When many New Yorkers think of residential areas in Manhattan, Midtown may not come to mind. But it should! For instance, Kips Bay in Midtown East. The laid-back neighborhood is brimming with local conveniences — not to mention a much lower median asking sales price than Manhattan (more on that shortly!). Our Deal of the Week is 145 E. 29th St. #3B, a 1-bedroom unit in Kips Bay. This apartment has plenty to love, plus it’s just a few blocks from Madison Square Park.

Midtown Homes Under $600K on StreetEasy Article continues below

The Price: $450,000

The median asking price for a home in Midtown East — of which Kips Bay is a neighborhood — was $940,000 this December, according to the StreetEasy Data Dashboard. That means our Deal of the Week is almost $500,000 less than the median asking price for the greater nabe. For comparison, the median asking price for a home in Manhattan is $1.5M, making this unit even more enticing!

Buyers who stick with the 20% minimum down payment of $90,000 can expect to see monthly payments of $2,534. This includes a mortgage payment of $1,526 and a maintenance fee of $1,008 — and far below Midtown East’s median asking rent of $3,995!

Why You’ll Love It…

Upon entering the unit, you’ll find a formal foyer complete with a closet. The living room is a step-down, offering enough space for both living room furniture and a dining set. And, the south-facing windows ensure you’ll have great light throughout the day. On the other side of the foyer, the kitchen has its own nook, complete with lots of cabinets, a glass tile backsplash, and a dishwasher.

You’ll find the bedroom big enough for a queen-sized bed through the living room’s elegant double pocket doors. The bedroom has two closets, and a few steps away is the en-suite bathroom decked out in classic black and white tile.

Even better, the building has a stellar location between Lexington and Third Avenues. Trader Joe’s is just two blocks to the north, and Target and Fairway are one long block to the east. Plus, the building has an elevator, laundry room, and shared garden.

Upper East Side Homes Under $650K on StreetEasy Article continues below

… And Why You Might Not

The kitchen is definitely on the smaller side, and it only has an under-counter fridge. Also, the bedroom doesn’t have a lot of room for additional furniture besides the bed. But the closets will have you covered storage-wise.

Still, it’ll be difficult to find a better 1-bedroom below $500,000 in most parts of Manhattan!

Check out the listing at 145 E. 29th St. #3B, listed by Doug Kampsen of Compass.

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