A cozy community near the water, at a decent price
The Sutton Place neighborhood has long held a reputation as a sleepy little district for older, ultra-wealthy folks. Once described by The New York Times as a “cozy, affluent enclave”, the six-block-long neighborhood sandwiched between the East River and First Avenue is now changing, according to Sarah Silva, a Compass real estate agent who works in the area. “I have noticed a shift within the last three to five years of younger folks seeing the ability to have beautiful water views being in such a quaint part of the city but still close enough to get where you need.”
Bult in 1966, the nine-story 40 Sutton Place, is one of those buildings where potential residents looking for a new home near the water can find an apartment for a decent price. “The nice thing about this place is you don't have to pay an absurd amount of money for it; it’s relatively affordable,” Silva says. The agent has even convinced die-hard downtowners that this tiny section of far-east Midtown could be a pleasant place to live. “I personally worked with clients who were downtowners, and they're like, ‘I want a lot of space essentially for the budget that I have in mind’. And sure enough, I converted a downtowner into seeing what it was and what they could get. You get the doorman. You get a beautiful lobby. You have close access to a park. You have water views, potentially, depending on the apartment you're looking at…it's just a nice, tucked-away part of the city.”
Views of the water and city lights but be sure to have a renovation budget
Converted to a condominium in 1981, 40 Sutton Place’s silhouette is almost a perfect box, with a beige brick facade and polished black granite at its one-story base, along with a canopied entrance. Residents here tend to hang on to their homes for a while, so when units come to market, although they’re generally in good shape, most of them are in need of a makeover. “The apartments are obviously going to vary from apartment to apartment based on what the owner decided to do with it,” says Silva. “A majority of them are going to be on the older end because people have been there for a very long time.” Original flooring is usually parquet and kitchens are typically galley and in a separate room unless they’ve been opened up by a previous owner. Many of the apartments have partial views of the water and the gleaming lights of the Queensboro Bridge, Roosevelt Island and Queens, at night.
Studios to three-bedrooms at a ‘bang for your buck’
The building’s 74 units are made up of studios to three-bedrooms, with most of the three-bedrooms being combined apartments. The average size of a studio is between 420 and 460 square feet, although there are one or two that hover around 500 square feet and 600 square feet. The last studio sold in 2023 for $419,500 and was basically in move-in-ready condition. One-bedrooms generally run between 600 and 691 square feet but those on the penthouse level can cross 1,000 square feet and can command anywhere from $461,000 to $895,000. Two-bedroom units come with one-and-a-half to two bathrooms and buyers usually pay anywhere from $770,000 up to $880,000. “All of this is relatively priced so much lower compared to what you would get if you were to go closer into the city. You get a lot of bang for your buck”
Full-service but no amenities
40 Sutton Place is not an amenity building, although it does provide full service with a 24-hour doorman, a live-in super and a porter. The lobby was recently renovated with varying shades of grey marble flooring and white walls with doors, the hallway carpet and coffers colored in a bold green. There is also a laundry room and bike and unit storage.
Everyday necessities and a park are just one block away
One would think that in a distant, tiny neighborhood like Sutton Place, everyday convenience stores would be in short supply; prospective home buyers would be happy to know that such is not the case. While you won’t find stores selling clothing or furniture in the neighborhood, for example (although outside of the enclave, Bloomingdale’s and similar shops are about a 10-minute walk away on Lexington Ave), there is a plethora of stores and restaurants on 1st Avenue catering to practical needs. Places like delis, banks, pharmacies, and even a Core Pilates studio can be found lining the street. There’s also a Trader Joe’s a three-minute walk from the building on 59th Street and a Morton Williams Supermarket between 56th and 57th. Numerous restaurants ranging from casual cafes to upscale Italian spot Morso and authentic Lebanese fare at Au Za'atar - Midtown East, are just one block away. And, although outside of the official neighborhood, 2nd Avenue is also packed with businesses that meet the everyday needs of residents. The recently extended East Midtown Greenway which passes through Andrew Haswell Green Park, provides bike lanes, an esplanade for dog walkers and joggers alike, and open greenspaces on the riverfront, just minutes away from the building. “It is so beautiful to take a run, walk your dog,” Silva says about the Greenway. “If you want to sit down and have a coffee meeting with a friend to talk with while looking at the water, it's super pretty.”
Many ways to travel, including the nearby tram
Several transportation options are available. Residents do have to walk a little over 10 minutes to get to the closest train station on 59th Street and Lexington Avenue where the 4, 5, 6, N, R and W trains stop, however. But, the M31 makes a stop across the street from the building, and goes crosstown via 57th Street, so there’s no need to walk if the mood does not strike. The M15 also goes uptown and downtown via 1st and 2nd avenues respectively. A drive down Sutton Place to the Sutton Place Tunnel on 54th Street quickly gets residents to the FDR. And for those wishing to get to Roosevelt Island, the tramway is right on 59th and 2nd Avenue.
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Quantarium
Current List Price
Sold Price
Area Factors
Low Crime
Crime Score®
3/ 10
Very Bikeable
Bike Score®
72/ 100
Walker's Paradise
Walk Score®
98/ 100
Rider's Paradise
Transit Score®
100/ 100
Sources: WhatIsMyCrimeRisk.com, Walk Score
Sources: WhatIsMyCrimeRisk.com, Walk Score
WhatIsMyCrimeRisk.com, Powered by CAP Index provides objective, accurate, and consistent data to help measure, compare, and mitigate crime risks. Walk Score® measures the walkability of any address. Transit Score® measures access to public transit. Bike Score® measures the bikeability of any address.
Sound Score® measures the noise level of any address. Environmental risk data is provided by First Street Foundation® and is designed to approximate risk and not intended to include all possible scenarios.
Parks in this Area
Twenty-Four Sycamores Park
2 min walk
Basketball
Picnic Area
Playground
Honey Locust Park
3 min walk
Picnic Area
Trails
Sutton Place Park
3 min walk
Trails
Playground
Andrew Haswell Green Park
4 min walk
Bike Trails
Dog Park
Picnic Area
Tramway Plaza
5 min walk
Picnic Area
Peter Detmold Park Dog Run
12 min walk
Peter Detmold Park
13 min walk
Dog Park
Trails
Southtown Dog Run
11 min drive
Dog Park
Firefighter's Field
11 min drive
Schools
Source:
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