- Type
- Condominium
- Units
- 114
- Landmark
- No
- Pets
- Pets permitted under condominium rules
- Subletting
- Generally permitted under the condominium declaration
- Pied-à-terre
- Allowed
Every recorded sale at this building, 2014–2026
Price-per-square-foot over time, the line- and floor-premium curves, and every recorded sale.
- Median $/sf
- $1,452
- Listing discount
- 2.3%
- Recorded sales
- 137
- On record
- 2014–2026
385 First Avenue is an early-2000s new-development condominium on the eastern edge of Gramercy, where the neighborhood runs toward First Avenue, the East River, and the medical-and-residential band around the East 20s. It belongs to the cohort of purpose-built ownership towers that reshaped the avenue in the post-2000 development cycle, bringing modern condominium product to a corridor that had long been dominated by older rental and walk-up stock.
The value proposition is the corridor's familiar one: deeded condominium flexibility, newer mechanical systems, and a price point that sits below the prewar trophy spine to the west, in a location convenient to Gramercy, Stuyvesant Square, the East 20s, and Midtown East. For buyers who want the flexibility of ownership and the practicality of newer construction, the First Avenue condominiums are a rational entry into the broader Gramercy submarket.
Architecture and unit composition
385 First Avenue is a new-development condominium of early-2000s vintage — a masonry-and-glass residential tower built to the standards of its construction era. The apartment mix runs to efficient one- and two-bedroom layouts typical of corridor new-construction product, with a smaller number of larger combinations. Window lines, ceiling heights, and finish packages reflect early-2000s standards; buyers should view layouts in person to calibrate on light, exposure, and room scale, which vary materially by floor and orientation in a building of this footprint.
Newer building systems, elevators, and common areas are a real diligence and carrying-cost advantage relative to the corridor's prewar inventory, though current engineering condition should always be confirmed.
Building operations
385 First Avenue operates as a condominium, with owners paying common charges plus individually assessed real estate taxes rather than a single co-op maintenance figure. The building carries the staffing and service package typical of a full-size new-development condominium in the corridor. Buyers should review the current common-charge schedule, the building's reserve position, any tax-abatement status, and any recent or planned assessments as part of diligence.
Recent sales
385 First Avenue is a condominium, so the right way to read its market is on a price-per-square-foot basis: deeds record price and date, and apartment-level square footage, beds, baths, asking price, common charges, and discount-to-ask complete each comparable. As a corridor matter, eastern-Gramercy and Kips Bay condominiums of this vintage have generally traded at a discount to the prewar trophy spine, with pricing driven by floor, exposure, light, and the freshness of each apartment's renovation. River-facing and high-floor units typically command a premium over lower, interior-facing inventory. Because units are heterogeneous, apartment-level comparison beats a blended building average; we model each prospective transaction on $/sf against recent in-building and corridor deeds.
Recent closings 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 | PPSF | vs. Ask |
|---|---|---|---|---|---|
| Jun 1, 2026 | 14A | 1 BR · 1 BA · 770 sf | $1,180,000 | $1,532/sf | -3.7% |
| Jan 12, 2026 | 7F | 1 BR · 1 BA · 750 sf | $950,000 | $1,267/sf | -5.0% |
| Dec 16, 2025 | 11A | 1 BR · 1 BA · 770 sf | $950,000 | $1,234/sf | -4.9% |
| Aug 15, 2025 | 11F | 1 BR · 1 BA · 720 sf | $975,000 | $1,354/sf | -11.0% |
| Jul 31, 2025 | 8F | 1 BR · 1 BA · 720 sf | $960,000 | $1,333/sf | -12.3% |
| Jun 20, 2025 | 2B | 2 BR · 2 BA · 1,233 sf | $1,510,000 | $1,225/sf | -6.5% |
| Jun 16, 2025 | 6H | 1 BR · 1 BA · 748 sf | $990,000 | $1,324/sf | -0.9% |
| Mar 18, 2025 | 7H | 1 BR · 1 BA · 748 sf | $999,000 | $1,336/sf | off-mkt |
Market read. Most recent trades (2026) cleared a median $1,452/sf across 2 sales. Median listing discount 2.3% from the last ask — a recurring negotiation gap worth pricing into any offer or listing strategy.
The retrade record
Lines that have traded more than once in the public record — the building’s appreciation arc, apartment by apartment.
Other recent transfers
| Date | Unit | Price |
|---|---|---|
| Jan 30, 2019 | 6D | $1,000,000 |
| Sep 19, 2014 | — | $111,500,000 |
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 1-00928-7505) 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; square footage from recorded condo declarations and offering plans.
What to know if you’re buying
Condominium flexibility is the headline. Deeded ownership generally permits pied-à-terre, investment, and sublet use under the declaration, with fast closings relative to co-ops. Confirm the current declaration and house rules at offer stage.
Price on $/sf and per apartment. Capture square footage, exposure, floor, and renovation condition; compare against recent in-building and corridor deeds rather than a single average.
Carrying cost is common charges plus taxes. Model the full monthly carry — common charges, real estate taxes, and any abatement status — rather than a single number.
Mansion tax applies above $1M. Run any prospective purchase through the Mansion Tax Calculator.
What to know if you’re selling
Exposure and floor drive price. Light, orientation, floor, and renovation condition separate comparable units; price to where a specific apartment sits in that range.
Condominium liquidity widens the pool. The flexibility of deeded ownership broadens the buyer base relative to co-ops; reflect that in marketing reach.
Closing timelines are condo-fast. Expect a materially shorter contract-to-close window than a board-approved co-op sale.
Comparable buildings
If you're considering 385 First Avenue, also evaluate:
- 111 Third Avenue — nearby corridor condominium; comparable vintage and flexibility
- 111 East 14th Street — new-development condominium at the corridor's southern edge
- 368 Third Avenue — Kips Bay condominium; direct corridor peer
- 300 East 40th Street — Murray Hill condominium; comparable carrying-cost profile
- 34 Gramercy Park East — the corridor's prewar trophy reference point
The Roebling Team at 385 First Avenue
The Roebling Team at Compass works across the Gramercy, Murray Hill, Kips Bay, and Midtown East submarkets. We publish this building profile because buyers and sellers in the corridor's condominium stock deserve building-specific intelligence — ownership structure, carrying-cost reality, transactional mechanics, and pricing read at the apartment level — rather than generic market commentary.
If you're considering a purchase or sale at 385 First Avenue, 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.
Get the full picture on this building.
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