What you can buy for $1 million in Kips Bay

Have you always wanted to live in Kips Bay but assumed you were priced out? In this new series, Brick looks at listings in New York City’s most in-demand neighborhoods for under $1 million—roughly the median sales price for Manhattan co-ops and condos—as well as higher-priced options below $2.5 million. 

If your goal is to live large, think small: Buying a studio or one bedroom is a way to net the nabe of your dreams. New to buying NYC real estate? Be sure to wrap your head around the difference between co-ops and condos. Co-ops are generally less expensive but also are older and have fewer bells and whistles than condos—plus more rules. With that in mind—happy hunting!

In this week’s Your Next Move, Mihal Gartenberg, a broker at Coldwell Banker Warburg, and Les Meyers, an agent at Compass, give us the inside story on Kips Bay, a diverse neighborhood in a convenient location.

What draws buyers to the neighborhood?

Kips Bay’s “relative affordability” is its biggest asset, Gartenberg says.

Meyers agrees, adding that “condos, co-ops, and townhouses have consistently traded at better values than other locations.”

What are housing and pricing like?

Buyers have choices of condos and co-ops in buildings that range from prewar to modern developments.

Noting that the median sales price for Kips Bay is $674,000, Gartenberg says, “there are two co-ops on the market for every one condo. New development skews to the higher end of the market, followed by [resale] condos, and, finally, co-ops.”
 
She adds that the approximate median sales price for new developments is $1.6 million; it’s $785,000 for resale condos and $584,000 for resale co-ops.

“The product isn’t as collectively tall as elsewhere in the city, so some homes, including in new developments, have amazing views,” Gartenberg says.

Buyers, Meyers notes, “can reasonably expect to get 20 to 30 percent more for their money” in Kips Bay.

What type of property can I get for under or around $1 million?

With this budget, you can buy a two-bedroom co-op or a luxury one-bedroom condo or alcove studio in a new development, Gartenberg says.
 
There are lots of choices: StreetEasy lists 105 on the market.

I can stretch my budget. What can I get for $2.5 million?

This price point will buy a variety of two-bedroom options, including a full-floor loft, a new condo development, or a co-op with almost double the square footage, Gartenberg says.

Meyers adds that co-op buyers “can expect some three-bedroom options with generous footprints” at $2.5 million.

Are there any newer condo developments I should check out?

Newer condos typically offer the most luxurious amenities and finishes, features that attract many buyers.

Reaching 36 stories, VU New York opened in 2021 with 100 units. Amenities include a doorman, bike room, gym, concierge, live-in super, media room, and roof deck. The least expensive unit, a 578-square-foot studio, is listed for $895,000.

Eastlight, which opened in 2021 and has 144 units on 34 stories, features an amenity suite, a roof terrace, private dining room, games room, and fitness center. A 488-square-foot studio, listed for $827,000, is the least expensive unit on the market.

Opened in 2021, the 11-story Lexi has 43 units, a fitness center, lounge, co-working space, playroom, bicycle room, and furnished rooftop deck. Listed for $1.35 million, a 765-square-foot one-bedroom, one-bath unit is the least expensive available unit.

Gartenberg notes that while new developments attract all of the attention, “older products can give buyers greater bang for the buck in Kips Bay.”

Which attractions do you show buyers who have never been to the area?

Meyers likes to point out the restaurants and cafés in the neighborhood and “eat brunch at Penelope, savor coffee at Felix Roasting Company, and, of course, enjoy Kips Bay’s fabulous location for viewing the Fourth of July Fireworks.”

Gartenberg’s tour includes nearby Madison Square Park and Union Square because “New Yorkers enjoy being near parks, which embrace their own cultural scene, farmers’ markets, and friendships.”

What are the nearby neighborhoods, and are they less expensive?

Gartenberg notes that Kips Bay is less expensive than its western neighbors NoMad, Flatiron, and Gramercy Park.

Meyers adds that Turtle Bay, to the north, “is comparable in pricing at the border but becomes more expensive toward the new developments near the UN.”

Check out these listings that are around $1 million in Kips Bay.

501 Third Ave., #22D

Located in brand-new Eastlight, this 420-square-foot studio condo has nine-foot ceilings, floor-to-ceiling windows, a soaking tub, in-unit washer/dryer, central AC, white oak floors, and marble countertops in the kitchen. It is on the market for $938,000. Besides the amenities described above, the 2021 development has a bike room, package room, full-time doorman, live-in super, concierge services, and available storage. 

245 East 25th St., #PHL

This one-bedroom one-bath co-op, listed for $700,000, is in the 21-story, 183-unit, full-service Spruce Ridge development, which was built in 1964 and converted in 1984. The top-floor unit has been renovated and features hardwood floors, custom closets, central AC, and stainless steel kitchen appliances. The building has 24-hour doorman service, a laundry room, bike room, package room, and roof deck. Garage parking is available. 

350 East 30th St., #4R

Listed for $785,000, this 800-square-foot condo has one bedroom, one bath, and an in-unit washer/dryer. It’s one of 128 units in a six-story elevator building that dates to 1956 and includes a 24-hour doorman, live-in super, laundry room, and bike room. 

165 East 32nd St., #11H

This one-bedroom, one-bath corner co-op in The Byron has a breakfast bar, stainless steel kitchen appliances, new floors, and an updated bath. The 135-unit building, which opened in 1964, has a live-in super, renovated roof deck, bike room, and laundry room. The 800-square-foot unit is listed for $759,000.

305 East 24th St., #14J

Originally listed for $585,000, this 650-square-foot alcove studio co-op is now asking $550,000. It has new hardwood floors as well as stainless steel appliances and custom cabinetry in the kitchen. Built in 1964, the 20-story New York Towers has 384 units, a 24-hour doorman, concierge desk, laundry room, and an on-site garage with valet parking. 

Nancy A. Ruhling is a freelance writer based in New York City.

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