Closings Begin at NoMad's 172 Madison; Immediate Occupancy for Corner Units from $1.85M

By CityRealty Staff | From Future New York Thursday, June 15, 2017

172 Madison with view looking north to Midtown East

In the Empire State Building’s 5 o'clock shadow rises 172 Madison Avenue, an almost-finished 72-unit condo tower developed by Tessler Development. Last month, the first closings came in for the building which range from a low-floor one-bedroom coming in at $1.33M ($1,497 per ft²) to a 26th-floor three-bedroom sold for $5.48M ($2,554 per ft²). The building is now ready for immediate occupancy and several of its one-to-three bedrooms apartments remain up for grabs with prices starting at $1.85M.

The 34-story tower is located at the northern edge of NoMad, convenient to Madison Square Park, Grand Central, Herald Square and several other popular districts in Manhattan. In recent years, NoMad has emerged as one of the city’s most sought-after neighborhoods and 172 Madison benefits from being one of its first ground-up condo buildings (though several more are on their way). According to our data, there just 26 condos for sale in NoMad and the blocks surrounding Madison Square Park and the average closing price of a condo in the area has soared to $2,582 per ft² according to our NoMad neighborhood index.

The prominent building showcases a confident form echoing the symmetry and proportions of its famous Art Deco neighbor one avenue to the west. Its chic exterior design crafted by Karl Fischer Architects is composed of floor-to-ceiling windows contrasted by black frames and a deep setback above its podium to provide more privacy. The building’s corner condition supplies many homes with a surprising amount of light and impressive views of the skyline and East River.

Shamir Shah Design conceived the airy interiors which nearly all have corner living rooms, high ceilings and powder rooms. Newly-unveiled photos of the model unit show cool and comfortable furnishings highlighting the gracious ceilings and expanses of window walls. The marketing team says the one-bedrooms were quickly sold out and divided a few larger units to create several more. Buyers can choose between a dark and light kitchen finish and all are equipped with Miele appliances, Marvel wine coolers, Swiss-made KWC kitchen faucets, Japanese water conservation technology and 18 types of stone finishes.

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172 Madison #8c is a 1-bed/ 1.5-bath listed for $1.775M

172 Madison Avenue #16B is a two-bedroom listed for $3.2M

172 Madison Avenue #25A is a three-bedroom listed for $6.125M

Above the podium, there will be a 3,000-square-foot residence called “the mansion” that will feature 18-foot ceilings and an immense wrap-around terrace with a 50-foot-long swimming pool. At the opposite end of the building, roughly 400-feet up, will be four penthouses and a crowning triplex unit named the “sky house.” Penthouse B is the sole penthouse available and is on the market for $14.5M. The aerie is a 3,548-square-foot, open-layout spread with direct elevator access and two private terraces.

Building amenities will include a full-time doorman and concierge, central air conditioning, lounge, fitness center, storage and a bike room.