212 Fifth Avenue seeks to stoke sales with new model units

Home to one of the priciest penthouses in the city, 212 Fifth Avenue is currently in the midst of a transformation from its industrial past into luxury condos. To that end, the development team has now unveiled two model homes at this 24-story building—one on the 11th floor and the other on the 17th floor.

This latest push by the development team comes after the developers sued their former marketing firm, Town Residential for resisting being replaced following its inability to hit the development team’s desired sales mark. Marketing and sales are now being carried out by Sotheby’s International Realty.

Sales launched back in November 2015 with prices starting at $3.9 million for a two-bedroom unit. At present, several of the building’s 47 condos are already in contract, according to StreetEasy. Of the ones that remain on the market, prices range from $4.8 million for a two-bedroom, two-bathroom condo with 1,538 square feet of space, and go up to $17.1 million for a four-bedroom, four-bathroom measuring 4,155 square feet. Overall, the building is 50 percent sold.

The larger of the two model homes the developers have unveiled this week is located on the 11th floor and is asking $11.7 million. The condo comes with three bedrooms, three bathrooms, and has just over 3,000 square feet of space. There are pricey finishings galore—Calacatta marble countertops, and milled wood cabinets in the kitchen; coffered ceilings; and radiant-heated Thassos stone floors, and fluted Carrara marble walls in the master bathroom.

The 17th floor apartment is similarly sized but costs almost two million less at $9.75 million. Overall the apartments come in two, three, and four-bedroom variants with the the top-floor penthouse residence here spanning 10,000 square feet.

Madison Equities along with Thor Equities and Building and Land Technology purchased this 113-year-old building in January 2015. By August that year, the development team had brought on Helpern Architects to revamp the commercial building, and Pembrooke and Ives were brought on to do the interiors.

The first set of residents will begin moving in sometime this spring, and aside from their pricey condos, some of the amenities they’ll be able to look forward to include a Jay Wright-designed fitness center, a golf simulator, a children’s playroom, and a residents lounge.

• 212 Fifth developers sue Town over termination notice [TRD]
• $68.5M penthouse of 212 Fifth Avenue poised to become one of NYC’s priciest pads [Curbed]
• Flatiron Tower With Industrial Past Debuts As Luxury Condos [Curbed]
• Condos in Historic Madison Square Building Get New Renders [Curbed]