$850,000
OPEN MON 12PM - 1PM $100K PRICE DROP

38 E 85th St, Unit 1 New York, NY 10028

Metropolitan Hill Neighborhood

Estimated payment $7,049/month

Total Views 1,557
2 Beds
1 Bath
-- Sq Ft
-- Price per Sq Ft

Highlights

  • 10,217 Sq Ft lot
  • 4-minute walk to 86 Street (4,5,6 Line)
  • Laundry Room
  • P.S. 6 Lillie D. Blake Rated A
  • Elevator
  • 2-minute walk to Ancient Playground

About This Home

Pre-Approved Conversion Opportunity – Renovation Required An exceptional opportunity to create a two-bedroom residence in one of the Upper East Side’s most coveted locations, at the corner of Madison Avenue and East 85th Street in the heart of Carnegie Hill. The co-op board has approved the residential conversion, and the New York City Department of Buildings has issued a pre-determination approval, providing a clear path toward transforming the space into a private home. The approved layout reimagines the current ground-floor office into a highly functional and desirable two-bedroom apartment featuring a spacious living and dining area with an open kitchen, two bedrooms, one bathroom, washer/dryer, entry foyer, and generous storage throughout. Please refer to the floor plan in the listing for the proposed configuration. The space offers up to 10’10” high ceilings, central air conditioning, direct street access, and north, east, and west exposures. Architect Marta Satwin-Ramberg of Satwin Architect, P.C. is available to assist the purchaser in obtaining final permits and completing the project. A written estimate from a trusted contractor places the labor cost for the renovation at approximately $120,000, excluding materials. While most windows overlook a quiet interior courtyard that contains “not always appealing” building service areas, they still provide good natural light and privacy. Therefore, the Installation of bottom-up shades is recommended to maximize both discretion and light. The property also benefits from its own private street entrance while maintaining full access to all building amenities. Whether maintained as a professional office or transformed into a stylish residence, this offering presents exceptional flexibility, value, and upside in a premier Manhattan neighborhood. Located on a charming tree-lined block just one block from Central Park, the building is moments from Equinox, Butterfield Market, Starbucks, and Le Pain Quotidien, as well as some of the city’s best restaurants, boutiques, and cultural institutions, including the Metropolitan Museum of Art and the Guggenheim Museum. Convenient access to the 4, 5, 6, N, Q, and R subway lines provides excellent connectivity throughout the city. 38 East 85th Street is a distinguished pre-war co-op built in 1925 by Schwartz & Gross. Full-service amenities include a 24-hour doorman, resident manager, porters, fitness center, recreation room, and bike room. Pets and washer/dryers are permitted, and financing of up to 50% is allowed. Pieds-à-terre and subletting are not permitted. There is a 2% flip tax. A capital assessment of $358 per month is in effect through December 2026, followed by $597 per month through December 2027 for elevator modernization. A rare opportunity offering flexibility, low maintenance, and significant potential in one of Manhattan’s most sought-after neighborhoods. Virtually staged images have been included in the listing to better illustrate the potential of the finished residence. Please contact us to schedule a private showing.

Listing Agent

Harry Nasser

Sothebys International Realty License #10301212511 Listed on: 02/05/2026

Sothebys International Realty

Open House Schedule

Property Details

Home Type

  • Co-Op

Year Built

  • Built in 1922

Lot Details

  • 10,217 Sq Ft Lot
  • North Facing Home

HOA Fees

  • $1,612 Monthly HOA Fees

Bedrooms and Bathrooms

  • 2 Bedrooms
  • 1 Full Bathroom

Laundry

  • Laundry Room
  • Stacked Washer and Dryer

Listing and Financial Details

  • Legal Lot and Block 0054 / 01496

Community Details

Overview

  • 60 Units
  • High-Rise Community
  • Upper East Side Subdivision
  • 12-Story Property

Amenities

  • Laundry Facilities
  • Elevator

Property Details

Home Type

Co-Op

Year Built

Built in 1922

Lot Details

10,217 Sq Ft Lot

HOA Fees

$1,612 per month

Listing Details

  • Exposures: North
  • Property SubType: Apartment
  • Property Type: Residential
  • Neighborhood: Upper East Side
  • Structure Type: High Rise
  • Special Features: OpenHouse
  • Property Sub Type: Coop
  • Stories: 12

Interior Features

  • Appliances: Dryer, Washer/Dryer Stacked, Washer
  • Fireplace: No
  • Living Area Units: Square Feet

Beds/Baths

  • Full Bathrooms: 1
  • Bathrooms Integer: 1
  • Bedrooms: 2

Garage/Parking

  • Garage: No

Utilities

  • Laundry Features: Common On Floor, Common Area, Laundry Room, In Unit
  • Green Building Features: Elevator(s)

Condo/Co-op/Association

  • Common Charge/Maintenance Fee: 1612.0
  • Common Charge/Maintenance Fee Frequency: Monthly
  • Association: No
  • Common Interest: Stock Cooperative

Lot Info

  • Lot Size Units: Square Feet
  • Lot Size Area: 10217.0
  • Lot Size Dimensions: 102.17 x 100.0

Building Info

  • New Construction: No
  • Units: 60
  • Total Stories: 12
  • Year Built: 1922

Rental Info

  • Furnished: Unfurnished

Tax Info

  • Tax Block: 01496
  • Tax Lot: 0054

Multi Family

  • Building Area Units: Square Feet

Map

About This Building

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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Event Price List to Sale Price per Sq Ft
04/14/2026 04/14/26 Price Changed $850,000 -10.5% --
02/05/2026 02/05/26 For Sale $950,000 -- --
Source: Real Estate Board of New York (REBNY)

Source: Real Estate Board of New York (REBNY)

MLS Number: RLS20070671

Real Estate Board of New York (REBNY)
New York New York County New York 10028 Metropolitan Hill

38 E 85th St Unit 1, New York, NY

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Real Estate Board of New York (REBNY) This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2026 The Real Estate Board of New York, Inc., All rights reserved.

RLS Data display by Homes.com LLC

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Harry Nasser
Listing Agent
Harry Nasser
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Sothebys International Realty
(917) 520-8519
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