Last November, LLNYC reported that a new condo conversion at 212 Fifth Avenue, along Madison Square Park, was using two coveted symbols of the “true” Manhattanite – the 212 area code and the Fifth Avenue address — to drum up sales. Now, roughly six months later, the strategy seems to be paying off.
The priciest unit currently available in the building, the 19th floor, has just entered into contract for slightly less than $29 million, LLNYC has learned.
Even in these heady times, $29 million for a downtown condo is nothing to sneeze at. This isn’t a West Village townhouse mansion, or a new construction high rise like One Madison. It is a 1912 office building, one albeit that has a great street presence.
It is currently undergoing a meticulous gut renovation and work is scheduled to wrap up this summer. (A side note for history buffs: the renovation uncovered a swastika patterned tile floor from the era before the Third Reich adopted and forever destroyed that symbol.)
When completed, the 48-unit building will offer the typical panoply of high-end fixtures:
coffered ceilings, book-matched slabs of Statuary marble, solid hardwood floors “in an oversized version of the stylish Chevron pattern,” windows that are said to be “at least twice as large as any modern counterparts,” according to one press release. But still, it seems like it may be the address that is setting it apart.
Last year, Thor Equities’ Joseph Sitt, who is co-developing the building with Madison Equities’ Robert Gladstone, told the New York Daily News that, “Honestly, the address was 50 percent of the reason I bought the building.”
“It is the ultimate New York address. You can’t make that up. It has incredible appeal to it,” Shlomi Reuveni, managing director of TOWN New Development, who is marketing the project told LLNYC. “I can’t say that people buy because of the address, but it adds a certain cache.”
The penthouse unit has not yet been released, and mum’s the word on what it will be asking. However, it is sure to be asking for a hefty sum, partially because, beyond the finishes, the world’s appetite for emblems of New York prestige seems bottomless.