23 E 22nd St Building Exterior
23 E 22nd St Building Entry
23 E 22nd St Building Pool
23 E 22nd St interior living space
23 E 22nd St Building Exterior from Park
23 E 22nd St Building Exterior
23 E 22nd St Building Entry
23 E 22nd St Building Pool
23 E 22nd St interior living space
23 E 22nd St Building Exterior from Park

Undivided Assessment • Flatiron District • Value Index: B (79/100)

23 E 22nd St: A landmark Flatiron address with a mixed appreciation record
Overview

23 East 22nd Street is a 60-story slender glass tower at the southern edge of Madison Square Park: architecturally commanding, amenity-rich, and sufficiently scarce that each available residence draws real attention.

  • 51 residences across 60 stories give the building one of the lowest unit-to-floor ratios in Manhattan, which keeps supply tight and the resident profile closely held.

  • Layouts are generous by luxury high-rise standards, with 10 to 11-foot ceilings, floor-to-ceiling glass, open-plan kitchens, and corner or wraparound terraces on select floors.

  • CetraRuddy's architecture and Yabu Pushelberg interiors deliver a level of finish that holds up over time. This is not a building where the lobby reads dated a decade in.

  • The location sits at the convergence of Flatiron, NoMad, and Gramercy. All three neighborhoods have demonstrated sustained liquidity, and Madison Square Park is among the most stable residential anchors in lower Manhattan.

KEY BUILDING FACTS
Year Built
2013
Number of Units
51 in the tower; additional townhouse units in the companion 6-story structure at 23 East 22nd St.
Developer
Related Companies / CIM Group / HFZ Capital Group
Architect
CetraRuddy (tower); BKSK Architects (companion building); Yabu Pushelberg; amenity concept by Rem Koolhaas
Management Company
TBD
Front Desk Number
(212) 612-9602
FINANCIAL SUMMARY
Monthly Common Charges / HOA
Varies by unit (~$3,320-$16,464)
Monthly Taxes
Varies by unit (~$4,800-$16,000)
Special Assessments
None publicly listed
Tax Abatement
None publicly listed
NYC Energy Efficiency Grade
Grade D (Score 3, as reported 2025)
Undivided's Assessment

23 East 22nd Street delivers on the fundamentals that matter structurally: a well-regarded developer backstop in Related Companies, a coherent design program that CetraRuddy and Yabu Pushelberg executed with genuine intention, and an amenity offering called The One Club that remains one of the more complete residential programs south of 42nd Street. The building is small enough that management stays personal and supply stays contained. None of that has changed since the tower opened.

For buyers evaluating with an investment lens, 23 E 22nd Street performs unevenly across the equation but ultimately holds its position through location dominance and sustained buyer appeal. Financial fundamentals are less efficient than some comparables, reflecting its trophy status and pricing premium, yet this is offset by strong resale liquidity, consistent demand for park-facing units, and a globally recognizable profile.

The investment case requires honest scrutiny on multiple fronts. The public appreciation record at the top of the building shows real ceiling compression: Rupert Murdoch sold a penthouse in late 2024 for $23.8M after paying $43M in 2014. Common charges ranging from $3,320 to $16,464 per month represent a meaningful carrying cost. And the building's NYC Energy Efficiency Grade of “D” with a Score of 3 out of 100 places it near the bottom of the city's benchmarking scale. That last point matters not just for operating costs but for forward-looking exposure under Local Law 97, which imposes carbon penalties on underperforming buildings starting in 2024. For buyers who want to live here and are underwriting the location and the lifestyle rather than the return, One Madison remains a credible choice. For buyers whose primary frame is appreciation or cost efficiency, there are buildings in the neighborhood that score better on both.

