240 Park Avenue South sits in Flatiron's actual sweet spot — close enough to Union Square's energy but far enough from the tourist chaos, with Madison Square Park a comfortable 5-minute walk north. This is the building people consider when they've gotten tired of looking at cramped prewar layouts and want something that actually fits their furniture.
Charles Gwathmey's design holds up fifteen years later: those deliberately wide spaces between windows work for displaying art, and the curved glass corner element catches afternoon light beautifully from the 8th floor up. The public records are spotless — zero HPD violations, zero DOB issues, zero litigation as of April 2026, which is genuinely rare for any Manhattan building and suggests competent management.
Here's the reality: units here take an average of 156 days to sell, with recent transactions showing meaningful price reductions. One penthouse dropped $1.4 million before closing. At $2,315 per square foot on current listings versus $1,628 per square foot for recent sales, you're looking at a building where sellers are testing the market and buyers have negotiating leverage.
Pros and cons
Pros
+ Zero HPD and DOB violations — genuinely clean public records
+ Charles Gwathmey architecture with thoughtful design details
Approx. low end — varies by unit. Use the calculator below to add your mortgage.
~$1,700/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$1,500,000
Down payment20%
Interest rate6.75%
Principal and interest—
Common charges (enter your unit's figure)$/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. Consult your lender for accurate rates and terms.
Red flag —
No significant red flags identified in public records as of April 2026 — zero HPD violations over five years is genuinely impressive. The primary concern is market performance: 156-day average sales time and documented price reductions suggest the building may be fighting an uphill pricing battle in the current market.
What agents won't tell you
Board dynamics
As a condominium, there's no discretionary board approval like a co-op, but the building does require a 14-day minimum application review process. Based on policies allowing pied-à-terres, sublets, and most pets, the board appears reasonably flexible. Financial requirements are standard for this price point — expect 20% down minimum and debt-to-income scrutiny for financing.
What it's actually like to live here
The building delivers on modern luxury: 10-11 foot ceilings, Sub-Zero appliances, and Gwathmey's signature attention to proportions. The fitness center and spa amenities are legitimate, not afterthoughts. Higher floors (12+) offer genuine quiet and city views, while lower floors face typical urban street noise. The 14th floor private terraces are a real selling point for those units. Daily continental breakfast in the library suite is a nice touch that actually gets used.
Services and amenities
Full-time
Concierge
Elevator
Gym
Roof deck
Outdoor space
Storage space
Laundry in building
Live-in super
Hardwood floors
Central air
Washer/dryer in unit
Dishwasher
Pets allowed
No Pool
No Parking
Pet policy: Dogs and cats allowed in most units. Some penthouses restrict pets — verify policy for specific unit.
Amenity information sourced from building listings and public records. Amenities are subject to change — verify current offerings with building management before closing.
Transit
23rd St (Park Ave South)
46
~3 blocks
23rd St (Broadway)
NRQW
~4 blocks
14th St-Union Sq
456LNQRW
~5 blocks
28th St (Park Ave South)
6
~6 blocks
28th St (Broadway)
NRW
~7 blocks
Walk Score 96Transit Score 100Bike Score 85Source: Walk Score
Commute times from this building
Destination
🚶 Walk
🚇 Subway
Lines
The Flatiron Building (175 Fifth Ave)
7 min
N/A
Walk only
Midtown (47th & Park Ave)
33 min
10 min
4 Line
Hudson Yards (30th & 10th Ave)
33 min
24 min
N/A
World Trade Center (Fulton St)
51 min
17 min
R Line
Times Square (42nd & Broadway)
31 min
13 min
N Line
Grand Central (42nd & Park Ave)
26 min
9 min
4 Line
Door-to-door estimates via Google Maps transit directions. Times reflect typical weekday conditions.Source: Google Maps
Nearby schools
4
PS 40 Augustus Saint-Gaudens
Public · Grades K–5
0.3mi
8
School of the Future
Public · Grades 6–12
0.4mi
7
Village Community School
Private · Grades K–8
0.5mi
Nearby colleges: Baruch College (0.2mi), The New School (0.4mi), FIT (0.6mi), NYU (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 19th Street intersection — manageable urban noise levels typical for Flatiron location
Park Avenue South between 19th and 23rd Streets is well-lit and safe, with consistent foot traffic from Union Square and Gramercy residents. The 13th Precinct covers this area — one of Manhattan's lowest-crime precincts.
