By Michelle Deal Winfield
A new building in Kips Bay, which includes some housing for disabled residents, is now ready for occupancy. The completion of the project comes seven years after it was first discussed by Community Board Six’s Manhattan’s Housing Committee and Full Board.
Henry Phipps Plaza South Development — now referred to as 325 KB — is located at 325 East 25th Street, between First and Second Avenues.
The newly constructed building was built on a vacant lot that had been used as a basketball court. Phipps is awaiting a Certificate of Occupancy which the owner expects to receive in two weeks. It consists of 55 rental apartments: 10 studios, 18 one-bedrooms, 27 two-bedrooms, and the superintendent lives on the first floor. Forty percent of the apartments are affordable, which in this case means under 80 percent of the NYC area median income (AMI). The other 60 percent of the units range from 20 percent at 120 percent of the AMI, 20 percent at 145 percent of the AMI and 20 percent at 165 percent of the AMI.