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Surprise: Another Tall, Expensive Tower Will Rise in Nomad

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Just when it seemed like booming Nomad was bursting at the seams with new development, it turns out that it was able to squeeze in one more pricey new building. A branch of Chinese investment firm Fosun Group, also behind 28 Liberty, has announced that they will co-develop a 47-story residential tower on Madison Avenue between 30th and 31st streets with JD Carlisle. Although that's pretty much the extent of what's known about the development to-date, Fosun has insinuated that the apartments will hold their own against their ever more expensive neighbors. An executive vice president of the development company told the Journal that "Fosun is confident that this property will be viewed internationally as another iconic New York City tower," and what other way these days is there to achieve such status than to promote an international image with dollar signs?

· China's Fosun to Develop a Luxury Property In New York [WSJ]
· Fosun, JD Carlisle to develop 47-story condo at 126 Madison [TRD]
· Why New York City Has Over 75 Listings Asking $35M and Up [Curbed]