The New York Post: NoMad is “Blossoming”!
The newly branded area north of Madison Square Park is blossoming.
By LOIS WEISS
The seeds of a “new” neighborhood have been planted and are rapidly growing in the area roughly bounded by 23rd to 30th streets, and from approximately Sixth to Lexington Avenues. While many people refer to this area as the north Flatiron, area property owners say it is emerging as a distinct and exciting commercial and residential real estate market they refer to as NoMad.
“As someone who resides in NoMad and owns seven buildings here, I see the upsurge both in the improvement in our neighborhood and in the performance of and interest in my properties,” said Leslie Spira Lopez, president & CEO of Kew Management. “While there is indeed some overlap with Flatiron, NoMad has seen a growth and renewed interest very specific to the area north of 23rd Street.”
There is even a NoMad Hotel that will open at 1170 Broadway this spring, joining the transformative Ace Hotel at 20 W. 29th Street and its lively lobby bar and other restaurants; the Gershwin at 7 E. 27th St., the Gansevoort Park at 420 Park Ave. South, the Carlton at 88 Madison, and the Giraffe at 365 Park Ave. South, as well as the new Eventi Hotel at 851 Sixth Ave.
Lopez says restaurant choices are growing almost by the day. While Tabla has closed at 11 Madison, it will soon be filled by restaurateur Danny Meyer with another concept. Lopez’s favorites, like 11 Madison and Shake Shack at the same address, A Voce at 41 Madison, and Dos Caminos at 373 Park Ave. South are being joined by newcomers such as Hill Country Chicken at 1123 Broadway, Hill Country -Texas Barbecue at 30 W. 26th St., Millesime Cafe in the Carlton Hotel at 88 Madison, Johna Dory’s Oyster Bar and The Breslin at the Ace Hotel, Ben & Jack’s Steakhouse at 255 Fifth Ave., SD26 at 19 E. 26th St., The Hurricane Club at 360 Park Ave. South, and, last but not least, the new Eataly at 200 Fifth Ave.
“There are rumors that additional nightspots are in the planning stages to join Jay Z’s 40/40 at 6 W. 25th St., Rogue at 757 Sixth; The Breslin Bar, Gstaad at 43 W. 26th St., and 230 Fifth Avenue.” added Lopez.
Already, the old Flower District along Sixth Avenue hosts a bevy of skyscraping residential towers, with a new one to be added by Durst Fetner Residential at 885 Sixth Ave. at W. 30th Street. New neighborhood-transforming luxury condo-miniums are being opened at Sky House at 11 E. 29th St.; 225 Fifth, and 15 Madison Square North at 15 E. 26th St.
The unsold condominiums and lower offices in that E. 26th Street building, which directly overlooks Madison Square Park, were just purchased for $33 million by a group that included Angelo Gordon, Belvedere Capital and Metropolitan Realty Associates. The investment broker who marketed that transaction, Douglas Harmon of Eastdil Secured, said, “The Madison Square Park submarket is a thriving oasis between Midtown and downtown that appeals to a diverse array of tenants.”
Eventually, legal issues surrounding the sponsor-ship of the new condominiums at One Madison Park on E. 23rd Street will be adjudicated in court and residents will be able to move in to the 70 units designed by Cetra/ Ruddy in the 50-story architectural icon. Additionally, Africa Israel USA is seeking financing to redevelop the top of the landmarked clock tower at 5 Madison Ave. into 100 luxury condominiums.
Harmon and colleague Adam Spies are now marketing the office building at 245 Fifth Ave. for the Goldman Sachs Whitehall Funds and Joseph Moinian. The 1927-era Art Deco building is expected to fetch some $170 million. Its 26 floors are 93 percent occupied with office tenants, including BMG Music Publishing and Beth Israel. Its 13,000 feet of retail will eventually be upgraded to benefit from the neighboring Eataly and the infilling of the north of 23rd St. retail corridor.
The corporate offices for Tiffany and the Grey Group advertising agency moved into 200 Fifth Ave. over the past year. The offices of the Whitney Museum are also coming to 300 Park Ave. South at E. 22nd St. “The influx of creative firms and e-commerce firms is growing exponentially as the area becomes a nexus of supporting experts,” observed Lopez.
Pedestrians are also finding it easier to navigate to the area, Lopez says, as they walk downhill from the Broadway pedestrian mall in Times Square to Macy’s at Herald Square and then continue to Madison Square and Union Square parks.
“The property owners here are very excited at the prospects of a return of the vibrancy of this historic neighborhood, long thought of as the ‘brown spot’ between better known areas such as Flatiron, Chelsea, Murray Hill,” said Lopez. “We see a bright real estate future here in NoMad.”
© New York Post, Thursday, January 20, 20011
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