- Type
- Cooperative
- Units
- 84
- Floors
- 7
- Landmark
- No
- Pets
- Dogs and cats permitted, with a weight limit and breed restrictions per house rules
- Subletting
- Permitted after a continuous-occupancy period (historically several years) with board approval and a sublet fee; confirm current terms at offer stage
- Pied-à-terre
- Allowed
- Flip tax
- Applicable transfer fee per the proprietary lease; confirm the current rate and payer at offer stage
229 East 28th Street is a practical, well-run post-war cooperative on the Kips Bay / Gramercy edge — a seven-story brick building of roughly 84 apartments dating to the early 1960s. It is the kind of mid-century co-op that offers moderate carrying costs, an efficient full-superintendent operation, and a location that puts the amenity density of Gramercy, Murray Hill, and Kips Bay within a short walk without the price premium of a doorman trophy address.
The building sits between Second and Third Avenues on a quiet residential block, close to the 6 at 28th Street and the broader East Side transit network. For buyers, the appeal is straightforward: pre-established, stable post-war construction; a policy framework that accommodates real-life ownership (pieds-à-terre, subletting after a holding period, pets within limits); and pricing that reads as accessible relative to the surrounding neighborhoods.
It is a building bought for value and location rather than for amenities or architecture — and it prices accordingly.
Architecture and unit composition
The apartments distribute across seven stories in a straightforward post-war brick envelope. The unit mix runs from studios and one-bedrooms through two-bedroom layouts, with the efficient room proportions and through-wall or window air conditioning typical of early-1960s construction. The building carries a renovated lobby and a maintained façade — cosmetic upkeep that signals a board attentive to the common elements.
Renovation quality varies apartment to apartment and is the primary driver of the pricing spread within the building. Buyers should read each apartment on its own condition, floor, and exposure.
Building operations
229 East 28th Street runs a lean, functional operation: a full-time superintendent, a renovated lobby, a central laundry room, a bike room, and resident storage with individual lockers. There is no doorman, no gym, and no on-site parking — expected for a value-oriented post-war co-op of this size, and part of why carrying costs stay moderate.
The building permits washer-dryer installation under house rules in many lines, allows pets within a weight limit and breed restrictions, and permits subletting after a continuous-occupancy period with board approval and a sublet fee. Financing is permitted with a standard minimum down, and a transfer fee applies under the proprietary lease. Buyers should confirm the current maintenance schedule, any assessments, the reserve position, recent capital work, and the exact sublet and financing terms during due diligence.
Recent sales
As a cooperative, 229 East 28th Street is read on a price-per-room basis. Many apartments trade without a published square footage, so per-room and per-estimated-room pricing is the more reliable comparison. Recent closings have run from roughly the low-to-mid hundreds of thousands for studios and smaller one-bedrooms up toward the high hundreds of thousands for larger, renovated two-bedroom layouts — with condition, floor, and exposure driving the premium within the building.
Apartments here have historically sold within a normal range of asking after a standard marketing period, consistent with a stable, value-oriented post-war co-op. The accessible price point and the accommodating policy framework are recurring points of buyer appeal across market cycles. Specific recent figures should be confirmed against current recorded transfers at offer stage.
Recent transfers at this building, curated by The Roebling Team research desk. Apartment-level facts are independently verified before publishing; sale prices reflect the recorded transfer amount at the NYC Department of Finance.
| Date | Unit | Apartment | Price | vs. Ask |
|---|---|---|---|---|
| Jan 24, 2023 | LA | 2 BR · 1 BA | $715,000 | -1.4% |
Market read. Median listing discount 1.4% from the last ask — a recurring negotiation gap worth pricing into any offer or listing strategy.
Sales sourced from NYC Department of Finance recorded transfers (BBL 1-00909-0015) and verified listing data. Apartment-level facts (line, condition, asking-price context) curated and cross-verified by The Roebling Team research desk. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price.
What to know if you’re buying
This is a value co-op — read it as such. Moderate carrying costs, a lean operation, and an accessible price point are the appeal. There is no doorman, gym, or parking; weigh that against the price.
Understand the co-op economics. Financing is permitted with a standard minimum down; a transfer fee applies. Model the full carry and confirm the current financing threshold, flip-tax rate, and any assessments.
Condition drives price. Renovation quality is the primary variable within the building. Inspect kitchens, baths, and mechanicals and price against comparable condition.
Know the sublet rules before you buy. Subletting is permitted after a continuous-occupancy period with board approval and a fee. If flexibility matters to you, confirm the current holding period and fee schedule up front.
Board approval applies. As a cooperative, purchases require board approval. Prepare a complete, well-documented board package.
What to know if you’re selling
Lead with value and location. The accessible price point on the Gramercy / Kips Bay edge is the headline against pricier doorman stock nearby.
Presentation matters. Because condition drives the pricing spread, staging and preparation materially affect outcome.
Price per room against the right comps. Comparable analysis should weight floor, exposure, and condition, and account for the building's accommodating policy framework in the buyer pool it attracts.
Comparable buildings
If you're considering 229 East 28th Street, also evaluate the broader Gramercy and Kips Bay cooperative market — post-war co-ops of similar scale and value orientation, where floor, exposure, and renovation condition drive apartment-level pricing more than any building-wide average.
The Roebling Team at 229 East 28th Street
The Roebling Team at Compass specializes in the Gramercy, Kips Bay, and broader East Side cooperative market. We publish this building profile because cooperative buyers and sellers deserve building-specific intelligence — board policy, operating reality, and apartment-level pricing — not generic market commentary.
If you're considering a purchase or sale at 229 East 28th Street, a 30-minute consultation is the right starting point. We'll bring the full context this page provides plus the transactional specifics your situation requires — financial structuring, due diligence priorities, comparable analysis at the apartment level, and the pacing strategy that fits your timeline.
The neighborhood
For the full corridor — architecture, schools, transit, and pricing across Gramercy — read The Roebling Team Guide to Gramercy.
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