Meet 165 Lexington Avenue: 43 new condos rising in central location

By Michelle Mazzarella | From Future New York Thursday, March 5, 2020

(l-r) Rendering via Issac & Stern Architects; construction progress circa March 2020 via CityRealty

Within Midtown South's ongoing building boom, at the western edge of Kips Bay is 165 Lexington Avenue, a new condominium taking shape between East 30th and 31st street. Brooklyn North Capital is at the helm of the 43-unit condo development where demolition for the pre-existing four-story building at the site commenced in late 2018. Fast forward two-and-a-half years later, a recent visit shows the replacement is now roughly halfway towards its eventual 11-story culmination

A rendering by Issac & Stern shows tall windows, setback terraces, and clean lines. The design somewhat echoes the firm's 359 Second Avenue, another new condominium planned near Gramercy Park. Other coming works by the firm include Society House, which is loft condo conversion underway near Hudson Yards, and 11 Hancock Place, a cantilevering condominium under construction in Harlem

Permits for 165 Lexington Avenue call for a medical office, two distinct retail spaces, and 43 residential apartments. There will be no more than six units per floor. Select units will come with private roof terraces, and all residents will have access to an attended lobby, library, fitness room, bike room, storage room, and common roof deck.

An offering plan filed last week is yet to be fully approved, but the surrounding area may be able to provide some clues on pricing. Down the street from the site, is VU, a soaring new condominium that recently topped out construction. There, studios are expected to start from $840K, one-bedrooms from $1.1M, two bedrooms from $1.185M, and three bedrooms from $2.99M. Meanwhile, CityRealty data shows that the average price of a Murray Hill condo stands at $1,219 per square foot.

The new condominium is taking shape in a once-quiet part of New York that has seen an infusion of energy in recent years. Dover Street Market’s New York outpost brought avant-garde high fashion to the neighborhood, and many popular fitness studios - including but by no means limited to Exhale, 305 Fitness, Tone House, and Barry’s Bootcamp - have locations in the area. The new building is up the street from “Curry Hill” and surrounded by popular restaurants and bars; those who prefer to dine in benefit from a nearby Trader Joe’s and Fairway.

Residential development is keeping pace with commercial: There is the aforementioned VU in one direction; in the other, The Lex recently launched leasing at just under $4,000/month. Meanwhile, many new rentals and condos are about to get off the drawing board and onto the construction phase.