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216Units
17Stories
1989Year Built
$557K - $6.9MValue Range
Available Units
For Sale
No Units Available
For Rent
Highlights
Concierge
P.S. 6 Lillie D. Blake Rated A
Fitness Center
Indoor Pool
On-Site Retail
Rooftop Deck
A department store goes belly up, and a luxury condominium steps in
In 1986, Edward A. Friedman, senior vice president of then mega property owner Helmsley-Spear, told The New York Times about the Gimbels department store site at 120 E. 87th St.: “The land is worth much more as a site for a luxury apartment building than as a department store.” He was spot on. Park Avenue Court, the luxury residential condominium building that took over Gimbels in 1989 is now one of the Upper East Side’s most prestigious addresses despite once housing the former rival to Macy’s, credited with introducing “bargain basements” to New Yorkers (most of their stores actually contained a basement with deeply discounted wares). Built in 1972, the corner building between 86th and 87th streets on Lexington was designed to attract affluent customers to the mass-market retailer. But the wealthy never came. “My interpretation is that the quality of Gimbels merchandise started to come down just as the neighborhood was becoming more affluent,” says Daniela Kunen, a Douglas Elliman agent with 22 years of experience. After two years of operation, the Gimbel family cut their losses and sold the store. By 1986 it was all over, and Gimbels ceased operations in New York.
The new owners indeed decided to bring luxury housing to an area considered at the time to be located on the border of the Upper East Side’s wealthy and northern Manhattan’s working class. According to Kunen, the developers — along with the distinguished architects at Skidmore Owings and Merrill (SOM) — introduced one of the first full-service rental buildings to the area. They threw in every amenity possible, from a private health club with an indoor pool to in-house parking. By 1997, due to high demand and an even greater increase in wealth in the area, the building was converted into one of Carnegie Hill’s first condominium buildings. “It was really ahead of its time,” Kunen says. “There were very few condos in Manhattan in general, and then there were almost no condos in Carnegie Hill.” The area’s changing climate, in addition to the building’s soaring ceilings and oversized windows, made Park Avenue Court popular with buyers and proved, without a doubt, that the former department store was more successful as a luxury condominium.
Large units with unique layouts at relatively reasonable prices
Park Avenue Court’s 216 units are spread across 17 stories. The first two floors are occupied by national chain stores, their facade distinguished by a beige stone. The rest of the building is clad in a stately red brick, with a series of setbacks that creates terraces all around the L-shaped building’s perimeter. Units vary in size and layout as, over the years, residents have bought neighboring apartments, expanding their square footage and reconfiguring original layouts. There are 525-square-foot studios (one asked $699,000 in the fall of 2024), 11-room apartments and everything in between. “Because it was the former Gimbels, the ceilings are extraordinarily high,” says Kunen. “They vary from about 13 feet to 17 feet, and that gives the impression that the apartments are larger than they really are. People can put a loft into the apartment if they wish.” High ceilings aside, several of the apartments are actually very large. For instance, on the market in the fall of 2024 are a 2,700-square-foot, three-bedroom, eight-room unit priced at $3.395 million; a 5,151-square-foot, five-bedroom, nine-room apartment with 2,500-square-feet of private terrace, asking $11 million; and a 900-square-foot one-bedroom that went for $1.25 million. “In terms of Carnegie Hill, it's a reasonably priced condominium,” says Kunen. “The newer buildings that have been built close to Carnegie Hill are twice the price of the square footage that’s charged in this building.”
Prospective buyers will love the roominess of units but may need to give the spaces a design overhaul. Although some of the residences on offer have been recently upgraded, renovations in others seem to have been undertaken many years ago. Features such as cherry-wood kitchen cabinetry and bathrooms adorned with green marble are decidedly dated, evoking a turn-of-the-21st century aesthetic. Despite the age of the renovations, all the units have a unique appeal.
A grand lobby, white-glove service plus a health club
The amenities are partly why this building was first pegged as being on the higher end, and why it continues to be considered as such. Entrance into the building starts with walking into a grand classical-meets-contemporary double-height rotunda, paved in patterned marble and walls alternating between wainscoting and punched-and-mirrored sections. A full-time 24-hour doorman along with a full-time concierge are usually stationed in the lobby. Residents also have access to porters, a dry cleaner on the first floor, a bicycle room, basement storage, a large children’s playroom, and an in-house parking garage. Outdoor space includes a finished rooftop and a large courtyard with a pergola and seating, off the mezzanine. And, according to Kunen, the private health club — which has a fully-equipped gym, a workout room and a yoga room — is one of the most used amenities.
Mere steps to everyday retail while luxury shopping is only a block or two over
Living at Park Avenue Court means residents never have to travel too far to get practically anything. The building’s first two floors of retail include the Danish bakery Ole & Steen, a Staples, a Petco and a Best Buy. A CVS is on the other side of 87th Street and Whole Foods is one block over on 87th and 3rd. A Fairway is also two blocks east. Carnegie Hill is known for its luxury shopping over on Madison and Park avenues, but the 86th Street corridor between Lexington and Third avenues is better known for its mall-brand stores like H&M and Old Navy. A Target, Ulta Beauty and Sephora also share the same block. Whenever the need to hit up the neighborhood’s luxury corridor strikes, residents are only a block or two away. One block east is the AMC Orpheum 7 movie theater. Museum mile passes through Carnegie Hill and both the Cooper Hewitt and Guggenheim are under 10 minutes on foot. A seven-minute stroll westbound on 87th Street (or any of Carnegie Hill’s 10 streets for that matter) leads directly to Central Park.
Nearby subway and bus stops plus a short distance to the FDR
The Upper East side isn’t known for its convenient subway access, but residents of Park Avenue Court are fortunate enough to have entrances to the 4, 5 and 6 on Lexington Avenue at 86th Street. If need be, the Q train stops at 86th and 2nd. The M101,102 and 103 travel north-south and there is a stop for the M86 — which goes westbound across Central Park — on the 86th Street side of the building. Drivers can access the FDR in six minutes.
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Current List Price
Sold Price
Area Factors
Low Crime
Crime Score®
2/ 10
Very Bikeable
Bike Score®
83/ 100
Walker's Paradise
Walk Score®
100/ 100
Rider's Paradise
Transit Score®
100/ 100
Sources: WhatIsMyCrimeRisk.com, Walk Score
Sources: WhatIsMyCrimeRisk.com, Walk Score
WhatIsMyCrimeRisk.com, Powered by CAP Index provides objective, accurate, and consistent data to help measure, compare, and mitigate crime risks. Walk Score® measures the walkability of any address. Transit Score® measures access to public transit. Bike Score® measures the bikeability of any address.
Sound Score® measures the noise level of any address. Environmental risk data is provided by First Street Foundation® and is designed to approximate risk and not intended to include all possible scenarios.
Parks in this Area
Ancient Playground
6 min walk
Ruppert Park
8 min walk
Picnic Area
Trails
Playground
Samuel Seabury Playground
9 min walk
Basketball
Playground
Events
Park Avenue Malls
10 min walk
Picnic Area
Central Park
12 min walk
East Meadow
12 min walk
Multi-Purpose Field
Great Lawn
14 min walk
Picnic Area
Trails
Events
Marx Brothers Playground
14 min walk
Soccer
Playground
DeKovats Playground
14 min walk
Picnic Area
Trails
Playground
Schools
Source:
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