- Type
- Condominium
- Units
- About 114
- Pets
- Pets permitted under condominium rules
- Subletting
- Generally permitted under the condominium declaration
- Pied-à-terre
- Generally allowed in condominiums; not confirmed for this building
- Landmark status
- Not an individual landmark; not in a historic district
- NYC Landmarks Preservation Commission and City Planning records, updated February 2026
- Doorman
- Full-time doorman
Every recorded sale at this building, 2017–2026
Price-per-square-foot over time, the line- and floor-premium curves, and every recorded sale.
- Median $/sf, 2026 to date
- $1,385
- floor-adjusted, 3 sales
- Listing discount
- 1.3%
- Recorded sales
- 137
- On record
- 2017–2026
Own an apartment here? See what it would sell for.
A Private Pricing Opinion — what your apartment at 385 First Avenue would likely sell for today, what it costs to sell, and what you’d walk away with — reviewed personally against condition, exposures, renovation quality, and the competition actually on the market.
385 First Avenue, known as CODA, is an existing-building condominium conversion 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. The NY Attorney General classifies plan CD140383 as a non-eviction conversion of an occupied building, accepted September 15, 2015 and effective November 3, 2016. Those are conversion milestones, not original construction dates.
The location is convenient to Gramercy, Stuyvesant Square, the East 20s and Midtown East. Evaluate the condominium’s actual operating costs, current systems and apartment condition; conversion status does not establish newer mechanical equipment, a lower price or lower carrying costs than nearby prewar buildings.
Architecture and unit composition
385 First Avenue is a residential tower converted to condominium ownership under the plan accepted in 2015. Its conversion does not date the original structure or establish which systems were replaced. Compare the unit plans and renovation records with the apartment itself to assess layout, ceiling height, light, exposure and current finishes.
The engineering reports, replacement history and current budget establish the condition and cost of the systems, elevators and common areas; age or conversion date alone does not establish an advantage over prewar inventory.
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. Confirm the building’s current staffing and services with management; the conversion filing does not establish that package. 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.
Monthly carrying charges in recent sales
- Common charges + taxes, per room
- $807 per room a monthMedian of 10 recorded sales since October 2023Source: recorded sales, refreshed October 2026
- Common charges + taxes, per square foot
- $3.09 per square foot a monthMedian of 11 recorded sales since October 2023Source: recorded sales, refreshed October 2026
- Common charges alone, per square foot
- $1.53 per square foot a monthMedian of 23 listings since October 2023 that give the annual taxSource: listing records, refreshed October 2026
- Real estate taxes alone, per square foot
- $1.53 per square foot a monthMedian of 23 listings since October 2023 that give the annual taxSource: listing records, refreshed October 2026
Common charges plus real estate taxes, combined into one monthly figure the way New York condominium listings show them. Add a mortgage payment for the monthly outlay. The split into common charges and taxes comes from the listings that also give the annual tax, a different sample, so the two lines need not add up exactly to the combined median; a tax abatement can hold taxes below the full amount until it expires. A summary of recorded sales and listings, not a current bill; charges change.
Building staffing and amenities
- Doorman
- Full-time doormanSource: recent listing records
- Concierge
- YesSource: recent listing records
- Elevator
- YesSource: NYC Department of Buildings elevator records
Staffing and amenities as our building profile and recent listing records describe them. A feature not listed is not confirmed absent. Outdoor space, parking and some facilities can belong to particular apartments or to a separate owner; confirm access for the specific apartment.
Local Law 97
- 2024–2029 annual penalty
- $0 (under cap)
- 2030–2034 annual penalty
- $65,585/yr
- Per unit / month range
- $0 – $48
- Modeled exposure split equally across 114 units (the residential count on the city's lot record). Not an assessed amount; condominium owners are typically charged by each unit's common-interest percentage.
Source: NYC LL84 benchmarking and PLUTO · The Roebling Research Library. City data last refreshed October 2026.
