Kips Bay is a neighborhood in Manhattan, located in Midtown between East 23rd Street and East 34th Street, which is known for its affordable real estate. Residents can thank the fact that real estate prices in the neighborhood have remained attractive in comparison to other parts of midtown and downtown. The area was once a natural bay in the East River, although the land has been reclaimed, and gets its monicker from Dutch settlers Jacobus and Hendrick Hendrickson Kip, who owned a farm in the area.
The neighborhood has a more residential feel than other parts of midtown and is home to over 50,000 people. Kips Bay is best-known for its high-rise structures, where you'll find plenty of co-ops and condo apartments for sale. There are numerous iconic buildings located within the neighborhood including four Henry Phipps high-rise apartment complexes which were built in the 1960s. Then there's the Kips Bay Towers complex that includes two large condominium buildings that are home to numerous luxury apartments. More specifically, the towers have 1,112 units between them. These buildings were designed by the famous architect, I. M. Pei. One major drawing point for homebuyers is that real estate prices in the neighborhood are attractive in comparison to other parts of Manhattan. This makes purchasing an apartment in Kips Bay relatively affordable for many buyers.