114 East 25th Street · Flatiron NoMad · Condo · Built 1921 · 20 units · 13 stories · Andre Kikoski Architecture (conversion)
CondoBuilt 1921Pets allowedFull-time
65
MF Score
A boutique 20-unit conversion from Adellco that sold out in 30 days — but no one actually lives here yet.
20 units · Condo · built 1921
Full-timeGymRoof deckPets allowedCity views
Scorecard
Prestige
72
Location
88
Investment
40
Value / sqft
75
Building quality
85
Livability
60
History
65
Transparency
35
The Honest Verdict
Zero HPD violations. Zero DOB violations. Zero litigation history. The Armorie at 114 East 25th Street has the cleanest public records you'll find in Manhattan real estate — but that's because you're essentially buying into a building that doesn't exist yet as a residence. Adellco claims 'one of the fastest sellouts in NYC development history' after moving all 20 units in 30 days, but that's what happens when you price aggressively in Flatiron and only have 20 units to sell.
The location between Lex and Park on 25th Street is genuinely excellent — quieter than avenue-facing buildings but still central to everything. You're 9 minutes from the Flatiron Building on foot, 3 blocks from the 6 train, and close enough to Madison Square Park to use it as your backyard. Adellco's track record with The Wales and d'Orsay conversions suggests they know how to execute these projects.
But here's what keeps me up at night about this deal: you're paying $1.5M–$8M for renderings and promises. Nobody has lived here yet. Nobody knows if the common charges will actually stay at $800–$2,500 as projected, or if that fitness center will feel adequate for 20 units, or if construction delays will push occupancy past Q1 2026. The building across the street — that's the 69th Regiment Armory, a legitimate NYC landmark that's been there since 1906. This building? It's been a coworking space until 2024.
If you're the type of buyer who wants to be first into something and can handle the uncertainty, this could work beautifully. But if you need to know exactly what you're getting for your $2M+, wait six months and see how the first residents actually experience living here.
Pros and cons
Pros
+ Boutique 20-unit building — intimate, not institutional
+ Adellco track record with successful luxury conversions
+ Mid-block location quieter than avenue-facing buildings
+ Walking distance to Madison Square Park and excellent transit
+ Brand new everything — no old building maintenance issues
Cons
− No residents yet — you're buying based on renderings
− Limited resale liquidity with only 20 total units
− Aggressive Q1 2026 timeline may face construction delays
− Common charges are estimates until building operations begin
− No track record for building management or neighbor dynamics
Approx. low end — varies by unit. Use the calculator below to add your mortgage.
~$1,900/mo
Common charges and tax figures shown are sourced from current active listings and vary by unit size and floor. Verify all figures with building management, the offering plan, and your attorney before closing. MeetFlatiron makes no representations as to the accuracy of financial figures shown.
Payment calculator
Purchase price$1,500,000
Down payment20%
Interest rate6.75%
Principal and interest—
Common charges (enter your unit's figure)$/mo
Property taxes (enter your unit's figure)$/mo
Total monthly—
For illustrative purposes only. Common charges and taxes vary by unit — verify exact figures with building management. Actual mortgage rates vary by lender. Consult your lender for accurate rates and terms.
Red flag —
The biggest red flag is timeline risk: 'early Q1 2026' occupancy for a conversion purchased in early 2024 is aggressive. Construction delays are common, and buyers should have contingency plans if move-in dates slip. All pricing and common charge estimates are projections based on pre-construction models — actual costs may vary significantly once the building is operational. Clean public records reflect new construction status, not operational history.
What agents won't tell you
Board dynamics
As a new condominium, there is no board track record to evaluate. With only 20 units, every owner will have outsized influence on building decisions — appealing if you want control, problematic if neighbor conflicts arise. Adellco's track record suggests competent initial management, but the transition to resident control is always unpredictable in small buildings.
What it's actually like to live here
Day-to-day livability is the biggest unknown here. The building promises 10'5" ceilings, oversized casement windows, and VRF heating/cooling systems — all appealing on paper. The mid-block location between Lex and Park should be quieter than avenue-facing alternatives, and you're genuinely close to Madison Square Park and excellent transit. But nobody knows how sound travels between the 20 units, whether the promised amenities will function as advertised, or if the common charges are realistic. These questions won't have answers until actual residents move in and live here for several months.
Services and amenities
Full-time
Elevator
Gym
Roof deck
Outdoor space
Bike room
Storage space
Laundry in building
Live-in super
Hardwood floors
Central air
Washer/dryer in unit
Dishwasher
Pets allowed
No Pool
No Parking
Pet policy: Pet policy not confirmed — verify with sales team
Amenity information sourced from building listings and public records. Amenities are subject to change — verify current offerings with building management before closing.
