Madison Avenue Condo in an Office District is a radical business move that will contradict the usual norms of investing in office districts. The Developer has made this business investment that will surely have the attention of all possible investors in the anticipation to see whether or not the business venture will work.
NY Times wrote that Madison Avenue Condo in an Office District counter application on a theory of location for businesses will surely be tested. Tessler invested in a new 32-storey building composed of 69 condominium units at Madison Avenue and East 33rd Street. The Official name for it is One Seventy Two Madison or otherwise known as NoMad. This was done with the notion to address a possible target market.
The market targeted are those buyers who are open to any neighborhood within a certain area as long as they get to live on the island. With congestion on population and the busy avenues as a Commercial and Office Avenue, some may think of it as not a desirable place to put up a home. However, Tessler is banking on One Seventy Two Madison's high-rise glass architectural design will make buyers want to change their minds.
Jewish Business News adds that the architectural style of Madison Avenue Condo in an Office District was designed to suite the office like atmosphere in its surroundings. A residential floor will be 40 feet above as to the usual 15 feet. Dubbed by Tessler as "The Mansion" which is a lower-storey "penthouse." It will feature a 3,000 square feet space with four bedrooms and will have five actual penthouses on the upper floors.
The Real Deal reports that the Madison Avenue Condo in an Office District was designed by Karl Fischer. Bought in 2013 in a bankruptcy sale, the 110,000-square-foot area was purchased for $55 million. Prices for apartments at an average of $2,000.00 per square foot. Equivalent to $1.6 million for a one bedroom apartment. The lower "penthouse" or "the Mansion is priced at$13 million or $4,300 per square foot. What comes as a surprise is Efraim Tessler reports that 30 percent of the units are already closed deals.
The Madison Avenue Condo in an Office District will offer one to three-bedroom apartments, 40 two bedrooms facing the streets to market potential buyers who wouls want to call this busy office district their home. Tessler Developments is surely to have their hands full as they try to go beyond the normal practice of investing by putting up a residential building in the middle of Manhattan's Office District.
