What you can buy for $1 million in Lenox Hill

Have you always wanted to live in Lenox Hill 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, Aimee Denaro Becker, an agent at Sotheby’s International Realty East Side Manhattan Brokerage, and Lisa Chajet, a broker at Coldwell Banker Warburg, give us the inside story on Lenox Hill, a lively Upper East Side residential community offering a quintessential New York City experience.

What draws buyers to the neighborhood?

Away from commercial zones and commuters but still close to the city’s myriad amenities, Lenox Hill is a “neighbors’ neighborhood,” Becker says. “It’s chock-full of schools, cafés, grocery stores, and restaurants, all geared toward people who live in New York full time, not just visitors or [owners of] pieds-à-terre.”

It’s a combination of attractions—schools, proximity to Central Park and churches, great takeout options, and convenience—that bring buyers, Chajet says. “It’s a community, a real neighborhood with local shops and a local vibe,” she says. “It’s like a small town where everybody knows your name.”

What are housing and pricing like?

Noting that there’s a variety of co-ops, condos, and townhouses in Lenox Hill, Becker says that prices range from $60 million mansions and $20 million co-ops that are only a couple of avenues away from $1 million two bedrooms and $400,000 studio co-ops.

“In the last 10 years, Lenox Hill still has had some of the most reasonably priced apartments and homes in comparison to Downtown or even Brooklyn, where prices have spiked at all-time highs,” she says.

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

Although many studio and one-bedroom options fall in this price range, Becker says some two bedrooms are also available.
 
“Anything near the river might seem to be priced similarly to apartments closer to Central Park, but if you visit them in person, you’ll find that you get a lot more square footage the [further] east you go.”

She says the neighborhood’s real estate “has incredible value right now” and that Lenox Hill “is bustling—there are new restaurants and cafés popping up every week, and it’s still very reasonably priced in comparison to other neighborhoods.”

According to StreetEasy, there are 280 possibilities from which to choose.

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

Noting that there are “a lot of options in this range,” Becker says that “if you’re open to a co-op and are able to put 50 percent down, there are some very large apartments on Park Avenue and just off it.”

She says that although such units would usually require renovations, “they are gorgeous apartments that, once updated, could be a forever apartment.”

Many condo choices, including three bedrooms, are here too, especially east of Second Avenue.

“There are some beautiful options that, if located Downtown, would be priced closer to $3 million to $5 million,” she says.

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.

A drawback of living in Lenox Hill “is that there are very few condos in comparison to co-ops, so a new-construction condo is much more valuable, especially for family-size apartments,” Becker says.

The Giorgio Armani Residences, at 760 Madison Ave., is one of the “exciting” new builds, Becker says. The 12-story building, which was completed this year, has only 10 units. Five remain on the market; they range from $23.5 million to $32.5 million.

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

Chajet always takes clients on a walking tour of the neighborhood, pointing out the old-school mom-and-pop shops that give Lenox Hill its local flavor. “During the tour, I mention that we’re near The Met, The Frick, and the Whitney,” she says, adding "and we’re right at the entrance to the Great Lawn at Central Park.”
 
The Central Park Zoo, of course, is a must for people who have children, Becker says. But she also takes clients to a variety of new and old hot spots.

“The Mark Hotel has a Jean-Georges restaurant and is almost always filled with celebrity and fashion insiders,” she says. “Bemelmans Bar is the best old-school place for a martini and jazz—it has been around for decades but now almost always has a line to get in.”

Her other favorites include the private club Casa Cruz New York, the Greek restaurant Avra, and the French bistro Le Bilboquet.

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

Midtown and Sutton Place, Becker says, “are very reasonably priced right now, even more so than Lenox Hill, and both offer the best space for the money in Manhattan.”

Like Lenox Hill, she adds, Sutton Place is very residential, “but it’s a bit quieter and off the beaten path,” she says, while Midtown is, by definition and desire, “bustling and noisy, but it’s in the middle of everything.”

Check out these listings that are around $1 million in Lenox Hill.

200 East 69th St., #8F

Listed for $635,00, this studio condo has a marble bath, hardwood floors, and a closet that can hold a Murphy bed. Amenities at the 277-unit building, which dates to 1991, include full-time doorman and concierge services, an on-site attended parking garage, a fitness center, common outdoor area with a playground, marble lobby, and private storage.

401 East 74th St., #14S

This alcove studio co-op is set up with two sleeping areas and on the market for $630,000. It is one of 236 units in a 20-story building, which dates to 1962 and has 24-hour concierge services, a resident manager, gym, community/ playroom, courtyard, and roof deck gardens with sitting and dining areas. There is also an attached garage. 

305 East 61st St., #503

Located in Archive Lofts, a loft conversion of a historic art warehouse, this 735-square-foot, one-bedroom, one-bath condo features a private balcony, 11-foot vaulted ceilings, wide-plank engineered white oak floors, and a washer/dryer. The open kitchen has a marble waterfall island and state-of-the-art appliances; a soaking tub and radiant heat flooring are features of the ensuite bath. Amenities include a 24-hour attended lobby, fitness studio, bicycle storage, resident lounge, and furnished roof deck with a wet bar and outdoor grill. Private rooftop terraces are available for purchase. The unit is asking $1.35 million.

401 East 60th St., #81

This 689-square-foot one-bedroom, one-bath condo has oversized windows, hardwood floors, an updated bath, and a kitchen with granite countertops and stainless steel appliances. It is asking $799,000; no board approval is required. Built in 1999, the 38-story building has 218 units, a 24-hour doorman and concierge, fitness center, roof deck, bike room, playroom, and laundry room.

400 East 77th St., #12G

Listed for $599,000, this 640-square-foot one-bedroom, one-bath co-op has custom closets and a kitchen with high-end appliances. It is located in a 1964 building with 18 stories, 159 units, a 24-hour doorman, live-in super, and laundry room.

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

You Might Also Like

The Market What you can buy for $1 million in Park Slope

Sales Market What you can buy for $1 million in Gramercy

Sales Market What you can buy for $1 million in Tribeca