140 Lexington Avenue (Issac & Stern Architects)
For a long time, a vacant lot in Kips Bay once used for parking has stood empty. But as a recent site visit shows, construction appears to be set to begin on 140 Lexington Avenue, a seven-story boutique condominium set to make a modern but tasteful statement on the northwest corner of Lexington Avenue and East 29th Street.
Developer Guy Peleg is the owner of the site (h/t Crain's New York Business), and renderings by Issac + Stern depict a seven-story building with a stone veneer facade and a penthouse bulkhead with outdoor terrace. The 12 condos are set to start on top of commercial space, and the large windows in the renderings promise abundant natural light. Further details are not yet available about the interiors or the amenities.
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Elevations of 140 Lexington Avenue via NYC DOB
However, one perk of 140 Lexington Avenue will be a central address near Madison Square Park, Dover Street Market New York, the AMC Kips Bay 15 movie theater, and the 28th Street 6 and R/W trains. It is near popular NoMad dining and a stretch of Lexington Avenue dubbed "Curry Hill" for its many Indian restaurants; those who prefer to dine in have a choice of Fairway, Trader Joe's, and Whole Foods nearby.
Construction ready to begin as late May 2025
It is also taking shape in an area that has seen several
new condo developments. Down the street from the site, boutique condominium The Luminaire offers the most relevant comparison to the project with its low-rise height, modern design, ultra-private condos with floor-to-ceiling windows and private balconies, and a common roof terrace; it is now sold out. Other nearby new developments include Rose Hill, The Lexi, and VU New York.
Additionally, new residential development shows no sign of slowing down. In January 2025, The Real Deal announced that the Emmet Building, a New York City Landmark at 95 Madison Avenue, received a construction loan for the conversion of this limestone office building to 65 condo units. Apartment sizes and prices have yet to be announced, as do amenities. The Landmarks Preservation Commission approved changes like rooftop additions and the installation of skylights in July 2024.
Rendering of the forthcoming Lexington South (Evenhar Development Corporation)
Additionally, one block away, Evenhar Development Corporation is planning Lexington South, a new 60-unit building (likely rentals) to rise on the corner of East 30th Street and Lexington Avenue. Four low-rise buildings, including the historic First Moravian Church, will be demolished to make way for the project, but the church will reportedly have worship space in the new building.
Rendering of SPARC Kips Bay (NYC EDC)
Moreover, in addition to the nearby NYU Langone Health, Bellevue Hospital, and Alexandria Center for Life Sciences, Kips Bay's medical credentials are to be further burnished with forthcoming projects. In February 2025, the New York City Council voted to approve SPARC Kips Bay. The $1.5 billion, 1.5 million-square-foot project will transform Hunter College's Brookdale campus into a new, state-of-the-art campus designed by Ennead and Dattner Architects.
SPARC Kips Bay will feature three integrated CUNY campuses, a new health and science-focused public high school, outpatient ambulatory care services and a training simulation center for NYC Health + Hospitals, a new forensic pathology center and medical examiner facility, and life sciences research labs. This project also includes public improvements like new publicly accessible open space and an ADA-accessible pedestrian bridge over the FDR Drive at 25th Street. Groundbreaking is expected by the end of 2025, and completion is estimated for 2031.
SPARC Kips Bay will feature three integrated CUNY campuses, a new health and science-focused public high school, outpatient ambulatory care services and a training simulation center for NYC Health + Hospitals, a new forensic pathology center and medical examiner facility, and life sciences research labs. This project also includes public improvements like new publicly accessible open space and an ADA-accessible pedestrian bridge over the FDR Drive at 25th Street. Groundbreaking is expected by the end of 2025, and completion is estimated for 2031.
On the same day SPARC Kips Bay was approved, the City Council also voted to approve Innovation East, a new life sciences facility to rise on the former Public Health Lab site at 455 First Avenue. The Public Health Lab will move to a new, state-of-the-art facility in Harlem, and the Kips Bay building will be demolished to make way for a 500,000-square-foot facility providing hands-on educational programs and partnerships with local K-12 schools, colleges, and non-profits to build access to career pathways in life sciences. Demolition of 455 First Avenue is planned for 2026, and construction of the new building is set to begin in 2027.
Local listings
Rose Hill, #PHB (Compass)
88 & 90 Lex, #1506
$5,900,000 (-10.6%)
Flatiron/Union Square | Condominium | 3 Bedrooms, 3.5 Baths | 2,265 ft2
88 & 90 Lex, #1506 (Ostrov Realty Group Limited)
Hillrose28, #1402 (Corcoran Group)
The Lexi, #11A (Nest Seekers LLC)
VU New York, #14A (Brown Harris Stevens Development Marketing LLC)
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