Downsizing in Murray Hill and Kips Bay

Murray Hill and Kips Bay at a glance

Murray Hill takes its name from the estate Robert Murray held in the 1700s, and Kips Bay from Jacobus Kip's 17th-century farm. An 1847 law known as the Murray Hill Restriction limited building on the estate to brick or stone dwellings, which the Cooperator article credits with preserving the area's residential character. The Landmarks Preservation Commission now lists the Murray Hill Historic District and its extensions, and the Morgan Library and Museum, which began as J. Pierpont Morgan's private library, stands at 225 Madison Avenue at 36th Street.

The exact borders depend on who is drawing them, so use cross streets and station names rather than the neighborhood label when you compare listings.

Sources: Cooperator, A Look at Murray Hill and Kip's Bay (2002); NYC Landmarks Preservation Commission; The Morgan Library and Museum; NYPL, Kips Bay Library.

Co-ops, condos and brownstones in Murray Hill and Kips Bay

The housing stock here spans turn-of-the-century brownstones, apartment buildings and high-rises, with co-op conversions among them. That range lets a downsizer pick between an elevator building and a walk-up floor.

• Co-op apartments. You buy shares and a proprietary lease. Approval steps, financial requirements, flip tax and sublet rules are set by each building's documents. Ask for the proprietary lease, bylaws and house rules early.
• Condominiums. You own a deeded unit under a declaration and bylaws. Whether the board can exercise a right of first refusal depends on those documents.
• Brownstone and townhouse floors. A floor-through in an older building can offer a single level, often with stairs. Ask about the steps, the systems and whether the building is in the Murray Hill Historic District.

Read the co-op and condo guide and the format comparison before you tour. State law lets each co-op set its own fees payable on a sale of shares, so the flip tax is a building-by-building question.

Sources: Cooperator; NY Business Corporation Law sec. 501; NY Attorney General, cooperatives.

Getting around Murray Hill and Kips Bay

The MTA's 6 line page shows local stops at 23 St and 28 St on Park Avenue South and 33 St at Park Avenue, and then Grand Central-42 St, where the 4, 5, 7 and S also stop. Grand Central is also the station for Metro-North. Check which entrances are equipped with elevators on the MTA's accessible stations list and plan a trip with the MTA trip planner.

Sources: MTA, 6 line map; MTA, 7 line map.

Hospitals and health care near Kips Bay

NYU Langone's Tisch Hospital, at 550 First Avenue, is a teaching hospital with more than 350 beds, and its Ronald O. Perelman Center for Emergency Services is at 570 First Avenue. The VA's Margaret Cochran Corbin campus at 423 East 23rd Street lists 24/7 emergency medicine; most of its other services require a referral, and eligibility depends on VA enrollment.

Sources: NYU Langone, Tisch Hospital; VA New York Harbor, Manhattan campus.

Libraries, museums and everyday life in Murray Hill and Kips Bay

• Libraries. The NYPL's Kips Bay Library is at 446 Third Avenue and opened in 1972. The Epiphany Library is at 228 East 23rd Street.
• Museums. The Morgan Library and Museum is on Madison Avenue at 36th Street.
• Older adult programs. NYC Aging centers offer free membership to people 60 and older; find a center near you or call Aging Connect at 212-244-6469.

Sources: NYPL, Kips Bay Library; NYPL, Epiphany Library; NYC Aging.

Storms, flooding and insurance in Murray Hill and Kips Bay

NYU Langone's own news page says damage from Hurricane Sandy in October 2012 closed its emergency department for repairs and renovation until the new Perelman Center opened on April 24, 2014, rebuilt with flood mitigation measures. That is one campus, not a statement about any particular block, and risk varies by address. Look up any address in the city's hurricane evacuation zone finder and on the FEMA Flood Map Service Center.

Condo and co-op unit policies usually exclude flood. Ask the managing agent what the building's policy covers, and read our flood and storm insurance guide.

Source: NYU Langone News.

Taxes and local government in Murray Hill and Kips Bay

Murray Hill and Kips Bay are in the City of New York and New York County, so the city's Department of Finance issues the property tax bill and administers exemptions.

• SCHE. Age 65 or older, primary residence and combined owner income of $58,399 or less, with 50% down to 5% reductions in assessed value. Co-ops apply separately.
• Enhanced STAR. For owners 65 and older with income of $110,750 or less for 2026-27.
• Co-op and condo abatement. The board applies for the whole building by February 15, and owners certify primary residence.

On a sale, the NYC Real Property Transfer Tax is 1% up to $500,000 and 1.425% above. See senior exemptions, costs and money and the net proceeds calculator. This is general information, not tax advice.

Sources: NYC311, SCHE; NYS Tax, STAR; NYC Finance abatement; NYC Finance RPTT.

Questions to ask before you buy in Murray Hill and Kips Bay

• What are this building's cross streets, and which subway station is closest to the door?
• For a co-op, what does the board package require, how long does approval take and what is the flip tax in writing?
• What are the sublet rules, and does the building limit owners who are away for long periods?
• Is there an elevator, and how many steps remain between the street and your door?
• For a brownstone floor, how are the costs of the roof, boiler and stoop shared?
• Is the building inside the Murray Hill Historic District?
• Did water reach this building in past storms, and what does the building's insurance cover?
• What are the reserves, the underlying mortgage and any planned assessments?

Compare with the Upper East Side or Battery Park City, or see all neighborhoods. Introductions through this site go to agents on the operating team at eXp Realty, so this is not a search of the whole market. If you want one, get matched with a downsizing specialist.