Undivided Value IndexTM Score
OVERALL SCORE:
View our full methodology
One Madison, 23 East 22nd Street
B (79/100)
Character Profile
A high-design, low-inventory tower best suited to primary or pied-a-terre buyers who value architecture and location. Carrying costs are high, and appreciation upside has normalized. The Grade -D- energy rating is disclosed as context and is typical for glass towers of this vintage.
SCORE BREAKDOWN BY CRITERION:
Location Power
20%
[90/100]
Madison Square Park frontage, nexus of Flatiron, NoMad, and Gramercy, strong transit. One of the better-positioned towers below Midtown.
Amenity ROI
15%
[88/100]
The One Club spans 10,000 sq ft: 50-ft pool, steam room, screening room, private dining, wine cellar, and concierge. Strong return on the common charge allocated to amenities.
Financial Fundamentals
20%
[72/100]
Common charges of $3,320 to $16,464 per month are high relative to neighborhood comps. No active abatement. Carrying costs are a real consideration for buyers who are not indifferent to economics.
Build & Systems Quality
15%
[80/100]
CetraRuddy construction with Related oversight following post-bankruptcy completion. No firsthand transaction experience in this building. Score reflects developer reputation and public record only. Verify systems condition directly.
Sustainability & Wellness
10%
[65/100]
Grade D, Score 3 per NYC Local Law 33 (as reported 2025). A -D- grade is common among glass towers of this construction type and vintage and reflects building envelope characteristics more than operational management. Strong wellness amenities on site (pool, yoga, steam) partially offset the energy standing. Local Law 97 exposure is worth monitoring, but is not yet a confirmed cost event for residents.
Appreciation Upside
10%
[65/100]
The appreciation record at the high end of the building is a caution flag, not an anomaly. Mid-floor units have shown more moderate but more consistent performance. Buyers should not underwrite this as a high-return asset.
Rental & Exit Liquidity
5%
[82/100]
Investors are permitted. The address has name recognition that supports rental demand, though high carrying costs compress net yield. Resale takes longer at the top of the price range.
Lifestyle Fit
5%
[90/100]
Exceptional for residents who want a park-facing, high-floor, private environment with a full-service program. Not suited to buyers who want neighborhood street life at the front door.
What Makes This Building Worth Owning
Construction Quality and Developer Pedigree

  • Related Companies completed the building after Slazer Enterprises ran into financial difficulty in 2010. That history is worth knowing, but it ultimately produced a more carefully supervised finish than many original-developer projects.

  • CetraRuddy's architecture has aged without embarrassment. The slender glass profile and seven signature pop-out facade elements remain visually distinctive more than a decade after completion.

Layout Advantage

  • With only 51 units across 60 floors, most residents occupy a floor with no more than one or two neighbors. Several units have private elevator access or footbridge entry from the companion building: a level of separation that larger towers simply cannot offer.

  • Ceiling heights of 10 to 11 feet and floor to ceiling glass make even the smaller units feel architecturally considered rather than compressed.

Design Integrity

  • Yabu Pushelberg's interiors hold a standard that does not date quickly. Material quality, proportion, and finish detail were given genuine attention throughout: wide plank white oak floors, Gaggenau appliances, and Calacatta marble appear across the building.

  • Amenity spaces originally conceived by Rem Koolhaas were reworked after the ownership transition, but the current One Club program reflects a similarly serious level of design intention.

Investment Case

  • The building's scarcity profile: 51 units, name recognition, and a park-facing position at the start of Madison Avenue provide a floor of demand that generically located towers do not have. This is not a building where supply floods the market.

  • Buyers should enter with realistic expectations. Common charges are high, and the upper-floor appreciation record warrants scrutiny. The Grade D energy rating is typical for glass towers of this vintage but worth monitoring for Local Law 97 implications. This building is best underwritten as a quality primary or pied-a-terre purchase, not a financial optimization play.

Amenity Depth

  • The One Club spans over 10,000 square feet and includes a 50-foot lap pool, glass-enclosed steam room overlooking Madison Square Park, full fitness center with yoga room, private screening room with butler service, private dining room with catering kitchen, parlor with billiards, wine cellar, children's playroom, and landscaped roof terrace.

  • 24-hour doorman and full-time concierge service round out the staffing model. This is a building where the amenity program is actually used: the scale and design quality make that realistic.

Inside the Building
Photos
23 East 22nd from Madison Square Park-1
23 East 22nd Entry
23 East 22nd Interior
23 East 22nd Pool
23 East 22nd from Madison Square Park-1
23 East 22nd Entry
23 East 22nd Interior
23 East 22nd Pool
Video Tour
Neighborhood Map
23 East 22nd Street sits at the intersection of three durable neighborhoods: Flatiron, NoMad, and Gramercy. Each has demonstrated consistent buyer demand across multiple market cycles. The building's position at the southern end of Madison Avenue, directly across from Madison Square Park, gives it a public-facing anchoring asset that drives long-term desirability in ways that interior blocks cannot replicate.
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