Over the past decade, Manhattan has experienced a flurry of new real estate developments accompanying new neighborhoods in their growth and definition of their distinctiveness. Among them, the notable NoMad neighborhood has been a success symbolizing the rise of a former unattractive sub-neighborhood confined between Kips Bay, Flatiron and Midtown into one of the trendiest and most dynamic area of Manhattan. Located from 26th Street to 30th Street between Lexington and 6th Avenue, NoMad has successively benefited from the emergence of trendy hotels, fine dining and upscale real estate developments to now shine as a very desirable location.
Indeed, upon the revitalization of Madison Square Park (home of Shake Shack) trendy hotels have taken the lead beginning with the Ace Hotel in 2010 followed by a sister project, the Nomad hotel which welcomed its first guests in 2012. To kick it up a notch, luxury venues such as the Gansevoort Hotel on Park Avenue South are bringing celebrities and parties into the neighborhood. Two other projects are making noise and are scheduled for delivery by 2016: the 300 room Virgin Hotel at 29th and Broadway, and a 23 story high hotel at 250 Fifth Avenue and 28th Street.
In parallel, NoMad has been bringing a good variety of food venues; the most noteworthy being the Breslin (next to the Ace Hotel) and Hanjan (Korean) gastropubs, as well as the Nomad upscale restaurant featuring a $79 Foie gras-and-truffled roast chicken. On a more casual scale, this summer is the opening of the DC based healthy food venture “Sweetgreen” inside of the NoMad Hotel. Finally, food markets like Eataly and soon-to-open Fairway on 25th and 6th Avenue will boost the convenience of the current and future residents.
Such economic and social boosts have also led new residential developments to step forward and offer a new range of luxury living experiences. 241 Fifth Avenue has seen 33 out of its 46 apartments entering contract within the first few months of sale with price ranging from $925K to $3 million +. The Huys, a development in collaboration with Dutch designer Piet Boon, have 36 out 58 units pre-sold. Right across the street, at 400 Park Avenue South aka the Fortress of Glassitude, the Toll Brothers 40 story building will consist of 22 floors of rentals and 99 condos on the top 18 floors, and feature luxury amenities such as a lap pool, Jacuzzi spa, media room, rooftop terrace and a golf simulator. Finally, one of the city most awaited conversion of the Toy Building at 10 Madison Square West will offer apartment ranging from 1-bedroom starting around $1 million to $25 million and up 5-bedroom residences.
Fred M. On Real Estate 