--- title: "38 East 85th Street #1, New York City, NY 10028" description: "38 East 85th Street #1, New York City, NY 10028 — Upper East Side, New York City, NY. Listing Price $850,000. 2 bed, 1 bath Illustrative Buyer Commission Share of $12,750 at closing, based on a 3% buyer-broker commission." url: "https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10028/38-east-85th-street-1-ny-10028" source: "Real Estate Rebate Team" status: "Active" --- # 38 East 85th Street #1, New York City, NY 10028 Upper East Side, New York City, NY Courtesy of Sothebys International Realty ## At a Glance - **Listing Price**: $850,000 - **Beds**: 2 - **Baths**: 1 - **Common Charges**: $1,612 / mo - **Brokerage Fee**: Share Eligible ## The Private Brokerage Advantage As an independent luxury buyer representative, Régis shares 50% of the buyer-side commission he actually receives on your purchase. Eligible buyers receive that Buyer Commission Share directly at closing to offset closing costs, down payments, or renovations. The figures below are illustrative, based on a **3% buyer-broker commission**; your share follows the commission offered on the transaction. - **Contract Purchase Price**: $850,000 - **Illustrative Buyer Commission Share**: -$12,750* - **Illustrative Net Cost**: $837,250 *Illustrative Buyer Savings of $12,750 — 50% of a 3% buyer-broker commission, shared at closing.* [Request a private tour](https://realestaterebatesnewyork.com/contact) · [Estimate your Buyer Commission Share](https://realestaterebatesnewyork.com/calculators/buyer-closing-cost-calculator) ## Photos (10) ![38 East 85th Street #1, New York City, NY 10028 — photo 1 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/7dfe9383-9912-44f4-a7f3-8860b303782e.jpg) ![38 East 85th Street #1, New York City, NY 10028 — photo 2 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/66275467-dc8f-4a57-a50b-65db0771301c.jpg) ![38 East 85th Street #1, New York City, NY 10028 — photo 3 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/3b64968b-84d7-40f7-a021-eca3669f549f.jpg) ![38 East 85th Street #1, New York City, NY 10028 — photo 4 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/4bc319dc-26cd-47a6-bbd4-2a465385c9c0.jpg) ![38 East 85th Street #1, New York City, NY 10028 — photo 5 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/42438d8a-e186-44e9-adb1-4923d20fc657.jpg) ![38 East 85th Street #1, New York City, NY 10028 — photo 6 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/07d47a7f-7c05-43f3-a343-6106957f18c0.jpg) ![38 East 85th Street #1, New York City, NY 10028 — photo 7 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/88d1616d-584d-4c26-a3f9-dcbebc0aaed6.jpg) ![38 East 85th Street #1, New York City, NY 10028 — photo 8 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/febf9199-02c0-4f38-a5d0-6ff33d68d58e.jpg) ![38 East 85th Street #1, New York City, NY 10028 — photo 9 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/132d3f29-c422-4982-b0f6-aeda404f09f5.jpg) ![38 East 85th Street #1, New York City, NY 10028 — photo 10 of 10](https://realestaterebatesnewyork-bucket.nyc3.cdn.digitaloceanspaces.com/e65294e3-6e94-473c-913b-db9068b33513.jpg) ## Property Overview 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. ## Property Details - **Property Type**: Co-op - **Beds**: 2 - **Baths**: 1 - **Rooms**: 4 - **Stories**: 12 - **Year Built**: 1925 - **Common Charges**: $1,612 / Monthly - **Listed On**: Feb 5, 2026 - **Days on Market**: 219 Days ### Residence Features - Building Washer Dryer Install Allowed - Common On Floor - Common Area - In Unit - Garage - Dryer - Washer ### Building Amenities - Garage ## Sales Evidence ### Recent closed sales 10 apartments at 38 East 85th Street have recorded sales since September 2021, the most recent for $935,000 in April 2026. Prices are the figures recorded with the City, not asking prices. | Unit | Beds | Sq Ft | Sold Price | $/ft² | Sold | Source | | --- | --- | --- | --- | --- | --- | --- | | 5C (Apartment) | — | — | $935,000 | — | April 