A private group officially assumed management of New York City's Central Park yesterday. Observers said they knew of no other city in the U.S. which had such an arrangement with a private group to run a major urban park.

• The Central Park Conservancy, the private nonprofit group that took over control of the park's daily operations, has been raising roughly $5 million a year for Central Park.

• It will initially receive $1 million a year from the city -- and depending on how much private money the group raises, up to $4 million.

• The city will continue to handle larger decisions about the park -- such as where and when to schedule concerts and deployment of police officers -- while the conservancy will manage concessions, tree planting and educational programs, among other duties.

• The conservancy has already played a substantial role in restoring the park's architectural and landscape features over the past decade -- rescuing it from a state of near collapse.

• Three-quarters of the park's workers are now employed by the conservancy -- a move that has annoyed union activists, who believe the handover was simply an attempt to get rid of union workers.

The Central Park Conservancy is funded by foundations, corporations and wealthy individuals -- many of whom live near the park.

Mayor Rudolph W. Giuliani said he would like to extend a similar deal to other city parks. For example, the Prospect Park Alliance has played a major role in raising funds for that park.