
6
~5 blocks
Walk Score 98Transit Score 100Bike Score 85Source: Walk Score
Commute times from this building
Destination
🚶 Walk
🚇 Subway
Lines
The Flatiron Building (175 Fifth Ave)
11 min
8 min
4 Line
Midtown (47th & Park Ave)
24 min
7 min
6 Train
Hudson Yards (30th & 10th Ave)
26 min
24 min
6 Train/7
World Trade Center (Fulton St)
61 min
20 min
4 Line/R Line
Times Square (42nd & Broadway)
25 min
10 min
6 Train/S
Grand Central (42nd & Park Ave)
17 min
6 min
6 Train
Door-to-door estimates via Google Maps transit directions. Times reflect typical weekday conditions.Source: Google Maps
Nearby schools
7
PS 116 Mary Lindley Murray
Public · Grades PK-5
0.4mi
8
JHS 104 Simon Baruch
Public · Grades 6-8
0.5mi
Nearby colleges: Baruch College (0.5mi), FIT (0.6mi), Parsons/The New School (0.7mi)
School ratings sourced from GreatSchools and are subject to change. School zone boundaries are not guaranteed — verify current zoning directly with NYC DOE at myschools.nyc before purchasing.
Noise Level
Loud
Overall noise level
72/100 noise score
Primary source: Park Avenue South traffic and increasing neighborhood nightlife — resident reviews cite bars, taxis, and loud music as growing concerns
This is an extremely safe building — gated and locked with extensive video monitoring. The 13th Precinct covers this address, and the doorman presence adds another layer of security. Late-night foot traffic from nearby restaurants keeps the block active.
🚗
Parking
The building has its own 2,200 square foot garage — a genuine rarity in NoMad. Ask about availability and monthly rates before assuming you can get a spot. Icon Parking on 29th Street is the nearest alternative at roughly $400-500/month.
📦
Storage
Private storage is included with purchase — a significant value-add that many comparable buildings charge extra for. Verify what size storage unit comes with your specific apartment before closing.
🛒
Grocery and daily errands
Whole Foods on 28th Street is a 5-minute walk and your closest full-service option. The building's location puts you equidistant between Union Square and Herald Square shopping — both about 8-10 minutes on foot.
🔊
Noise and street life
South and east-facing units absorb more heat and noise — residents specifically cite these exposures as problematic. The building sits on busy Park Avenue South, and nightlife noise has increased according to current residents. Visit during evening hours before deciding.
🚇
Getting around
The 6 train access from the building plaza is genuinely convenient — no weather exposure, direct connection. This puts you 6 minutes from Grand Central and 7 minutes from Midtown. The building's location is better for northbound commutes than downtown.
407 Park Avenue South sits well above sea level with no documented flood risk history.
Source: FEMA Flood Map Service Center (msc.fema.gov)
What to ask before buying
1.Can I see the last three years of board meeting minutes, specifically any discussions about term limits, elections, and capital expenditure planning?
2.What is the current reserve fund balance, and what percentage of the building's annual budget typically goes to unexpected assessments versus planned maintenance?
3.What specific heat and AC issues exist on south and east exposures, and are there any planned building-wide improvements to address these problems?
4.How long is the current assessment for hallways and lobby work expected to last, and what is the monthly amount per share or per unit?
5.What is the typical board approval timeline, and can you provide the approval/rejection rate for the last 24 months?
6.Is parking availability guaranteed with purchase, and what are the current monthly garage rates for residents?
The Ascot's pricing reflects solid NoMad location value at roughly $1,219 per square foot — competitive for the neighborhood. Recent sales show consistent 0.6%-5.5% discounts from asking, indicating reasonable negotiation room. However, the 139-day average market time and one unit taking 299 days to sell suggest either board selectivity or market resistance. Multiple unexpected assessments mentioned by residents could impact future resale values if the pattern continues.
Past appreciation is not a guarantee of future performance. Real estate values fluctuate. All investment decisions should be made with independent financial and legal advice.
Sale price history
2024
$0.85M avg
1 sales
2023
$0.79M avg
3 sales
2022
$1.20M avg
2 sales
Source: NYC ACRIS · Past sales are not indicative of future value.
Building history timeline
Pre-1984
Belmore Cafeteria Site
The site was home to the Belmore Cafeteria, a popular 24-hour dining spot particularly frequented by taxi drivers, representing the area's working-class commercial character.
1984
Original Construction
The Peter Kalikow Organization erected the 26-story beige-brick tower designed by Philip Birnbaum, known for his efficiency-focused designs that maximized floor space and developer returns.
1988
Co-op Conversion
The building was converted from rental apartments to a 148-unit cooperative, establishing the current ownership structure and board governance system.
2018
Roof Deck Renovation
The building completed a major roof deck renovation, creating a panoramic outdoor space with BBQ facilities, lounges, and seating areas — one of the building's most popular amenities.
2024
Current Assessment
The building initiated another special assessment for "brand new hallways and lobby" renovations, continuing a pattern of unexpected capital improvements that residents have cited as problematic.
Frequently asked questions
Does The Ascot at 407 Park Avenue South allow pets?
Yes, The Ascot is pet-friendly and allows both dogs and cats. Specific weight limits or restrictions weren't found in public records, so verify current pet policies directly with the building management during your application process.
What subway lines serve 407 Park Avenue South?
The building offers direct access to the 6 train from the building plaza — no weather exposure required. Herald Square (N,Q,R,W,B,D,F,M lines) is about 4 blocks away. This puts you 6 minutes from Grand Central and 7 minutes from Midtown on the 6 train.
What are the maintenance fees like at The Ascot?
Maintenance charges are 65% tax deductible, which is standard for co-ops. However, multiple residents report "several unexpected assessments and increasing co-op fees." The building is currently running an assessment for lobby and hallway renovations as of 2024. Request specific maintenance amounts and assessment history before purchasing.
Does The Ascot have parking and storage?
Yes to both — significant amenities for NoMad. The building has a 2,200 square foot garage, though availability isn't guaranteed. Private storage is included with purchase, which many comparable buildings charge extra for. Verify what size storage comes with your specific unit.
What are the known issues with living at The Ascot?
Residents specifically cite heat and AC problems on south and east-facing units, increasing neighborhood noise from bars and nightlife, and board governance issues including no term limits and frequent unexpected assessments. The building's public records are clean, but board management appears to be the primary concern.
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