21, 2026 | City record | | 11C (Apartment) | — | — | $1,100,000 | — | November 13, 2025 | City record | | 10E (Apartment) | 2 | — | $1,795,000 | — | March 31, 2025 | City record · MLS | | 3B (Apartment) | — | — | $250,000 | — | December 19, 2024 | City record | | 11B (Apartment) | — | — | $1,395,000 | — | October 30, 2024 | City record | | 9A (Apartment) | — | — | $1,999,900 | — | August 8, 2024 | City record | | 7E (Apartment) | 2 | 1,200 | $1,600,000 | $1,333/ft² | November 13, 2023 | City record · MLS | | 4-E (Apartment) | 2 | — | $1,150,000 | — | September 11, 2023 | City record · MLS | | 10B (Apartment) | — | — | $1,165,000 | — | August 14, 2023 | City record | | 10C (Apartment) | — | — | $885,000 | — | August 14, 2023 | City record | Every row is a recorded transaction, including ancillary spaces such as storage and staff rooms where they were sold separately. Those are excluded from the benchmark below. ### How this price compares The median closed price for comparable two-bedroom sales at 38 East 85th Street is $1,600,000, based on 3 sales between September 2023 and March 2025. This home is asking $850,000, $750,000 below that median. The middle half of those sales closed between $1,375,000 and $1,697,500. - **Median closed price**: $1,600,000 - **Middle half**: $1,375,000 – $1,697,500 - **Based on**: 3 two-bedroom sales at 38 East 85th Street - **Period**: September 2023 – March 2025 Square footage is recorded for only 1 of these 3 sales (33%), so no price per square foot is shown for this group. Co-op sales rarely carry a floor area, and a figure drawn from a handful of them would not describe the rest. ### How these sales were negotiated - **Listed → in contract**: 80 days (about 11 weeks) - **In contract → closed**: 101 days (about 14 weeks) Half of these homes were in contract within 80 days (about 11 weeks) of coming to market, based on the 3 with a recorded listing date. Once a deal was agreed, closing took a further 101 days (about 14 weeks), based on the 3 with both dates recorded. A co-op board package and its interview account for much of that. These are two separate periods measured on different clocks — time to find a buyer, and time from agreed deal to closing. They are medians of different sets of sales and do not add together into a single "days on market" figure. Based on 3 two-bedroom sales at 38 East 85th Street, September 2023 – March 2025. Each figure counts only the sales that recorded the dates it needs, which is why the denominators differ. ### Price trend Median sold price for co-op two-bedroom sales in Upper East Side, 2016 to 2026. The series is held to one bedroom count and one ownership type for the same reason: an unfiltered median tracks which apartments sold, not what they were worth. | Year | Median sold price | Sales | | --- | --- | --- | | 2016 | $1,225,000 | 25 | | 2017 | $1,299,500 | 88 | | 2018 | $1,340,000 | 79 | | 2019 | $1,300,000 | 75 | | 2020 | $1,299,000 | 41 | | 2021 | $1,275,000 | 141 | | 2022 | $1,374,250 | 120 | | 2023 | $1,300,000 | 99 | | 2024 | $1,270,000 | 99 | | 2025 | $1,350,000 | 99 | | 2026 | $1,417,500 | 54 | This building does not have enough sales with a recorded floor area to chart its own price per square foot, which is usual for a co-op. The series above follows comparable homes across Upper East Side instead. Sale prices are the consideration recorded with the City in ACRIS, and each sale is dated by the day the City recorded it. A closing date reported to the MLS typically falls one to two weeks earlier. Recorded sales describe what has already happened and are not an appraisal, a valuation, or an estimate of what this home will sell for. [See every recorded sale at 38 East 85th Street](https://realestaterebatesnewyork.com/buildings/new-york-city/manhattan/38-east-85th-street) ## Price and Property History for 38 East 85th Street, Unit 1 Review the recorded listing activity for 38 East 85th Street, Unit 1, including asking-price changes and prior market dates. - **Latest price change**: