Nomad real estate prices nearly double in five years as record-breaking listing hits the market
L to R: 212 Fifth Avenue; The Whitman; 10 Madison Square West
Prices in Nomad shot up a whopping 43 percent over the past five years, according to a new index from CityRealty, a marked increase that the developers of 212 Fifth Avenue may have been aware of when they put a $68.5 million price tag on their building’s triplex. If the sprawling apartment sells for anywhere near its asking price, it will set a record as the most expensive sale in the neighborhood, where other new developments have already raised the ceiling on the area’s sale records.
According to the Nomad Condos index, which tracks prices in the area so-named for being north of Madison Square Park, 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.
Thus far, there have been three sales over $20 million in Nomad condos, according to research from CityRealty, with the most expensive being two penthouse units at 10 Madison Square West that sold for $33 million and $36.6 million, and the third being a $20.2 million penthouse sale at The Whitman.
The 11 buildings in the Nomad Condos index are as follows:
Grand Madison, 225 Fifth Avenue
15 Madison Square North, 15 East 26th Street
The Stanford, 45 East 25th Street
The Parkwood, 31 East 28th StreetÂ
The Whitman, 21 East 26th Street
Access the complete index here >>
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