254 Park Avenue South · Flatiron · Condo · Built 1913 · 123 units · 13 stories · Unknown
CondoBuilt 1913Pets allowedFull-time
76
MF Score
254 PAS Condominium: A well-maintained 1913 Beaux Arts conversion with zero violations and prime Flatiron location — but that $1,961 monthly assessment through 2025 is real money on top of your mortgage.
If you're shopping pre-war condos in this neighborhood and keep getting priced out, 254 Park Avenue South offers a genuinely more accessible entry point — but you need to factor in that active capital assessment of $1,961.08 per month through December 2025, which adds roughly $24,000 annually to your carrying costs.
The location is legitimately excellent: half a block from Gramercy Park, walking distance to Madison Square Park, and Union Square is your backyard. The building itself shows exceptional maintenance with zero HPD violations — unusual for a 113-year-old building and a sign that management takes care of problems before they become violations.
The poker room amenity is a nice conversation starter, but the real trade-off here is that assessment. It suggests either recent major building improvements or upcoming capital needs, and while it expires at the end of 2025, there's no guarantee it won't be extended or followed by another one.
Pros and cons
Pros
+ Zero HPD violations — exceptional maintenance record for 113-year-old building
+ Prime Flatiron location half-block from Gramercy Park
+ Full-service amenities including NYC's first residential poker room
+ Condo ownership — no co-op board approval hassles
+ Below-market pricing at $1,608/sqft vs neighborhood average
Cons
− Active $1,961/month assessment through December 2025 adds $24K annually
− Lofted layouts may feel choppy vs traditional room flow
− No building storage units or parking garage
− Corner units absorb noise from both Park Ave South and 20th Street
− Limited recent sales data makes pricing trends unclear
Approx. low end — varies by unit. Use the calculator below to add your mortgage.
~$1,450/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$935,000
Down payment20%
Interest rate6.75%
Principal and interest—
Common charges (enter your unit's figure)$/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 —
Active capital assessment of $1,961.08 per month through December 31, 2025, adds approximately $23,533 annually to carrying costs — this may not be disclosed prominently in listings and represents a significant financial obligation. Request the last three years of board minutes and engineering reports to understand what triggered this assessment and whether additional capital needs are anticipated.
What agents won't tell you
Board dynamics
As a condominium, 254 Park Avenue South has no discretionary board approval process — purchases require only standard right of first refusal. The current capital assessment suggests the board is addressing building needs proactively rather than deferring maintenance, which is actually a positive sign for long-term building health, even if it's expensive in the short term.
What it's actually like to live here
The lofted layouts that many units feature either work for you or they don't — they create dramatic ceiling height but can feel choppy if you prefer traditional room flow. Corner units get excellent light from two exposures but also cross-ventilation noise from both Park Avenue South and 20th Street. The building's fitness center with Peloton bikes is genuinely useful for daily life, and having a full-time doorman on Park Avenue South provides the security and package handling you'd expect at this price point.
Services and amenities
Full-time
Concierge
Elevator
Gym
Laundry in building
Live-in super
Hardwood floors
Central air
Washer/dryer in unit
Dishwasher
Pets allowed
No Pool
No Roof deck
No Parking
Pet policy: Cats and dogs allowed
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 (Broadway)
NRW
2 blocks
23rd St (Park Ave South)
6
3 blocks
Union Square-14th St
456NQRW
3 blocks
14th St-Union Sq
L
3 blocks
14th St-6th Ave
FM
4 blocks
Walk Score 98Transit Score 95Bike Score 85Source: Walk Score
Commute times from this building
Destination
🚶 Walk
🚇 Subway
Lines
The Flatiron Building (175 Fifth Ave)
6 min
N/A
Walk only
Midtown (47th & Park Ave)
32 min
10 min
6 Train
Hudson Yards (30th & 10th Ave)
32 min
24 min
N/A
World Trade Center (Fulton St)
52 min
18 min
R Line
Times Square (42nd & Broadway)
30 min
12 min
6 Train/S
Grand Central (42nd & Park Ave)
25 min
9 min
6 Train
Door-to-door estimates via Google Maps transit directions. Times reflect typical weekday conditions.Source: Google Maps
Nearby schools
6
PS 40 Augustus Saint-Gaudens
Public · Grades K–5
0.3mi
8
JHS 104 Simon Baruch
Public · Grades 6–8
0.4mi
9
NYC Lab School
Public · Grades 6–12
0.6mi
Nearby colleges: Baruch College (0.5mi), Parsons/The New School (0.6mi), FIT (0.7mi), NYU (0.8mi)
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 local street activity — moderate traffic volume typical of major avenue
This stretch of Park Avenue South is well-patrolled by the 13th Precinct and benefits from steady foot traffic from Gramercy Park residents and Union Square shoppers. The corner location at 20th Street is well-lit at night.