Reduced by $100,000, or 10.5%, on April 14, 2026 - **Originally listed**: January 13, 2026 at $950,000 - **Current asking price**: $850,000 | Date | Price | Listing event | | --- | --- | --- | | April 14, 2026 | $850,000 | Asking price reduced by $100,000, or 10.5% | | January 13, 2026 | $950,000 | Listed for sale by Sothebys International Realty | ## Property Taxes This apartment is part of a co-op that is taxed as one lot shared across 60 apartments. The corporation’s 2026 property tax bill was $1,841,923 for the whole building. Shareholders cover it through their monthly maintenance rather than a separate bill for this unit. [See the full property tax history for 38 East 85th Street](https://realestaterebatesnewyork.com/buildings/new-york-city/manhattan/38-east-85th-street) [How we source and calculate NYC property tax data](https://realestaterebatesnewyork.com/nyc-property-tax-data-methodology) ## About The Building ### 38 East 85th Street Upper East Side · Stock Cooperative 38 East 85th Street, New York, NY 10028 A building in Upper East Side, currently featuring 1 active listing. - **Year Built**: 1925 - **Total Units**: 1 - **Floors**: 12 [View the building page](https://realestaterebatesnewyork.com/buildings/new-york-city/manhattan/38-east-85th-street) ### Available Residences — For Sale (1) | Unit | Beds | Baths | Size | Price / Ft² | Price | Listing Office | Listed Date | Days on Market | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | [1](https://realestaterebatesnewyork.com/buy/newyorkcity/manhattan/10028/38-east-85th-street-1-ny-10028) | 2 | 1 | — | — | $850,000 (-10.5%) | Sothebys International Realty | Feb 5, 2026 | 219 days | ## Estimated Monthly Payment **$5,910 / month**, assuming a 20% down payment ($170,000), a 6.5% interest rate and a 30-year term. The page's calculator lets a buyer change all three. - **Principal & Interest**: $4,298 - **Common Charges**: $1,612 Estimates only. Actual payments may vary. Confirm terms with your lender. ## Upper East Side Overview of Upper East Side [Explore Upper East Side](https://realestaterebatesnewyork.com/neighborhoods/new-york-city/manhattan/upper-east-side) · [All Neighborhoods](https://realestaterebatesnewyork.com/neighborhoods) ### Nearby Upper East Side - [Central Park real estate for sale](https://realestaterebatesnewyork.com/neighborhoods/new-york-city/manhattan/central-park) - [Roosevelt Island real estate for sale](https://realestaterebatesnewyork.com/neighborhoods/new-york-city/manhattan/roosevelt-island) - [Upper West Side real estate for sale](https://realestaterebatesnewyork.com/neighborhoods/new-york-city/manhattan/upper-west-side) - [Midtown real estate for sale](https://realestaterebatesnewyork.com/neighborhoods/new-york-city/manhattan/midtown) - [Theater District real estate for sale](https://realestaterebatesnewyork.com/neighborhoods/new-york-city/manhattan/theater-district) - [East Harlem real estate for sale](https://realestaterebatesnewyork.com/neighborhoods/new-york-city/manhattan/east-harlem) ## Related Links - [38 East 85th Street — building page](https://realestaterebatesnewyork.com/buildings/new-york-city/manhattan/38-east-85th-street) - [Upper East Side neighborhood guide](https://realestaterebatesnewyork.com/neighborhoods/new-york-city/manhattan/upper-east-side) - [Estimate your Buyer Commission Share and closing costs](https://realestaterebatesnewyork.com/calculators/buyer-closing-cost-calculator) - [Contact Régis Roumila](https://realestaterebatesnewyork.com/contact) --- > RLS IDX Data display by Real Estate Rebate Team. 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. IDX information is provided exclusively for consumers’ personal, non-commercial use and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. > All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer and the number of bedrooms listed is for informational purposes and is not a legal conclusion. Please consult with your own architect or engineer for exact dimensions and legal specifications.