If you have been looking to buy (or rent) in the Madison Square Park neighborhood, you have probably found that there is both a) not much supply on the market and b) what is on the market is expensive. Well, prices may keep increasing as the economy slowly continues to recover and the Madison Square Park continues to become one of the most desirable neighborhoods in NYC, but the overall supply of apartments will increase in the area as new developments complete construction this year.
Let’s face it, there were almost no residential buildings in Nomad until the last few years, and only a few residential buildings off of Madison Square Park before 2007. The Flatiron and Park Avenue South had a few residential buildings (but not many) and you pretty much had to go to Gramercy or Murray Hill to find rentals, condos, and coops.
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But since the Madison Square Park restoration in 2001, the area has seen increasing growth in the last decade, becoming a hub for dining in New York City, startups, creative ad agencies, and fashion designers. The zip code for the area has the most startups in all of New York City, and the area has attracted fashion design houses like Vera Wang, interactive ad agencies, and the headquarters of many prestigious companies have moved to the park vicinity (the Whitney museum, Tiffany & Co., Chipotle, and Grey Group). Not to mention the Italian artisinal marketplace Eataly.
The first new condo conversions to show up in the last 5 years were the Grand Madison (225 5th Avenue), and Madison Square North (15 East 26th Street). Here is a look at what we expect to be available for sale in 2013:
One Madison Park (23 East 22nd Street between Broadway and Park Ave) – This ultra-modern glass tower overlooking Madison Square Park at one point set the record for a contract price for downtown Manhattan real estate, but the building stalled in the financial crisis and was recently bought by Related Companies. As construction on the building finishes, sales are expected to start happening very soon.
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One Madison Park[/caption]
The Whitman (21 East 26th Street between 5th Avenue and Madison Avenue) – The Whitman will feature just three huge full floor residences with views on to the north side of Madison Square Park. The units are all over 5000 square feet, with the penthouse duplex coming in at 6,250 square feet. But don’t think just because there are only 3 units that there will be no amenities…the Whitman will be a full service doorman building with interiors by British designer Kelly Hoppen. Sales likely in 2013.
18 Gramercy Park (18 Gramercy Park South at 20th street & Irving) – This building is right on Gramercy Park (keys to the park included) and features what looks to be 16 full floor residences listed at 4200 square feet+ with views of Gramercy Park. There will also be a spa and fitness center. Behind it is the team (Zeckendorf Development, Eyal Ofer, Robert A.M. Stern Architects) that created 15 Central Park West, which quickly became one of the most successful residential developments in New York City history. Sales are underway.
Huys (404 Park Avenue South at 28th Street) – The building will feature 58 residences, as 1/2/3/4 bedrooms as well as open lofts and is designed by Dutch Designers using heavy influences from the traditional blue and white delftware style of Dutch pottery. Sales should begin in 2013.
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241 5th avenue[/caption]
241 Fifth Avenue (241 Fifth Avenue between 27th and 28th Street) – This 20-story new condo development is a block up from the Graqnd Madison and 1.5 blocks from Madison Square Park. We hear that the project is owned by Victor Homes, ODA is the architect on the project, and Triton is doing the construction. It seems to be nearly complete and CORE is handling upcoming sales. Sales expected in early 2013.
Story House (36 East 22nd Street between Broadway and Park Avenue) – The address was the US home of British publishing house Frederick Warne and Company, best known as the publisher of 23 Beatrix Potter children’s books (including The Tale of Peter Rabbit in 1902, and 22 others). The building has been converted to 8 beautiful full floor condo residences, and 2 are left. Sales are underway.
International Toy Center (1107 Broadway at 25th street) – The 16-story building, for years known as the International Toy Center is in prime location on the west side of Madison Square Park. It is connected by a pedestrian sky bridge to the successful 200 5th Avenue building that houses Eataly and the headquarters of both Tiffany & Co. and Grey Group. The Witkoff Group bought the building last year, and reportedly will convert the old commercial space into between 127 and 145 luxury condo residences. Douglas Elliman Development Marketing is slated to manage unit sales. This one appears to be in early conversion mode, with construction underway. It is unclear if it will be available for sale in 2013.