🚗
Parking
Monthly parking at SP+ on 19th Street runs about $425–475. Icon Parking on 18th Street is slightly cheaper. Street parking is alternate side Tuesday/Friday — competitive but doable if you're strategic about timing.
📦
Storage
The building has storage units but availability varies. Manhattan Mini Storage on 20th Street and CubeSmart on 17th Street are reliable off-site options when building storage isn't available.
🛒
Grocery and daily errands
Whole Foods at Union Square is your go-to — 5 minutes walk, open until 10pm. Fresh Direct delivers here reliably. The corner deli at 19th and Park Avenue South is solid for basics and stays open late.
🔊
Noise and street life
Units facing Park Avenue South on floors 3–6 get moderate street noise but nothing excessive. The 19th Street side is actually quieter. Higher floors (12+) are genuinely peaceful, and the building's contemporary construction handles sound better than most prewar buildings.
🚇
Getting around
The 4/6 at 23rd Street is your workhorse — 3 blocks east, express service to Grand Central and downtown. Union Square is 5 blocks south with every line except the 7. Citi Bike docks at 19th and Park Avenue South are reliably stocked.
Pricing appears ambitious relative to market absorption. Current listings average $2,315 per square foot while recent closed sales averaged significantly less — suggesting either overpricing or a selective buyer pool. The 156-day average time on market is notably longer than comparable Flatiron buildings, and documented price reductions indicate negotiating leverage for buyers. Liquidity appears moderate to slow, though the building's clean public records suggest solid fundamentals.
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
$3.71M avg
1 sales
2023
$5.85M avg
1 sales
Source: NYC ACRIS · Past sales are not indicative of future value.
Building history timeline
2006
Development Begins
Linjan Associates, led by Yitzchak Tessler, begins development of the mixed-use condominium project at the intersection of Park Avenue South and 19th Street.
2007
Gwathmey Design Unveiled
Charles Gwathmey of Gwathmey Siegel & Associates presents his contemporary interpretation of masonry architecture, featuring pre-cast stone elements and signature curved glass corners.
2008
Construction Completion
The 17-story, 51-unit building nears completion with premium finishes including Jet Mist granite countertops, Sub-Zero refrigerators, and Rositano carved stone sinks.
2009
Building Opens
240 Park Avenue South opens as a full-service condominium with 24-hour doorman, fitness center, spa, and entertainment library suite offering daily continental breakfast.
2009-2015
Initial Sales Period
Original sales launch with units ranging from $1.5M-$25M+. The building establishes itself as a premium modern option in the Flatiron market.
2020-2023
Market Adjustment
Extended sales periods become common, with one penthouse taking 350 days to sell and closing $1.4M below original asking price.
2024
Recent Sales Activity
Unit 12AD closes for $3.71M in January 2024. Building maintains zero HPD and DOB violations while navigating a more selective buyer market.
2026
Current Market Position
240 Park Avenue South operates as a well-maintained modern condominium with premium amenities, though sales velocity remains slower than comparable Flatiron buildings.
Frequently asked questions
Is 240 Park Avenue South a condo or co-op?
240 Park Avenue South is a condominium, not a co-op. This means no discretionary board approval process, no financial package submission, and no board interview. The condo board requires a 14-day application review but cannot reject qualified buyers based on subjective criteria.
How long do units take to sell at 240 Park Avenue South?
Units at 240 Park Avenue South average 156 days on market, which is longer than many comparable Flatiron buildings. Recent sales have included significant price reductions, with one penthouse selling for $1.4 million below asking after 350 days on the market.
What subway lines serve 240 Park Avenue South?
The building is well-served by the 4 and 6 trains at 23rd Street (3 blocks east), the N/R/Q/W at 23rd Street (4 blocks west), and the major Union Square hub (5 blocks south) with 4/5/6/L/N/Q/R/W lines. Grand Central is 9 minutes via the 4/6 express.
What are the HPD violation records for 240 Park Avenue South?
As of April 2026, 240 Park Avenue South has zero open HPD violations across all classes and zero violations over the past five years. The building also has zero open DOB violations and no active permits, indicating excellent maintenance and management.
Does 240 Park Avenue South allow pets and sublets?
Yes to both, though pet policies may vary by individual unit — some penthouses restrict pets while other units allow cats and dogs. Subletting is permitted with board approval, and pied-à-terre purchases are allowed.
Explore the neighborhood
Everything you need to know about living in Flatiron — restaurants, history, things to do, and the honest local guide.
