- Year built
- 2023
- Type
- Condominium
- Units
- 60
- Floors
- 12
- Landmark
- No
- Financing
- Standard condominium financing; no board-imposed ceiling
- Flip tax
- Not documented in public records; new-development condominiums commonly substitute a working-capital contribution at closing — confirm against the offering plan
Hendrix House is a small building making a specific bet: that the buyer who wants new construction, real finishes and a full amenity floor in Manhattan below 30th Street does not necessarily want — or cannot pay for — a three-bedroom. Sixty residences, none larger than a two-bedroom, on a twelve-story corner lot at Second Avenue and 25th Street. There is no penthouse tier, no full-floor product, no trophy line. The entire inventory is aimed at the studio-through-two-bedroom market that dominates transaction volume in Kips Bay and Gramercy and is chronically underserved by new construction, which tends to chase larger unit sizes and higher per-square-foot ceilings.
The architecture follows the same discipline. DXA Studio designed a building that turns its corner in a curve rather than a right angle, with banded masonry coursing and rounded corner glazing — a soft, horizontal reading that distinguishes it from the flat-planed glass towers that have filled the Second Avenue corridor over the past two decades. It is not a monumental building and does not try to be. What it does is treat a 12-story corner site as a piece of streetwall rather than as a tower base.
Interiors are by Paris Forino, who handled both the residences and the amenity suite — a single-designer approach that gives the building visual continuity from lobby to apartment that developments with split design teams often lack. The most-discussed feature is programmatic rather than decorative: every residence carries a built-out home-office alcove with millwork shelving, a desk with soft-close drawers, and integrated cord management, delivered as standard. That is a direct post-2020 design response, and in a building whose largest unit is a two-bedroom it does real work — it converts what would otherwise be a compromised corner of a living room into a defined room.
The market answered quickly. Sales launched in June 2024 through an outside marketing team; by January 2025 the building was reported at roughly 75 percent sold, some 45 residences representing close to $60 million in contracts at an average of approximately $2,133 per square foot. Absorbing three quarters of an inventory in seven months, during a period when Manhattan new-development absorption was generally slow, is the clearest available evidence that the product thesis was correct.
Location does part of that work. The building sits three blocks south of the Bellevue and NYU Langone medical complex, one block from the 23rd Street 6 train, and within walking distance of Gramercy Park, Madison Square Park, and the Kips Bay retail spine on Second Avenue — an unusually deep employment catchment for a small condominium, and one that supports both owner-occupancy and rental demand. Kips Bay's residential stock is overwhelmingly post-war cooperative and rental; new for-sale condominium product here is scarce.
Architecture and unit composition
The 60 residences distribute across 12 stories in a mix of studios, one-bedrooms and two-bedrooms, in roughly 44,571 gross square feet per the architect's materials. That works out to a modest average residence size, which is the point rather than a shortcoming — the building was underwritten to a price-per-unit that keeps entry pricing accessible in a submarket where most new construction does not.
The façade is a banded composition of masonry and glass with a curved corner at Second Avenue. The curve is the design's organizing move: it carries through to the interior, where corner residences pick up wrapped glazing rather than a hard junction, and it is what most distinguishes the building on a stretch of Second Avenue characterized by flat glass and orange brick.
Residence finishes are specified above what a 60-unit building at this price point typically delivers. Kitchens are marble on countertops, backsplashes and islands, with Gaggenau gas cooking, integrated Thermador refrigeration and Bosch dishwashers. Primary baths carry custom oak dual-sink vanities, Bianco Sivec marble walls, and radiant-heated SoHo grey quartzite floors; secondary baths carry Bianco Sivec floors with independently adjustable radiant heat and soaking tubs. Radiant floor heating in both bath tiers, rather than only the primary, is the detail that signals the specification level.
The standard home-office alcove — millwork shelving, integrated desk, cord management — appears across layouts. In a studio or one-bedroom this is the difference between a residence that functions for a work-from-home buyer and one that does not, and it is the feature most responsible for the building's absorption pace.
Building operations
Hendrix House operates as a condominium with a concierge-attended double-height lobby lounge. The amenity program is broad for a 60-unit building: fitness center with a separate yoga and dance studio, wellness spa with steam room and sauna, co-working center, landscaped ground-floor courtyard, landscaped roof terrace with lounge seating, grills and dining areas, and a pet spa.
Weigh that program against the common charge. Amenity operating cost — staffing, equipment, spa mechanicals, roof-terrace maintenance — is spread across only 60 units here, which is a structurally thinner base than a 200-unit building carrying the same program. That is not a defect; it is a carrying-cost characteristic to model rather than assume.
Two diligence items follow from the building's age. First, as a 2025-occupancy building, Hendrix House has limited operating history: the reserve position, the first full-year audited financials and the actual versus projected budget are all still maturing. Request the current audited statements and the current budget, and compare the operating budget against the offering-plan projection — first-year variances in new condominiums are common and predictive. Second, establish how much sponsor inventory remains. A sponsor holding a meaningful share of 60 units controls both board dynamics and the effective pricing floor for resale.
