There’s something Wonka-esque about The Penny Lane, a seven-story Kips Bay co-op housed in a former ice cream factory. Beyond the lobby’s threshold lies a “Liverpool” streetscape circa 1976, the year of the building’s conversion by developers — who, yes, were also big fans of the Beatles. The interior features red brick walls, stucco-like surfaces accented with Tudor timbers and faux slate shingle roofs. Doorways for apartments are topped with decorative rounded pediments and framed by “porch lights” on either side, and a wrought iron patio set and live plants contribute to the “outdoors” indoor residential scene. A small sign hangs from a black streetlight near the seating area. In a white script, it reads, “Penny Lane.” “People either love it or they don’t,” says Elegran agent Mick Distasio, who does business in the building. “People come through and say they feel like they’re in Disneyland or Harry Potter world. The people who live in the building love it.”
Many 179 units are loft apartments, with an elevated level most often used as a bedroom space. “Because the building wasn’t built for residential living, every single floor, every line has a different configuration and ceiling height,” says Distasio. Adding to the mix is the co-op’s meticulously organized recycling room. Homes at The Penny Lane include studios up to four-bedroom units, and pricing varies widely due to renovations, square footage and the inclusion of outdoor space such as a small balcony or large patio. Studios and one-bedrooms list for about $300,000 to $800,000, two-bedrooms are priced at $600,000 to $1 million, and three- and four-bedrooms sell for $1 million and up.
One of the most impressive amenities of The Penny Lane is its expansive landscaped roof deck with seating, which, in keeping with the building’s eccentricity, once served as tennis courts. Now, it provides residents with views of the Empire State Building, the Chrysler Building and the MetLife Tower. Additional conveniences include a live-in super, a 24-hour door attendant, two laundry rooms on each floor, a parking garage, video security and a package room. Storage space and bike storage are available for an additional fee. Subletting is allowed for up to six years after two years of residency, with annual board approval. Guarantors, co-purchasing and dogs are considered on a case-by-case basis.
The Penny Lane is ideally located near many shopping, dining and entertainment options. Madison Square Park is a 10-minute walk to the west, an AMC multiplex is a few blocks north and the New York Comedy Club is down the street. Grocery stores in the area include Trader Joe’s, Fairway and D’agostino. NYU Langone and NYC Health + Hospitals/Bellevue are directly east on First Avenue.
Public transit options include the 4 and the 6 train, caught at 23rd Street and Park Avenue South, and the R and the W at 23rd and Fifth Avenue. Midtown Manhattan can be reached in about 20 minutes. The Soundview Ferry route stops at Stuyvesant Cove to the east and connects to Wall Street, 34th Street and other points north. The FDR Drive, also to the east, provides easy connection to Brooklyn and Queens via the Brooklyn or Manhattan Bridges and the Queensboro Bridge, respectively.
The Penny Lane is a condominium located in New York and the 10010 ZIP Code. This area is served by the New York County attendance zone.
