New parents Nicole Richie and Joel Madden have bought a trendy Bowery condominium in New York for a cool $1 million.

The "low-key" two-bedroom apartment was bought to give the Los Angeles-based couple a residence on America’s east coast.

A pal tells In Touch magazine, "Joel has wanted to live in New York for a while. Nicole has gone along with buying the place, but L.A. is her home."