Henry Phipps Plaza is a new-construction, nine-story apartment building located in Kips Bay. The 60,000-square-foot building features 56 units ranging from studios to three-bedrooms and which are split between middle-income and low-income households. A laundry room and community room are located on the first floor, and the rear yard features an outdoor passive recreation area. Rents at 325 East 25th Street are not to exceed a third of annual household income. The project is part of a larger scheme to renovate Phipps Houses, an affordable complex along 28th and 29th Streets.