212 Fifth Avenue is an almost exclusively owner-occupied building at the nexus of the famous street and coveted Madison Square Park. Because the building offers neither studio nor 1-bedroom units – that are often purchased and then leased out – only a dozen residences have ever been marketed for lease and 86%of original buyers still own their units.
Jeff Bezos NYC Apartment
That privacy afforded by infrequent turnover among the building’s 43 residences may have attracted then-Amazon CEO Jeff Bezos to the development, resulting in a 5-unit, $119M assemblage of the building’s crowning five floors. Or, perhaps, it was the forever views of the park, the Flatiron Building, and the Empire State Building. If outdoor space was a consideration, his purchase included a 4,780 SF contiguous terrace, one of the largest in NYC. Most likely though, it was the relative value for the nearly 25,000 SF of park frontage, which cost Mr. Bezos exactly half of what was paid for the same interior square footage at 220 Central Park South in 2019.
Recent Sales
Excluding residences #20A and #20B, a study of the most recent resales indicates that they have not yet appreciated in value, in line with NYC price trends, since original buyers signed contracts between 2015 – 2018 at the height of the market cycle. The 20th floor; however, was the last piece in Mr. Bezos’ trophy puzzle, so he was, apparently, willing to pay those sellers a 35% blended premium for their units and a 38% premium to what he paid the developers for the 21st floor.
Development Team
The development team, composed of Robert Gladstone’s Madison Equities, Building and Land Technology, and Thor Equities, tapped Helpern Architects to convert the commercial floors into ultra-posh residences while delicately restoring the Gothic and Romanesque details of the limestone, terra cotta, and brick facade to its original 1913 splendor. Pembrooke & Ives curated luxurious yet warm finishes for the voluminous spaces, including such details as book-matched marble foyers, Chevron pattern floors, and fluted marble baths.
Current Listings
Still new as only 6 years have passed since the first closings, two residences are currently for sale. Like the penthouse, 3-bedroom residence #6A spans the entire width of the building along Fifth Avenue and Madison Square Park, offering the same never-to-be-obstructed park views. Asking $10.995M, the more than 3,000 SF of living space is being offered at a fraction of the cost of other park-facing new developments. Residence #5C, located along 26th Street, offers 2 bedrooms and 1,538 SF of interior space for $4.595M. See listings here >>
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