241 Fifth Avenue holds up well on design and build. ODA designed the building as a single project, exterior and interior, which is uncommon, and the result is a coherent piece of architecture: a terracotta and glass Cubist facade with a cantilevered crown that leans six feet out over Fifth Avenue. Inside, the residences carry stained white oak floors, floor to ceiling windows, Basaltina stone counters, Miele appliances, and radiant heated bathroom floors. At 46 units the building stays small enough for the HOA to operate with real accountability, and the amenity set leans toward wellness, with a fitness center and adjoining terrace, a yoga and meditation room, a private treatment room, a rooftop terrace with Flatiron and Empire State views, and a pet washing station.
I closed a residence here during the original sponsor sales, so I have followed the building's pricing since it opened. The investment case rests on the address and the neighborhood rather than on the design, which is distinctive and not to every buyer's taste. One block from Madison Square Park on Fifth Avenue is among the more durable positions in NoMad, and that has shown in the numbers: values here have held even as several other newer developments in the area saw prices fall. The honest caveats are real. Pricing has normalized since the sponsor days, more for one bedrooms than for two bedrooms, so buyers should not expect the building to outpace the neighborhood from here. The site is in the middle of the block with no corner exposure, and the back units face an interior courtyard rather than the avenue, so light and view vary significantly by line and floor. Carrying cost is moderate for the asset class with no tax abatement; recent one to three bedroom sales carried roughly $2,600 to $6,400 a month in combined common charges and taxes.
