Features
From Future New York
Ten New Developments Changing the Face of Kips Bay
By CityRealty Staff
Thursday, February 7, 2019
New developments planned for Kips Bay include (from L to R) 368 Third Avenue, 165 Lexington Avenue, 161 East 28th Street, 229 Lexington Avenue
A hidden gem can be found between Gramercy Park and Murray Hill: Kips Bay is named for Jacobus Kips, owner of a manor house that was leased as a quarantined facility for patients with yellow fever. That medical history lives on today, as Bellevue Hospital and NYU Langone sit practically side by side on First Avenue. The area becomes more residential as it gets further west to Lexington Avenue.
Kips Bay is often touted as one of the few remaining sections of New York with relatively reasonable housing prices. Critics chalk this up to the absence of flashy retail and restaurant opportunities. However, the neighborhood has its share of unique businesses, and national chains have caught on to its potential: It only took a few years for an AMC movie theater and Fairway to become local fixtures, and the Kips Bay Trader Joe's opened its doors in 2016.
The New York Times noted that "lackluster high-rises partly define the area," but much planning and construction has gone on since the article was published. We take a look at the most eye-catching new construction that's sure to put Kips Bay on the map.
Kips Bay is often touted as one of the few remaining sections of New York with relatively reasonable housing prices. Critics chalk this up to the absence of flashy retail and restaurant opportunities. However, the neighborhood has its share of unique businesses, and national chains have caught on to its potential: It only took a few years for an AMC movie theater and Fairway to become local fixtures, and the Kips Bay Trader Joe's opened its doors in 2016.
The New York Times noted that "lackluster high-rises partly define the area," but much planning and construction has gone on since the article was published. We take a look at the most eye-catching new construction that's sure to put Kips Bay on the map.
Developed by Sinha Development | Design by TRA Studio
8 stories | 10 units
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Just north of 88 & 90 Lex, permits have been filed for an eight-story mixed-use building to rise on the site of two relatively unremarkable buildings. Renderings show vertical piers and sloping window walls throughout, the top three floors setback, and a nearly fully glazed rear facade. There will be no more than two apartments per floor, and all units will have private balconies.
Developed by Forkosh Development | Design by C3D Architecture
19 stories | 43 units
Rendering of 161 East 28th Street via C3D Architecture
Three low-rise buildings near Third Avenue have been demolished, and a 19-story condominium is poised to rise in its place. Renderings show a white-bricked structure with large windows and private balconies for several units. According to permits filed with the city, amenities will include storage, bike room, gym, elevator, and roof deck.
Developed by Lexington Partners LLC | Design by Issac | Stern
11 stories | 43 units
Rendering of 165 Lexington Avenue via Issac | Stern
Located on the cusp of Kips Bay and Murray Hill, this new development will include two retail spaces, a community facility, and 43 studio through two-bedroom apartments. Renderings show a building roughly in line with its neighbors and with oversized windows to fill the apartments with light. The building will be attended, and residential amenities will include a package room, gym, lounge, outdoor terrace, roof deck, and storage. According to Real Estate Weekly, completion is estimated for spring 2020.
Developed by Excel Development Group | Design by GF55 Partners
23 stories | 155 units
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As this project shows, Kips Bay's transition to an increasingly residential area is not without challenges: The developers had to seek a rezoning from the city. According to The Real Deal, the team now is ready to move to the next stages of a mixed-use development that will bring approximately 10,000 square feet of retail space with rental apartments on top. Under the Mandatory Inclusionary Housing program, a percentage of apartments will be earmarked for affordable housing.
Developed by Lions Group NYC | Design by C3D Architecture
14 stories | 40 units
Rendering of 229 Lexington Avenue via C3D Architecture
Construction on this towering new rental topped out in October 2017. Next to rise are the full-height windows and accentuated bronze finish frames. Completion is estimated for later this year, and we expect to see a leasing launch soon. When it opens, residents will enjoy excellent privacy--only two or three apartments per floor--and access to the 33rd Street subway stop.
Developed by Minrav Development | Design by SLCE Architects
35 stories | 100 units
Rendering of 368 Third Avenue via Minrav Development
As of this writing, one of Kips Bay's tallest new skyscrapers is rising just off East 27th Street. Renderings show a pale facade with floor-to-ceiling windows and bronze-colored window frames. There will be retail at the base, and residential amenities will include a fitness center, lounge, and rooftop with stunning skyline and East River views. Completion is estimated for 2022.
Developed by Shalimar Management | Design by C3D Architecture
11 stories | 20 units
543 Second Avenue rendering via C3D Architecture
According to renderings, a vacant lot on the corner of Second Avenue and East 30th Street is in for a glistening new look. Renderings show top four stories of the glassy new building cantilevering over the adjacent building. A custom glass curtain wall will offer residents floor-to-ceiling windows, and antique gold finish frames will make the building even more of a standout. There will only be two apartments per floor, and a glass-enclosed elevator will ferry residents to them.
Rendering via Alexandria Real Estate Equities
Just north of Kips Bay's many hospitals, another institution devoted to science is in the works: The east and west towers of the Alexandria Center for Life Science are complete, and the north tower is in early stages. When it is completed, the facility will span 550,000 square feet, bring more than 1,400 jobs, and address the city's shortage of commercial laboratory space. The restaurant, gym, urban farm, and conference center will serve as natural networking center's for the center's many tenants. The north tower's groundbreaking is expected for 2020, and completion is estimated for 2022.
Developed by Slate Property Group | Design TBD
35 stories
Rendering via Slate Property Group
This assemblage on the corner of Third Avenue and East 33rd Street is in very early stages, but current zoning allows a development of up to 63,538 square feet. The purchase of air rights from an adjacent property would increase that figure by more than 20,000 square feet.
Developed by China Overseas Land & Investment | Design TBD
In November 2017, The Real Deal reported that China Overseas Land & Investment bought a Kips Bay development site from Extell for $75 million. Its plans for the 135,000 square feet of development rights are unknown, but something spectacular wouldn't be entirely unexpected: This is the developer behind Jersey City's future tallest building.
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