Score
0New York, NY
280 Park Ave S APT 7B
2.0M
2 beds
2 baths
1,033 sqft
2 bd • 2 ba • 1,033 sf
This analysis was generated on 2/21/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.
AI Property Analysis
0:000:00 / 0:00
List Price
$1,957,500
Price/Sq.Ft
$1,895
Year Built
AI Property Analysis
A comprehensive evaluation of this property's features, market position, and investment potential.
The Good
• Prime location: Situated on Park Avenue South, the property offers a highly desirable location with convenient access to transportation, amenities, and cultural attractions.
• Strong rental market: The median income in the area is high ($131,635), and rental rates for two-bedroom apartments are robust ($3,600/month), suggesting a strong rental market and potential for investment income.
• Full-service building: The property is likely located in a full-service building with amenities such as a concierge, doorman, and potentially other services, enhancing security and convenience for residents.
• Classic architecture: The building's exterior suggests a classic architectural style, which may appeal to buyers who appreciate traditional aesthetics and historical details.
• Public Transportation: Excellent access to public transportation.
The Bad
• High price per square foot: At $1,894.97 per square foot, the property is priced significantly above the average for many areas outside of Manhattan, raising concerns about potential overvaluation.
• Unknown build year: The lack of information about the property's age makes it difficult to assess its condition and potential maintenance costs. Older buildings may have hidden issues that require costly repairs.
• Limited information: The absence of property features, descriptions, and room details makes it challenging to evaluate the property's true value and suitability for different buyers.
• Co-op restrictions: As a co-op, the property is subject to board approval requirements and restrictions on subletting, renovations, and other activities, which may limit flexibility and control for owners.
• High closing costs: NYC has substantial closing costs, including mortgage recording tax, transfer tax, mansion tax (for properties over $1 million), and attorney fees, which can add up to thousands of dollars.
The Ugly
• High purchase price: With a listing price of $1,957,500, the property requires a significant financial investment, including a substantial down payment and ongoing mortgage payments.
• Maintenance fees: Co-op buildings typically have monthly maintenance fees that can be substantial and should be factored into the overall cost of ownership. The exact amount is not listed, creating uncertainty.
• Potential for bidding wars: The competitive NYC market may lead to bidding wars, driving up the purchase price and requiring buyers to waive contingencies to be competitive.
• Board approval risk: The co-op board approval process can be rigorous and may result in rejection, even after an offer has been accepted. This adds uncertainty and risk to the purchase process.
• Hidden issues: Older buildings may have hidden issues such as outdated plumbing, electrical systems, or structural problems that require costly repairs or renovations.
Who is this property for?
These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.
Best For
• Urban professionals seeking a centrally located residence with convenient access to public transportation and nearby amenities. The building's location on Park Avenue South offers easy commutes and access to dining, shopping, and entertainment options.
• Buyers prioritizing a full-service building with amenities such as a concierge, doorman, and potentially other services, enhancing security and convenience.
• Individuals interested in a property with potential rental income, given the strong rental rates for two-bedroom apartments in the area ($3,600/month). This could be appealing to investors or those planning to rent out the property in the future.
• Buyers who appreciate classic architectural details and are looking for a residence with a traditional aesthetic, as suggested by the building's exterior.
• Individuals comfortable with potential co-op board requirements and restrictions, who value the sense of community and stability often found in co-op buildings.
Not For
• Buyers seeking a large living space may find the 1,033 sqft apartment too small, especially compared to the average size of single-family homes in other areas.
• Individuals looking for a modern, updated property may be disappointed if the apartment requires renovations or has outdated finishes, based on the limited information provided.
• Buyers who prefer a pet-friendly building should verify the co-op's pet policies, as some co-ops have strict restrictions on pet ownership.
• Those seeking a quiet living environment may find the location on Park Avenue South too noisy or busy, given its central location and proximity to traffic.
• Individuals who prefer a more flexible ownership structure with fewer restrictions may find the co-op structure too limiting, especially regarding subletting or renovations.
