- $1,300 per square foot
- $2,000 per square foot / penthouses
76 Madison Avenue is a luxury condominium conversion that successfully anticipated and sumptuously catered to the rapidly developing NoMad real estate market.
Centaur Properties acquired the former Department of Education office building just as the Midtown South area north of Madison Square Park was showing early signs of transitioning into a less commercial neighborhood. Identifying the area’s lack of high-end residences, Centaur proceeded with an intricate gut renovation of the century-old building, and executed a conversion to 31 large luxury condominium apartments, including the addition of two new penthouse levels.
Needing to make an unconventional residential location appeal to wealthy buyers, Centaur developed a comprehensive amenities package, becoming one of the first to incorporate hotel-like services into a condominium building. Centaur took advantage of 76 Madison Avenue’s proximity to the new Carlton Hotel by teaming up with the hotel restaurant’s celebrated chef, Geoffrey Zakarian, to offer condominium buyers in-room dining and pantry-filling services.
76 Madison was 50% in contract 30 days after the sale launch. The building quickly sold out at an average price of $1,300 per square foot, and over $2,000 per square foot for the penthouses. The successful development was a positive signal of change for the newly branded NoMad (North of Madison Square Park) neighborhood.