Co-op pick of the week

A Park Avenue one bedroom for under $500,000, but there's a catch

Mimi headsht
By Mimi OConnor  |
December 10, 2018 - 12:00PM

The apartment offers flexibility, and an element of risk. 


A Park Avenue one bedroom under $500,000 with flexible buying options? It's almost too good to be true! And yeah, you know how that usually goes.

But for the right buyer, 575 Park Ave., #1509 might be a good fit. Listed for $495,000 (with a recent price cut), this apartment in Lenox Hill welcomes foreign buyers (which is unusual for a co-op), trusts, LLCs, pieds-a-terre and subletting, and it also comes with at least a couple of really major catches. 

First catch, the maintenance: a hefty $4,026 does get you daily maid service and covers utilities, but that's a big chunk of change. Second, the building has a dreaded land lease (the sticky situation of not actually owning the land the building sits on), which makes it a riskier purchase. 

But what's the apartment like? It's very handsome, with a large foyer with inlaid tile, and well-maintained herringbone wood floors. The spacious living room has wood built-ins for storage and display, and a bench for additional seating. 


The full-size kitchen has a window, plentiful counter space, and a large pantry; there's even a separate bar sink. 

The bedroom gets lots of natural light thanks to southern exposure and has a walk-in closet. 


The windowed bathroom has double sinks, and a glass shower. 

The building, known as The Beekman, was built in 1927. Additional amenities include a 24-hour doorman, concierge, porter, in-house management, and a bike room. Storage for the apartment transfers with the sale, and no pets are allowed. 

The apartment is one block from the F, N and Q trains at Lexington Avenue and 63rd, and two blocks from Central Park. Bloomingdale's, the Apple store, and lots of dining and shopping options are close by as well. 


Mimi headsht

Mimi OConnor

Contributing Writer

Mimi O’Connor has written about New York City real estate for publications that include Brick Underground, Refinery29, and Thrillist. She is the recipient of two awards from the National Association of Real Estate Editors for interior design and service journalism. Her writing on New York City, parenting, events, and culture has also appeared in Parents, Red Tricycle, BizBash, and Time Out New York.

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