Kips Bay real estate guide

Kips Bay is the East Side neighborhood between roughly 23rd and 34th Streets, from Third Avenue to the East River, just south of Murray Hill. It is named for Jacobus Kip, a seventeenth century Dutch settler whose farm bordered a small East River inlet that was later filled in. The bay gave its name to the Landing at Kip's Bay in September 1776, when British troops came ashore during the Revolutionary War. Through the twentieth century the area was reshaped by large scale planning: I. M. Pei's Kips Bay Towers, the Waterside Plaza complex built out over the river, and the growth of the Bellevue and NYU Langone medical campuses along First Avenue. Today the neighborhood mixes those modern complexes with older walk-ups, rowhouses and new rental and condominium towers. The East River Greenway and the ferry landing at East 34th Street connect it to the waterfront.

Homes and buildings in Kips Bay

Kips Bay offers one of Manhattan's broadest mixes of postwar housing. Kips Bay Towers, two slab buildings by I. M. Pei completed in the 1960s, converted to condominiums in 1981. Large postwar co-ops and rental buildings line Second and Third Avenues, while older walk-ups and a few rowhouses remain on the side streets. Newer rental towers and condominiums have been added since the 2000s, and Carmel Place, completed in 2016, introduced the city's first micro unit building.

Streets, parks and landmarks

Kips Bay is defined by its avenues and its institutions. First Avenue is lined by the Bellevue and NYU Langone medical campuses, and Second and Third Avenues carry everyday retail, grocery stores and restaurants, with more dining along Lexington Avenue at the western edge. Open space includes Bellevue South Park, the Asser Levy Recreation Center and the East River Greenway. The scale is mostly mid and high rise, with lower buildings on the side streets.

Selling in Kips Bay

Buyers in Kips Bay are often comparing value per square foot against neighboring Murray Hill and Gramercy, so sellers benefit from leading with what the neighborhood does well: space, light and building services. Open views from higher floors, renovated kitchens and baths, and outdoor space create the strongest premiums. In postwar co-ops, maintenance levels, building reserves and any planned assessments are closely scrutinized. Condo sellers in Kips Bay Towers and similar buildings should have common charges, taxes and recent building projects documented and ready.

Compass market data: Compass counts Kips Bay in its Midtown East submarket. In Q3 2026 the Midtown East submarket’s median sale price was $950,000 (+2.2% on a year earlier), on 561 closed sales (+11.3%). Source: Compass Manhattan Market Report Q3 2026 (data: REBNY RLS, ACRIS). NYC market data →

Buying in Kips Bay

Kips Bay has both co-ops and condominiums, and the large complexes each have their own rules, so review policies on subletting, pets and alterations early. Distance to the subway varies from about two to five long blocks, as the 6 runs along Park Avenue South and Lexington Avenue, so consider bus and ferry options too. Units near the hospitals or the FDR Drive should be visited at several times of day.

Kips Bay: frequently asked questions

Where does the name Kips Bay come from?

The neighborhood is named for Jacobus Hendrickson Kip, a Dutch settler whose farm in the seventeenth century bordered a small inlet of the East River. That inlet, roughly between today's 32nd and 37th Streets, was later filled in, but the name survived. It is also remembered for the Landing at Kip's Bay on September 15, 1776, when British forces came ashore during the New York campaign.

What subway serves Kips Bay?

The 6 train is the closest subway, with stops at 23rd, 28th and 33rd Streets along Park Avenue South and Lexington Avenue, at the neighborhood's western edge. On the east side, the M15 Select Bus Service runs on First and Second Avenues, and the M23 and M34 cross town. NYC Ferry service stops at the East 34th Street landing on the river.

Source: new.mta.info

Are Kips Bay Towers condos or co-ops?

Kips Bay Towers, the two long slab buildings designed by I. M. Pei on East 30th to 33rd Streets, are condominiums. They were originally built as rentals in the 1960s and converted to condominium ownership in 1981. The buildings share private gardens between them, and their deep grid of windows remains one of the best known examples of mid century residential design in Manhattan.

What parks are in Kips Bay?

Kips Bay's public open spaces include Bellevue South Park, the Asser Levy Recreation Center with its pools and fields, and the East River Greenway along the waterfront. Stuyvesant Cove Park lies just to the south along the river. Madison Square Park and Gramercy's tree lined streets are a short walk west, and Waterside Plaza includes a raised plaza above the river.

Source: nycgovparks.org

Sources: nycgovparks.org, new.mta.info, ferry.nyc, communityprofiles.planning.nyc.gov. Neighborhood boundaries are customary and vary by source. Updated October 2026.