October 24, 2016
NoMad Condo Prices Nearly Double in Five Years
In the past several years, NoMad has been transformed into one of New York’s most vital live/work neighborhoods. Here is yet another proof of the growing interest in NoMad and the surge of investment in the area. In a new index released by CityRealty, real estate prices for condos in NoMad have surged 43% over the last five years.
According to 6sqft, “the average price per square foot of a condo in the neighborhood is $2,469, up 14 percent in just the last year and 43 percent from 2011, when it was $1,414. The ramp-up in the area’s prices is largely attributable to sales in several other new buildings, including 10 Madison Square West, Huys and The Whitman.”
Graph via CityRealty
This information comes with the news that 212 Fifth Avenue has put a $68.5 million price on its triplex apartment. If the final sale price is anywhere in that ballpark, this apartment unit will go down as the most expensive condo sale in NoMad.
Previously, 10 Madison Square West has had multiple condos sell for over $30 million. The penthouse at The Whitman also went for just over $20 million.
Great buildings, Madison Square Park, world-class restaurants, exciting nightlife, and easy access to the rest of the city are clearly making people realize that NoMad has been an overlooked gem in the NYC real estate market.
See the full list condos in CityRealty’s index below and we’ll keep you updated on more real estate news as it rolls in:
- 10 Madison Square West
- Huys, 404 Park Avenue South
- Grand Madison, 225 Fifth Avenue
- 15 Madison Square North, 15 East 26th Street
- 241 Fifth Avenue
- 76 Madison Avenue
- The Stanford, 45 East 25th Street
- The Parkwood, 31 East 28th Street
- 20 West 27th Street
- 50 Madison Avenue
- The Whitman, 21 East 26th Street