132 Madison Avenue rendering (L: Handel Architects) and construction (R: CityRealty)
The 51-story condominium at 132 Madison Avenue has been going up in fits and starts seemingly from the time developers J.D. Carlisle and Fosun Group announced it: The Department of Buildings issued a stop-work order in July 2016 in the wake of concerns about planned outdoor space and its effect on views from surrounding buildings. However, the tower is officially on the rise. A recent visit showed it to be about five stories up.
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The Handel Architects-designed tower has been described as a “building on stilts” for a first floor of apartments that would start 155 feet off the ground: Three cavernous floors with an average ceiling height of 44 feet would rise from a 23-foot base. This will undoubtedly grant residents highly enviable views, but residents of the neighboring Sky House have expressed concern that this would come at the expense of theirs and hurt their building's value.
Apartments at 132 Madison Avenue will average 1,644 square feet. Prices are not yet available, but neighboring buildings indicate that prices could be about as high as the building: One block away, the Rafael Vinoly-designed 277 Fifth Avenue, recently topped out with prices at an average of $2,619 per square foot. Sales at the Morris Adjmi-designed 30 East 31st Street launched last fall, and current listings start at $1.6 million for a one-bedroom condo. A few blocks away, the few remaining availabilities at 212 Fifth Avenue start at $4.9 million for a two-bedroom.
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