See full Local Law 97 analysis — emissions history, scenarios, methodology →Facade safety — Local Law 11
The latest available filing classified the facade as SWARMP — Safe With A Repair and Maintenance Program: the inspector (QEWI) identified conditions requiring monitoring or repair, with repairs due by the deadline stated in the filing. The scope, timeline, and how the building funds the work are building-specific — we review the filings and board materials for you.
How to read this, and where it comes from
QEWI = Qualified Exterior Wall Inspector — a licensed professional engineer or registered architect who meets DOB’s FISP qualifications and signs the report (the independent expert, not the managing agent).
Source: NYC DOB facade filings (FISP) · The Roebling Research Library. City data last refreshed October 2026.
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, from The Roebling Research Library. Prices are the transfer amounts recorded with the NYC Department of Finance; apartment-level detail is checked against the building’s own file in The Roebling Research Library before publishing.
| Date | Unit | Apartment | Price | PPSF | vs. Ask |
|---|---|---|---|---|---|
| Aug 12, 2026 | 16D | 2 BR · 2 BA · 1,116 sf | $1,675,000 | $1,501/sf | -2.9% |
| 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 · 1,231 sf | $1,510,000 | $1,227/sf | -6.5% |
| Jun 16, 2025 | 6H | 1 BR · 1 BA · 748 sf | $990,000 | $1,324/sf | -0.9% |
Market read. Most recent trades (2026 to date) cleared a median $1,385/sf (floor-adjusted) across 3 sales. Floor-adjusted means each sale is restated to a constant mix of floors, so the figure can differ from the plain median of the sales listed above. Median listing discount 1.3% 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.
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; each condominium apartment is its own tax lot). Apartment-level facts (line, condition, asking-price context) curated and cross-verified in The Roebling Research Library. 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.
Closed rents at 385 First Avenue, last 36 months
| Size | Leases | Median / month |
|---|---|---|
| 1 bedroom | 12 | $5,125 |
| 2 bedroom | 4 | $7,925 |
17 closed leases, October 2023 to September 2026. Most recent lease June 2026. Sizes with fewer than 2 leases are not shown. Compiled by The Roebling Team at Compass from closed leases.
What would your apartment rent for?
The figures above are the building's closed leases. Enter your apartment and I'll send you what yours would rent for, from comparable leases at 385 First Avenue and nearby.
At the recent median sale of $995K (10 sales in the past 24 months, since October 31, 2024), a buyer putting 25% down would pay about $35,693 to close, or 3.6% of the price.
- Mansion tax: $0
- Mortgage recording tax: $14,358
- Title insurance: $4,475
- Attorneys, lender, building fees, reserves and filings: $16,860
Assumes a resale (the seller pays transfer taxes), a $4,500 attorney fee and a mortgage on the rest.
Keep up with 385 First Avenue and its market
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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. 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 at $1M or more. 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.
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 — nearby Murray Hill building; compare its ownership terms and actual carrying costs separately
- 34 Gramercy Park East — the corridor's prewar trophy reference point
More Gramercy buildings
- 340 East 23rd Street (Gramercy Starck) — 2007 condominium
- 350 East 18th Street (The Florian) — 2025 condominium
- 382 Second Avenue — co-op
- 419 Park Avenue South — condominium by Hill West Architects
- 567 Second Avenue — condominium by CetraRuddy Architects
- Nolen (609 Second Avenue) — condominium
The neighborhood
For the full corridor — architecture, transit, and pricing across Gramercy — read The Roebling Team Guide to Gramercy.
How to read the facts on this page. Items attributed to an offering plan describe the building as it was offered at that filing — unit mix, square footage, the amenity program as planned. They are not a statement about how the building operates today. Tax and compliance figures are sourced separately to current City records and carry their own dates. House rules, staffing and fee policy can change by board resolution without any public filing: treat every policy line here as a starting point for diligence and confirm it with the managing agent. Where this page compares one building or neighborhood to another, that is our analysis of the recorded record — it names the measure, the period and the sample it rests on, and it is an observation about medians rather than a prediction about any particular apartment.
Considering a move at 385 First Avenue?
Request a private building brief with the relevant comparable sales, current and off-market availability, and an apartment-specific view of value.
646.939.7375 · c.cohen@compass.com