🚗
Parking
Monthly parking runs $400–$500 at SP+ on 20th Street and LAZ on 19th Street. Street parking on side streets is alternate side Tuesday/Friday — competitive but doable if you're persistent.
📦
Storage
The building doesn't have dedicated storage units. Manhattan Mini Storage on 20th Street is two blocks away, or CubeSmart on 14th Street near Union Square for larger items.
🛒
Grocery and daily errands
Whole Foods at Union Square is your best bet for full shopping — 4 blocks south and worth the walk. Fresh Market on 19th Street is closer for quick runs. The Union Square Greenmarket on weekends is a neighborhood treasure.
🔊
Noise and street life
Park Avenue South carries steady traffic but isn't overwhelming — higher floors from the 6th floor up are noticeably quieter. The corner units facing both Park Avenue South and 20th Street get cross-ventilation but also cross-traffic noise.
🚇
Getting around
The N/R/W at 23rd Street is your most reliable line — 3 minutes on foot, direct to Times Square and downtown. Union Square is an easy walk when you need the 4/5/6 or L train. Citi Bike stations at Madison Square Park and Union Square are both well-stocked.
254 PAS Condominium: At an average of $1,608 per square foot, 254 Park Avenue South trades at a meaningful discount to comparable Flatiron buildings like The Grand Madison ($1,860+ per sqft). Recent sales show modest discounts from asking (2.9% in the last documented sale), suggesting reasonable but not aggressive pricing. The active assessment through 2025 may create buying opportunities as sellers factor those costs into negotiations.
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
2023
$0.96M avg
sales
Source: NYC ACRIS · Past sales are not indicative of future value.
Building history timeline
1913
Original Construction
Built as an office building using French limestone in Neoclassical Beaux Arts style. The original architect remains unconfirmed in available records.
1980s
First Residential Conversion
The office building was first converted to rental apartments during the 1980s residential conversion wave that transformed many Lower Manhattan commercial buildings.
2005
Major Sale
The Oregon Public Employees Retirement Fund sold the building for approximately $75 million, setting the stage for the condo conversion that would follow.
2008
Condo Conversion
Rosen Partners converted the building into 123 luxury condominium units, working with conversion architect Matt Markowitz and interior designer Charles Allem to create the current residential configuration.
2023
Recent Sales Activity
Unit 4N sold for $960,000 in September 2023, representing $1,360 per square foot and a 2.9% discount from the $989,000 asking price.
2025
Capital Assessment
Building implemented significant capital assessment of $1,961.08 per month per unit through December 31, 2025, indicating major building improvements or infrastructure needs.
Frequently asked questions
What is the capital assessment at 254 Park Avenue South?
There is currently an active capital assessment of $1,961.08 per month per unit running through December 31, 2025. This adds approximately $23,533 annually to your carrying costs on top of monthly common charges and taxes. Always confirm current assessment status with the managing agent as this represents a significant additional expense.
Does 254 Park Avenue South allow pets and subletting?
Yes, the building allows both cats and dogs, and subletting is permitted. As a condominium rather than a co-op, the building also allows pied-à-terre purchases, guarantors, and co-purchasing without discretionary board approval.
What subway lines serve 254 Park Avenue South?
The building is exceptionally well-connected to transit. The N/R/W at 23rd Street is 2 blocks away, the 6 train at 23rd Street is 3 blocks, and Union Square (4/5/6/N/Q/R/W/L) is just 3 blocks south. Multiple line access makes commuting to any part of Manhattan convenient.
What are the building's amenities?
254 Park Avenue South offers full-service amenities including 24-hour doorman and concierge, live-in superintendent, fitness center with Peloton bikes, and a 1,400 square-foot Park Lounge featuring NYC's first residential poker room with bar and billiard tables. Units feature floor-to-ceiling windows, 11–14 foot ceilings, and high-end appliances.
What's the building's violation record?
As of April 2026, 254 Park Avenue South has zero open HPD violations and zero total violations over the past 5 years — an exceptional record for a 113-year-old building. The building also shows zero open DOB violations and no active permits, suggesting excellent ongoing maintenance.
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