Demographics
Area Median Income
$131,635
Property History
Price History
Ownership Timeline
$1,925,000Financed
Aug 18, 2015Michael J Burke, Micheline BurkeEmily Shek Kennell, Jonathan Kennell
Deed
Standard Sale (Purchase/Resales)
$775,000Financed
Dec 19, 2000Craig Tenner, Denise Gutman TennerMichael J Burke, Micheline Burke
Bargain And Sale Deed
Standard Sale (Purchase/Resales)
$470,000Financed
Aug 20, 1998J Lee MontagCraig Tenner, Denise Gutman Tenner
Bargain And Sale Deed
Standard Sale (Purchase/Resales)
$0Financed
Jan 27, 1994Robert Villari, Rhoda VillariJ Lee Montag
Deed
Standard Sale (Purchase/Resales)
Sunlight Analysis
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Sunlight Analysis
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Financials
Monthly Costs
Market Rent (2 bed)
Get a detailed estimate on Zillow$3,600
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Location & Comparables
Subject Property
Comparable Sales
Subject Property
Price
$1,957,500
Price/sqft
$1,895
Layout
2 bd•2 ba
Stats in the Area
Based on 6 comparable properties nearby
Average Price
$2,112,083
7.3%
Your price is 7.3% below average
Median Price
$2,362,500
17.1%
Based on 6 recent sales
Price per Sq.Ft
$2,030
6.7%
Your price is 6.7% below average $/sqft
Comparable Properties
| Address | Price | Sq.Ft | Beds | Baths | $/Sq.Ft | Sale Date |
|---|---|---|---|---|---|---|
| 501 3rd Avenue #26C, NewYorkCity, NY 10016 | $2,385,000 | 1,080 | 2 | 2 | $2,20816.5% | 12/4/2024 |
| 5 E 22ND Street #23C, NewYorkCity, NY 10010 | $2,450,000 | 1,056 | 2 | 2 | $2,32022.4% | 11/16/2024 |
| 200 E 20TH Street #9D, NewYorkCity, NY 10003 | $2,090,000 | 901 | 1 | 2 | $2,32022.4% | 12/20/2024 |
| 340 East 23rd Street #PH1D, New York, NY 10010 | $1,485,000 | 1,100 | 2 | 2 | $1,35028.8% | 11/5/2024 |
| 41 7TH Avenue S #3, NewYorkCity, NY 10014 | $2,362,500 | 1,043 | 2 | 2 | $2,26519.5% | 10/4/2024 |
| 7 Gramercy Park W #6D, NewYorkCity, NY 10003 | $1,900,000 | 1,106 | 2 | 2 | $1,7189.3% | 10/23/2024 |
501 3rd Avenue #26C, NewYorkCity, NY 10016
Price: $2,385,000
Sq.Ft: 1,080
Beds/Baths: 2/2
$/Sq.Ft:
$2,20816.5%
Sale Date: 12/4/2024
5 E 22ND Street #23C, NewYorkCity, NY 10010
Price: $2,450,000
Sq.Ft: 1,056
Beds/Baths: 2/2
$/Sq.Ft:
$2,32022.4%
Sale Date: 11/16/2024
200 E 20TH Street #9D, NewYorkCity, NY 10003
Price: $2,090,000
Sq.Ft: 901
Beds/Baths: 1/2
$/Sq.Ft:
$2,32022.4%
Sale Date: 12/20/2024
340 East 23rd Street #PH1D, New York, NY 10010
Price: $1,485,000
Sq.Ft: 1,100
Beds/Baths: 2/2
$/Sq.Ft:
$1,35028.8%
Sale Date: 11/5/2024
41 7TH Avenue S #3, NewYorkCity, NY 10014
Price: $2,362,500
Sq.Ft: 1,043
Beds/Baths: 2/2
$/Sq.Ft:
$2,26519.5%
Sale Date: 10/4/2024
7 Gramercy Park W #6D, NewYorkCity, NY 10003
Price: $1,900,000
Sq.Ft: 1,106
Beds/Baths: 2/2
$/Sq.Ft:
$1,7189.3%
Sale Date: 10/23/2024
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