501 Third Avenue (Eastlight)Recorded sales & closing prices

Eastlight trades as the corridor's price leader on a per-square-foot basis among conventional condominium inventory, and the spread between it and the surrounding 2000s-vintage stock is the building's defining commercial fact. Sponsor closings began in 2021 into a soft market, which produced a first cohort of buyers whose basis is below where the building has generally cleared since; resale supply through 2024 and 2025 has been thin as a result, and the units that do come to market are disproportionately the smaller studio and one-bedroom lines rather than the multi-exposure corners.

Two pricing behaviors are worth naming for anyone underwriting here. First, the exposure premium inside the building is wide — a light-and-view corner and an interior line on the same floor are not comparable assets, and building-average per-square-foot figures materially mislead in both directions. Second, the corridor discount to the Murray Hill and Midtown East condominium tier a few blocks north is real but has compressed since delivery; buyers pricing Eastlight against The Devon at 333 East 34th Street or The Charleston are comparing new construction to converted and mid-2000s product, and the gap should be expected to persist.

Indexed to the last complete year, the Kips Bay and Murray Hill condominium market has been a volume market rather than a price-appreciation market — steady absorption at the entry and mid tiers, limited pricing power at the top. Eastlight's inventory sits mostly in the tiers that have kept moving.

Unit-level transaction history is maintained in The Roebling Research Library and shared with clients during diligence.