Kips Bay Real Estate Market Trends

Market Overview for Quarter 2, 2021


Median Sale Price

$618K

0% YoY


Median Price/Sqft

$1,003

-5% YoY


No. of Transactions

71

136% YoY

Manhattan Median Sale Price

$1.1M

16% YoY

What is the median sale price and median price per sq ft in Kips Bay?

In Quarter 2, the median home sale price in Kips Bay was $618K, a 0% change year-over-year. A total of 71 properties changed hands, up 136% compared to the same month last year. In Quarter 2, the median price per square foot was $1,003, a -5% YoY change. The median home sale price in Manhattan was $1.1M.

Kips Bay Neighborhood Map

Though it's dominated by buildings associated with New York University, there are many condos and townhomes in Kips Bay as well. Residents of this high-priced neighborhood have everything they need at their fingertips, including a movie theater, bank, gym, 24-hour pharmacy, a New York public library and a 44,000 square foot grocery store.

Kips Bay Median Sale Price

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Median Sale Price Per Square Feet

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Real Estate Transactions in Kips Bay

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Top most expensive neighborhoods in Manhattan

Kips Bay median price compared with other neighborhoods in Manhattan

Property values in Kips Bay are lower compared to the borough of Kips Bay overall.




Kips Bay median price compared with all the neighborhoods in Manhattan

Neighborhood Borough Median Sale Price
Hudson Yards Manhattan $5,364,000
TriBeCa Manhattan $3,600,000
NoHo Manhattan $2,950,000
SoHo Manhattan $2,687,500
Hudson Square Manhattan $2,562,500
NoMad Manhattan $2,189,362
Central Park South Manhattan $2,075,000
Chinatown Manhattan $2,066,160
NoLIta Manhattan $1,875,000
Civic Center Manhattan $1,825,000
Flatiron District Manhattan $1,782,000
West Village Manhattan $1,751,000
Carnegie Hill Manhattan $1,675,000
Two Bridges Manhattan $1,597,561
Little Italy Manhattan $1,350,000
Chelsea Manhattan $1,300,000
Lincoln Square Manhattan $1,252,500
East Village Manhattan $1,234,628
Roosevelt Island Manhattan $1,225,000
Greenwich Village Manhattan $1,150,000
Upper West Side Manhattan $1,130,000
Lenox Hill Manhattan $1,125,000
Battery Park City Manhattan $999,999
Lower East Side Manhattan $992,500
Central Midtown Manhattan $990,000
Gramercy Park Manhattan $982,500
Financial District Manhattan $965,000
Sutton Place Manhattan $955,000
Clinton - Hell's Kitchen Manhattan $950,000
Garment District Manhattan $940,000
Theatre District - Times Square Manhattan $868,000
Yorkville Manhattan $857,165
Murray Hill Manhattan $750,000
Harlem Manhattan $715,000
Manhattan Valley Manhattan $699,000
Turtle Bay Manhattan $670,029
Morningside Heights Manhattan $640,000
East Harlem Manhattan $634,453
Koreatown Manhattan $630,000
Kips Bay Manhattan $618,000
Washington Heights Manhattan $526,226
Inwood Manhattan $428,875
Tudor City Manhattan $315,888

Residential Properties Sold in Kips Bay

Property Type Median sale price Y-o-Y Median sale price/sqft Y-o-Y Transactions
Condos $760K -1% $1K -3% 25
Coops $560K -2% $911 -3% 43
Houses $2.1M - $810 - 1

The median house sale price in Kips Bay in Quarter 2 was relatively flat year-over-year at $2.1M. Condo and coop prices in Kips Bay trended similarly, with the median condo price flat year-over-year at $760K, and the median coop sale price flat at $560K.

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Kips Bay Neighborhood Guide

Kips Bay is a haven for Manhattanites who do not want their personal identities tied to a brand name neighborhood. In fact, the identity of Kips Bay is so amorphous that ask any two residents about its present-day boundaries along the East River in Midtown and you are likely to get two very different answers. The lower price tags of Kips Bay housing make the area a transitional move for many - either on their way up to trendier neighborhoods or a refuge for those priced out of suddenly "hot" communities. With its proximity to the United Nations, Kips Bay projects a strong international vibe from the infusion of residents tied to the world's diplomatic service.

Architecture and landmarks

Kips Bay had a role in the Revolutionary War - British forces landed here in September 1776, drove out patriot resistance and occupied the city. A rare clapboard survivor of 18th century Manhattan stands at 203 East 29th Street, although the gable-front vernacular structure has been much altered over the years. Industrialist Henry Phipps, a partner of steel magnate Andrew Carnegie, built a trio of six-story apartment buildings for tenants of modest income in 1906. Today Phipps Houses continues to build high-rise affordable housing in Kips Bay although the original Phipps Houses gave way to an early Brutalist project by iconic modernist architect I.M. Pei in the 1960s. This comprises the Kips Bay Towers, a pair of 20-story apartment buildings that were the keystone of an aggressive urban renewal push in the neighborhood. And in what may be destined to become a future landmark, Carmel Place opened in 2016 as New York's City's first foray into micro-housing. An initiative of the Michael Bloomberg administration, the 55-story complex features modular living units of between 260 and 360 square feet.

Transport

The Lexington Avenue subway line that runs right outside the Kips Bay western boundary offers stops at 23rd, 28th and 33rd streets. Bus routes include the M9, M15, M15 SBS, M23 SBS, and M34A SBS. For residents commuting to Queens, the East 34th Street ferry service makes for a quick cross over the East River.

Schools

A part of District 2, Kips Bay is served by the Mary Lindley Murray School, P.S. 116, and the American Sign Language and English Secondary School. Kips Bay is also home to the famous UN International School, a private institution preparing the next generation of Ivy League freshmen. Post-secondary education students can take advantage of Baruch College, one of ten senior colleges of The City University of New York, which has operated since 1847 as the nation's oldest institution of free public higher education.

Health

"Bedpan Alley," a row of major hospitals, rests on the doorstep of Kips Bay and occupies some 20 city blocks. Some of the facilities located within the neighborhood boundaries are the NYU Clinical Cancer Center, Bellevue Hospital Center, Tisch Hospital and the VA NY Harbor Healthcare System.

Safety

Kips Bay is in the hands of the 13th Precinct. According to crime reports there were 20.07 crimes per 1,000 residents, placing the neighborhood about in the middle of Manhattan safety rankings.

Things to do

Shopping is a prime diversion in Kips Bay. Several national big box chains have stores here and the Dover Street Market at the corner of East 30th Street and Lexington Avenue boasts seven floors of high-end fashion outlets. While on Lexington Avenue take advantage of a bevy of boutique spice purveyors and Turkish/Indian cuisine that have earned the retail pocket the nickname of Curry Hill.

Mets fans used to grabbing a barbecue sandwich at Citi Field from Blue Smoke can find Danny Meyer's flagship restaurant of slow-cooked, smoked meats in the finest traditions of the American South on 27th Street. After-dark options attract a youngish crowd where you will rarely be in competition with tourists for tables. Strolling along the East River brings iconic cityscape views and is a front row seat for any city celebration offering fireworks.

Serious recreation and people-watching will require a short hop to Madison Square Park or Union Square, but Vincent Albano Park provides playground equipment and benches for relaxing. The Asser Levy Recreation Center on 23rd Street, which requires a nominal annual membership fee, offers more extensive facilities and indoor/outdoor swimming pools