Here’s what new condo buyers can get in Turtle Bay (aka East Midtown)
- Developers expect an influx of workers at JP Morgan and other nearby office towers to boost sales
- Incentives include furniture packages, short-term rental flexibility, and prices starting at $850,000
The entrance to The Perrie, a new condo development in Turtle Bay with 95 units, all one bedrooms. The property is a former hotel.
The Couthouse
Lots of new condo developments in New York City are geared toward luxury buyers, but a handful of projects in Turtle Bay (aka East Midtown) are focusing their marketing efforts on a narrower subset of buyers: First-time buyers who want to be close to where they work.
Developers here are hoping to capitalize on return-to-office mandates and the area’s commercial side on the west side of the neighborhood, where JP Morgan Chase spent $300 million on an office tower at 250 Park Ave., near its future headquarters at 270 Park.
Other high-profile office towers nearby are also drawing a new influx of workers, like One Vanderbilt, just west of Grand Central, which opened in 2020 and is the fourth-tallest building in NYC; and 425 Park Ave., which was designed by award-wining architect Norman Foster and opened in 2022. Financial services firm Citadel is the anchor tenant at this 47-story tower.
If you recently landed a job in East Midtown and want a short stroll to the office, new condo projects in Turtle Bay like Monogram New York, The Perrie, and Minuet have some incentives to appeal to first-time buyers and investors, including turn-key furniture packages, short-term rental flexibility, and prices that start in a range of $850,000 to $875,000.
Limited availability for new construction
Turtle Bay, which runs from 43rd Street to 53rd Street, between Lexington Avenue to the East River, is not an area where you’ll find lots of new condo projects.
Out of a total of 44 condo buildings in the neighborhood, there are just six new developments with available listings, according to Marketproof, a real estate analytics company, which recently added a market snapshot feature for subscribers that Brick used for this article.
The average price for new condos in the neighborhood in the third quarter of 2024 was $1.89 million, down 30 percent over the prior year, while the average price per square foot, $2,273, was up 5 percent over the prior year.
Many of NYC neighborhoods are undersupplied—meaning they lack new condo projects, said Kael Goodman, Marketproof’s CEO.
“There are not a lot of opportunities for new construction in Manhattan,” Goodman said. You’ll find more choices in Brooklyn and Queens instead of central Manhattan, he added.
For a new condo buyer who wants to be in Manhattan—Turtle Bay’s proximity to Midtown and Downtown office buildings and cultural destinations, and access to multiple subway and commuter rail lines at Grand Central, is a draw.
“Even if you work from home, this convenience is every bit as attractive,” Goodman said.
Many new condo buyers in this neighborhood are also likely to be international, he added, investing in a pied-à-terre or place for their adult child.
‘Price sensitive’ condos at Monogram
The JP Morgan tower is expected to draw buyers to Monogram New York, said Jordan Shea, an agent at Douglas Elliman. He is the sales director for the new development, which is located at 135 East 47th St., just east of Lexington Avenue and next to Grand Central Station. The influx of big firms means the area is attractive to commuters who want a pied-à-terre close to Grand Central, Shea added.
The pandemic initially delayed sales, so now the building is fully built and available for immediate occupancy. There are 191 units, which include studios, one-, and two-bedroom layouts. Pricing starts at $850,000 for a studio and run just under $5 million for a penthouse.
Average asking price per square foot is $2,624, however, studios and one bedrooms on lower floors have asking prices ranging from $1,772 to $2,202 per square foot, according to Marketproof, which has a handy feature that shows users all price metrics for every unit on every floor. One of those lower-priced units is #6B, a 478-square-foot studio on the market for $898,000 with common charges of $993.
Taking a cue from tony Park Avenue buildings, Monogram has a private bar and lounge for residents only (and their friends) with skyline views. The perk does not impact common charges, Shea said.
“We’re very price sensitive and we’re very ‘monthly’ sensitive,” Shea said. “Because the cost of lending has gone up our goal is to make us as attractive to as many as possible.”
Buyers here can choose from furniture packages selected by interior design firm Neri&Hu, an amenity aimed at pied-à-terre buyers.
“The idea behind the interior design package is you can move in with just your clothes and toothbrush, if you wanted,” he said.
A hotel is reborn as The Perrie
The Perrie, a condo development at 234 East 46th St., launched sales less than two months ago. It has 95 condo units, all of them one bedrooms. Why all the same size? Because it was originally AKA United Nations, a hotel. The developer, Cape Advisors, didn’t change the layouts.
“We upgraded the finishes and amenity spaces, and added closet space, said the firm’s president, David Kronman. “We could have torn it down and done ground up construction, but that is a tremendous amount of work, and the place already had incredible bones.”
Prices here range from $875,000 to $1,550,000 for a penthouse, with an average asking price of $1,793 per square foot. Units on lower floors have asking prices ranging from $1,393 to $1,489 per square foot, as per Marketproof.
Unit #305 is 627 square feet and is asking $885,000, translating into a price per square foot of $1,411. Common charges are $1,426 a month.
Kronman said that the building meets Federal Housing Administration lending guidelines, and once it reaches a 51 percent-sold threshold, buyers can apply for lower-cost FHA loans, which accept smaller down payments—as little as 3.5 percent down for buyers with credit scores above 580. The FHA loan limit for a single-unit property in expensive areas like NYC is $1,149,825.
“Because our price point is right around the loan limit, it made sense to get pre-approved,” Kronman said. “Traditional financing requires 20 percent down and usually coming up with a down payment is not easy. This puts condo ownership within reach for more buyers,” he said.
He said the units don’t feel small, thanks to their “efficient design.” They average around 650 square feet and most have a balcony, and there are front and rear gardens for residents.
“We took advantage of a setback to create a front garden with seating, and the rear garden has a fire pit, outdoor yoga area and seating,” he said.
The building also offers furniture packages from Studio EKB. Other amenities include a fitness center, co-working suite, and residents’ lounge, and the ability for owners to rent out units for as little as 30 days when they are away.
But perhaps the biggest amenity is the neighborhood, which Kronman described as “underrated.”
“Turtle Bay is full of tree-lined blocks, distinctive townhouses, and hidden gardens. It’s centrally located and convenient,” he said, adding that JP Morgan’s commitment to the East Side will bring a lot of employees to the area. “People want to live near the office,” he said.
First-time buyers dance the Minuet
Candice Milano is a broker at Brown Harris Stevens and part of the sales team for Minuet, a new condo building at 244 East 52nd St. with 15 units.
Milano said Minuet’s small, boutique nature is its chief selling point. Owners share a floor with only one or two other units. Smaller buildings often lack services and amenities, but there is a nearly full-time doorman at Minuet, as well as a gym and storage. Most units have outdoor space.
Prices range from $1.25 million to $6.5 million, with a $1,983 average asking price per square foot. Units on lower floors have asking prices of $1,677 to $1,923 per square foot, according to Marketproof.
Unit #2C, a 1,003-square-foot, two bedroom, two bath is asking $1,699,000 with common charges of $1,598. The asking price per square foot is $1,694.
Some buyers are from the suburbs, others were already living in Turtle Bay and wanted to upgrade to new construction.
“There’s not a lot of new inventory in the neighborhood, it’s mostly older co-ops,” Milano said.
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