Transit
23rd St (Park Ave S)
6
3 blocks
23rd St (Broadway)
RW
4 blocks
28th St (Broadway)
NRW
4 blocks
28th St (Park Ave S)
6
4 blocks
Walk Score 96Transit Score 88Bike Score 85Source: Walk Score
Commute times from this building
Destination
🚶 Walk
🚇 Subway
Lines
The Flatiron Building (175 Fifth Ave)
9 min
N/A
Walk only
Midtown (47th & Park Ave)
28 min
10 min
4 Line
Hudson Yards (30th & 10th Ave)
29 min
27 min
4 Line/7
World Trade Center (Fulton St)
59 min
22 min
R Line
Times Square (42nd & Broadway)
28 min
13 min
4 Line/S
Grand Central (42nd & Park Ave)
21 min
9 min
4 Line
Door-to-door estimates via Google Maps transit directions. Times reflect typical weekday conditions.Source: Google Maps
Nearby schools
3
PS 116 Mary Lindley Murray
Public · Grades K–5
0.3mi
8
IS 104 Simon Baruch
Public · Grades 6–8
0.4mi
9
NYC Lab School
Public · Grades 6–12
0.7mi
Nearby colleges: Baruch College (0.3mi), FIT (0.4mi), Parsons/The New School (0.6mi)
School ratings sourced from GreatSchools and are subject to change. School zone boundaries are not guaranteed — verify current zoning directly with NYC DOE at myschools.nyc before purchasing.
Noise Level
Moderate
Overall noise level
70/100 noise score
Primary source: 25th Street residential traffic, proximity to Park Avenue South commercial activity
East 25th Street between Lex and Park is quiet residential-commercial, well-lit, and patrolled by the 13th Precinct. The block benefits from the 69th Regiment Armory's security presence across the street.
🚗
Parking
Monthly parking at Edison ParkFast on 25th Street runs $400–$475. Street parking is alternate side Tuesday/Friday — competitive but more manageable than Fifth Avenue blocks.
📦
Storage
The building includes dedicated storage units available for purchase, plus bike storage. No waitlist since it's new construction — lock in storage early during the sales process.
🛒
Grocery and daily errands
Whole Foods at Union Square is your best bet — 6 blocks south, easy walk or one subway stop. Morton Williams on Lex at 25th Street handles basics and late-night runs.
🔊
Noise and street life
Being mid-block between Lex and Park keeps you away from major avenue traffic. Units facing the 69th Regiment Armory get less street noise than those facing residential brownstones — counterintuitive but true.
🚇
Getting around
The 6 train at 23rd Street is your workhorse — 3 blocks south, express service to Grand Central in under 10 minutes. The R/W at 23rd and Broadway adds downtown options but requires a longer walk west.
Investment analysis is nearly impossible with zero sales history — the entire inventory was purchased direct from the developer in early 2025. At roughly $1,962 per square foot, pricing feels aggressive but not unreasonable for a boutique conversion in this location. The real issue is liquidity: with only 20 units total, resale options will always be limited. You're betting on Adellco's track record and the long-term appeal of owning in a small, design-forward building. But without comparable sales data or a track record of operations, this is pure speculation disguised as real estate investment.
Past appreciation is not a guarantee of future performance. Real estate values fluctuate. All investment decisions should be made with independent financial and legal advice.
Sale price history
2025
$3.50M avg
20 sales
Source: NYC ACRIS · Past sales are not indicative of future value.
Building history timeline
1921
Original Construction
Built as a publishing house with Beaux-Arts styling, featuring striking brick facade and keystone accents. The building served the publishing industry during Manhattan's printing district era.
2000s–2020s
Coworking Conversion
The building was converted to coworking space, operating as 'The Assemblage NoMad House.' This adaptive reuse kept the building active during the decline of traditional publishing.
2024
Adellco Acquisition
Adellco purchased the building in early 2024 for $41.3 million, previously owned by Prodigy Network and Shorewood Real Estate Group. The acquisition was specifically for residential conversion.
2024
Construction Financing
Adellco secured a $30.5 million construction loan with Arbor Realty Trust in January 2024, providing the capital for the office-to-residential conversion project.
2025
Sales Launch and Sellout
The Armorie launched sales in early 2025 with Corcoran Sunshine Marketing Group. All 20 units sold within 30 days, with pricing from $1.5M to $8M.
2026
Planned Occupancy
First residents are scheduled to move in during Q1 2026, completing the transformation from 1921 publishing house to boutique luxury condominiums.
Frequently asked questions
When will residents actually move into the Armorie at 114 East 25th Street?
Adellco projects early Q1 2026 for first occupancy, but this is a conversion timeline that could face delays. The building was only purchased in early 2024, making this an aggressive 24-month conversion schedule. Buyers should have contingency plans if move-in dates slip.
Is the Armorie really sold out as advertised?
Adellco and Corcoran Sunshine Marketing claim all 20 units sold within 30 days of launch in early 2025. However, 'sold' likely means contracts signed, not closed sales — closings can't happen until the building receives its final certificate of occupancy. The fast sellout reflects both strong demand and very limited inventory.
What subway lines serve the Armorie at 114 East 25th Street?
The 6 train at 23rd Street and Park Avenue South is your closest option — about 3 blocks south. The R/W trains at 23rd Street and Broadway are slightly farther but provide additional downtown and outer borough connections. The N/R/W at 28th Street offers Midtown access.
How many units are in the Armorie building?
The Armorie contains exactly 20 residential condominium units across 13 stories. This makes it one of the smaller luxury buildings in the Flatiron District — more intimate than typical high-rise developments, but also with limited resale liquidity.
Who is the developer behind the Armorie conversion?
Adellco is the developer, with Andre Kikoski Architecture handling the conversion design. Adellco previously completed successful luxury conversions including The Wales on East 92nd Street and d'Orsay condos in the Meatpacking District, suggesting solid experience with this type of project.
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