Small Wonder

A well-heeled, renovated Kips Bay co-op that's perfect as a starter apartment

By Virginia K. Smith | February 28, 2017 - 9:59AM 

For Manhattan buyers in search of suitable studios, Manhattan's east side is often the most reliable place to look, with loads of quality, reasonably-priced inventory in Yorkville, Tudor City, Murray Hill, and as is the case with this week's Small Wonder, Kips Bay.

This particular studio is located in Penny Lane, a co-op building on East 24th Street with enticing extras including a 24-hour doorman, on-site garage, package room, storage, and a large planted roof deck with skyline views. As for the apartment itself, it's currently asking $460,000 after a recent $20,000 price cut. (It's been on the market for half a year, so you may have room to negotiate.)

The apartment has been recently renovated to include tasteful dark wood cabinetry throughout (including a built-in wood Murphy bed), but keep in mind that the photo with hardwood floors is the work of virtual staging—in real life, the floors are tile, though wood might be a nice upgrade once you move in.

The kitchen has dark wood finishes to match, as well as new appliances and an all-important dishwasher. The bathroom is simple, but fairly spacious, and we like the black-and-white tile.

However, you'll need to qualify for this place on your own: The building does not accept guarantors nor pied-a-terres. (And while cats are allowed, dogs are not.)

On the bright side, subletting is permitted (with board approval) after two years, which gives you a measure of financial flexibility in the future.


Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.