Why We are Bullish on NoMad
Dear Clients and Friends,
For this edition of the Novack Team Update we’ve chosen to focus on NoMad, a neighborhood which we believe offers a unique combination of residential and commercial appeal, coupled with future investment upside.
- NoMad is anchored by the 6.2 acre immaculately refurbished and maintained Madison Square Park, which offers year-round art and sculptural exhibits, events for children, summer concerts, a horticulture program, beautiful plantings, and a playground.
- The Madison Square North Historic District was created in 2001 and protects the exteriors of 96 structures (including residential buildings, hotels, offices, row houses, and lofts) located between 26th – 29th Streets. Typical residential and office architecture features high ceilings, loft-like proportions, and ornate building details. Local new developments frequently echo these attributes while balancing them with more modern amenities and design concepts.
- Quality-of-life magnets include the 50,000+ SF Eataly Food Hall and Market, pedestrian space along Fifth Avenue, premier retail, furniture and design venues, multiple existing and new boutique hotels, several museums, 3 schools, a dog park, and popular restaurants of all price-points and vibes.
- Excellent public transportation is available to nearly all areas of the city from 4/5/6/N/R/W/F/M trains.
- NoMad is one of the few neighborhoods that seamlessly blends a diverse array of corporate headquarters encompassing fashion, finance, technology, and media while still maintaining a walkable neighborhood (rather than cold corporate) feel.
- Area firms include Credit Suisse, Tumblr, Tiffany’s, Vera Wang, and Facebook, just to name a few.
- The stretch along Broadway has also become known as Silicon Alley due to the proliferation of tech start-ups which have taken space.
EVOLUTION AND DEVELOPMENT…
- As NoMad continues to expand geographically, buying along the Northern, Eastern, and Western fringes still affords primary home-owners and investors an opportunity for significant resale upside.
- While the exact borders are up for debate, to date, expansion has nearly stretched from 23rd – 33rd Street and Lexington – Sixth Avenue.
- Below are just a few of the transformational new developments which continue to augment the region’s appeal:
212 Fifth Avenue
- Originally constructed in 1912 as a commercial building, Halpern Architects restored and converted 212 Fifth Avenue into a 24-story condominium building with 48 units.
- Sotheby’s recently completed the residential sell-out, including Amazon CEO Jeff Bezos’ $80 million purchase of three units which marked the most expensive residential sale south of 42nd Street.
30 East 31 Street
- 42 unit building rising 40 stories, and one of the few current luxury developments to feature a 421(a) tax abatement.
- The building’s designer Morris Adjmi’s comments underscore how NoMad new developments have managed to supplement, rather than oppose, the grand exiting prewar architecture: “The predominance of gothic-like buildings on Park Avenue South and Madison Avenue inspired me to use those as cues…I wanted to do something that resonated in the skyline and coupled with the Empire State Building and Chrysler building in the distance.”
3 West 29 Street
- 34-story 300,000 SF office tower which will incorporate glass walls and staggered outdoor terraces along the eastern elevation. Completion estimated for 2021/2022.
- Located at 1225 Broadway between West 29th Street and West 30th Street and Sixth Avenue and Broadway. The project will comprise nearly 300,000 SF, including 460 hotel rooms and 90,000 SF of retail in the tower’s podium. Completion estimated for 2020.
Please don’t hesitate to reach out to us with any questions, or on any of your real estate needs.
Alex and Sybille
Featured Novack Team Transaction:
225 W 17TH – FULL NEW DEVELOPMENT BUILDING SELL-OUT COMPLETED IN UNDER 12 MONTHS