Recent sales
Hendrix House launched in June 2024 and reported roughly 75 percent of its inventory in contract by January 2025 — approximately 45 residences and close to $60 million, at an average of about $2,133 per square foot. That absorption pace, in a market where Manhattan new-development sell-through was generally measured, is the most useful single datapoint about the building: the pricing was set to move, and it moved.
For buyers, the practical consequence is that the remaining sponsor inventory at any given moment is likely to be the residual — specific exposures, specific floors, or the layouts that sold last. That is not a reason to avoid the building; it is a reason to compare a sponsor unit against the emerging resale set rather than against the launch price sheet.
For sellers, the early resale market at Hendrix House will be defined by two things. First, sponsor competition: while unsold sponsor units remain, a resale listing is competing against a seller with a marketing budget and concession flexibility. Second, line comparability: with only studios, one-bedrooms and two-bedrooms and 12 floors, the comparable set within the building is unusually clean, which cuts both ways — it makes pricing easy to defend and equally easy to challenge.
The broader Kips Bay and Gramercy context matters for both sides. The surrounding for-sale inventory is predominantly post-war cooperative, which trades at a substantial per-square-foot discount but carries board approval, primary-residence expectations, restricted subletting and, in several nearby buildings, no in-unit laundry. The per-square-foot gap between that inventory and new condominium product is not a mispricing; it is the price of condominium form, new systems, and amenity.
Unit-level transaction history is maintained in The Roebling Research Library and shared with clients during diligence.
Recent closings at this building, sourced from NYC Department of Finance records. Apartment-level detail (line, condition, asking-price context) verified upon consultation request.
| Date | Unit | Price |
|---|---|---|
| Oct 10, 2025 | 5A | $1,848,423.75 |
| Sep 23, 2025 | 3E | $1,746,273.75 |
| Sep 18, 2025 | PHA | $3,400,000 |
| Sep 2, 2025 | 4A | $1,781,937.5 |
| Jul 28, 2025 | 4B | $1,349,181.25 |
| Jul 28, 2025 | 7C | $1,298,268.75 |
Full closing history with price-per-square-foot over time, the complete retrade record, and every line that has traded.
Sales sourced from NYC Department of Finance recorded transfers (BBL 1-00905-7504) 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
The unit mix is the product. Nothing above a two-bedroom. If you need a third bedroom, this is not the building, and no combination inventory exists to create one at scale.
The home office is standard, not optional. Built-in millwork desk and shelving in every layout. In a studio or one-bedroom this materially changes how the residence lives.
Amenity cost is spread thin. A full spa-and-fitness-and-co-working program across 60 units. Model the common charge against the amenity list before assuming the ratio is favorable.
The building is new. Request the first audited financial statements, the current budget against the offering-plan projection, and the sponsor's remaining unsold inventory.
Verify the tax line. New construction assessments move. Run True Monthly Carrying Cost against the actual current bill for the specific unit.
What to know if you’re selling
Sell the specification. Gaggenau, Thermador, Bianco Sivec, radiant heat in both bathrooms, and a named interior designer across residences and amenities. That is a defensible finish story against both older cooperative stock and value-engineered new construction.
Sell the workspace. The built-in home office is the feature that differentiated the building at launch and it remains the clearest point of difference in the studio and one-bedroom market.
Price against sponsor inventory, not around it. Establish what the sponsor still holds and at what price before setting an ask.
The comparable set inside the building is small and clean. With three unit types and twelve floors, a buyer's agent will find your comparables quickly. Price to them.
Comparable buildings
If you're considering Hendrix House, also evaluate:
- Tempo (300 East 23rd Street) — the nearest full-service condominium of comparable scale; the most direct Kips Bay/Gramercy condominium comparison
- 200E21 (200 East 21st Street) — boutique Gramercy condominium; a small-building peer with a similar amenity-to-unit ratio question
- 250 East 21st Street — Gramercy condominium three blocks west; condominium form at a different vintage
- 245 East 25th Street (Spruce Ridge House) — cooperative on the same block; the price-per-square-foot floor the condominium premium is measured against
- 201 East 25th Street (The Peter James) — post-war cooperative one block west; the cooperative alternative with board approval and use restrictions
- 305 East 24th Street (New York Towers) — large post-war cooperative; the scale comparison for amenity cost spreading
- 160 East 26th Street — Kips Bay cooperative converted in 1982; older stock, lower carrying cost, restricted use
- 45 East 22nd Street (Madison Square Park Tower) — the trophy new-development condominium a few blocks northwest; the ceiling of the submarket
- 277 Fifth Avenue — NoMad new-development condominium; a higher-priced contemporary peer
- 212 Fifth Avenue — pre-war office conversion condominium; the character-driven alternative at a higher price tier
The neighborhood
For the full corridor — architecture, schools, transit, and pricing across Gramercy — read The Roebling Team Guide to Gramercy.
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