241 5th Avenue, New York City, NY
A rendering of 241 Fifth's exterior
|Architect||Eran Chan, ODA|
|Number of Units||46|
|Number of Floors||20|
|Type of Roof||IRMA|
|241 5th Avenue, New York City, NY, United States|
|Distance to Public Transit||Less than one block|
|Region||New York City|
|Municipality||New York City|
|Title of Land||Condominium|
241 Fifth is located in the Madison Square North Historic District (commonly referred to as NoMad), which was created on June 26, 2001 by the city's Landmark's Preservation Commission. Lying north and west of Madison Square Park, the district's main southern boundary is 26th Street between Madison Avenue to Avenue of the Americas (Sixth Ave).
The District consists of approximately 96 buildings representing the period of New York City's commercial history from the 1870s to the 1930s when this section prospered first as a major entertainment district of hotels, clubs, stores and apartment buildings, and then, as a mercantile district of high-rise office and loft structures. The District also contains numerous row houses, Art-Deco style towers, as well as modest twentieth-century commercial structures, all of which testify to each successive phase in the area's development.
241 Fifth occupies the space of the former jewelry store, 5th Ave Bazaar.
Since it was designated a historic district in 2001, the Madison Square North neighborhood, with its row houses and Art-Deco style towers, has undergone a striking transformation. Hotels and offices have replaced many of the warehouses and garment showrooms that once populated the 10 blocks around the northern end of Madison Square Park.
The former 5th Ave Bazaar was bought by Victor Holmes in 2011. 241 Fifth broke ground in 2012, sales started April 2013, with a projected completion of August 2013. >
241 Fifth is a new condominium project by the New Jersey developer, Victor Homes, a unit of Eclogue Management of Israel. The building's interior and exterior were designed by the architecture firm ODA. In 2011, Victor Homes paid $20 million for the original structure, a four-story commercial building known as the 5th Ave Bazaar.
Ran Korolik, the Vice President and Managing Partner in the United States of Victor Homes, said the company began construction on the project, now valued in the $100 million range, in November 2011. A lengthy approval process ensued, with the Landmarks Preservation Commission weighing in, because the property sits within a historic district.
The 75,000-square foot building also has a 3,500-square foot retail space on the ground floor. "Time is on our side," said Mr. Korolik, who doesn't expect to market the retail space until this summer. "This is a high-end boutique building, so we will be a bit picky about who we want to put in it."
The developer has raised prices about 20 percent since the first units went on the market in April. "We had a wait list of about 350 people when we launched sales," said Doron Zwickel, an Executive Vice President of CORE, which represents 241 Fifth, adding that more than half of the units are already in contract or have contracts out to buyers.
Layout and Features
241 Fifth will have one-, two- and three-bedroom apartments, and there will also be one alcove studio. The three-bedrooms, ranging in size from about 1,360 to 1,700-square feet, will be priced from $2.4 million to just over $3 million. The two-bedrooms will range from 990 to more than 1,200-square feet and will be priced from $2 million to about $2.85 million. The one-bedrooms, with 560 to 640-square feet, will start at $1.2 million, and the 500-square-foot alcove studio will be priced at $950,000. The condo will have two full-floor penthouses: one, a 3,000-square foot unit on the 20th floor with panoramic views of One World Trade Center and the Empire State Building, will be priced in the high $7.95 million range. The other, a 2,700-square foot penthouse on the 15th floor, has a setback for a large terrace and will have indoor and outdoor fireplaces; it will be priced in the high $6.95 million range.
Several units in 241 Fifth have terraces, and the building will also have an amenities floor, with a gym, a yoga room, a massage room and a lounge, as well as a garden.
Apartment finishes include oak floors, teak wall accents and Zucchetti plumbing, as well as Miele appliances and Sub-Zero wine storage. The ceilings are mostly 9 to 10 feet high; in some areas, like the kitchens, they drop to 8. And while many of the units, especially those above the 16th floor, offer soaring views, the lower floor units with southern exposures face an interior courtyard.
Countless floor plans exist for 241 Fifth, here is the floor plan for the 15th floor penthouse unit:
|241 Fifth Bylaws|
|Rentals||Yes or No|
|Pets||Yes or No|
|Age||Yes or No|
|Barbecues||Yes or No|
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