If you've been looking at pre-war condos in this neighborhood and keep ending up back at the Grand Madison, that's not an accident. The location is genuinely unmatched — Madison Square Park isn't a block away, it's literally across the street, and that distinction shows up in everything from your morning coffee routine to your resale price.
The public records here are extraordinary: zero open HPD violations across every class as of April 2026, zero litigation, zero evictions — for a 13-story, 187-unit prewar conversion, that tells you management is on top of things in a way that many comparable buildings are not.
The real trade-off is pricing: at roughly $1,860–$1,978 per square foot, you are paying for the address, and west-facing Fifth Avenue units on lower floors are genuinely noisier and less desirable than park-front units — but they're often marketed at the same premium.
One thing worth knowing before you sign anything: the building ran a building-wide assessment as recently as March 2024, ranging from roughly $1,434 to $3,833 per month depending on unit size. In a 117-year-old converted office building, that won't be the last one; always request the last three years of board minutes and the current reserve fund balance before you close.
Pros and cons
Pros
+ Madison Square Park directly across the street — genuinely
+ Zero HPD violations across all classes, confirmed April 2026
+ No co-op board approval — condos close faster and easier
+ NYC landmark exterior — permanently protected, can't be altered
+ Full-service building: doorman, concierge, super, two handymen
Cons
− At $1,860–$1,978/sqft you're paying top-of-market NoMad pricing
− Lower west-facing units absorb Fifth Avenue traffic noise
− 126 avg days on market — resale liquidity slower than peers
− 17 active DOB elevator violations with $113,000 in penalties due
− No building parking — nearest garages on 26th and 27th Streets
Approx. low end — varies by unit. Use the calculator below to add your mortgage.
~$1,635/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$1,100,000
Down payment20%
Interest rate6.75%
Principal and interest—
Common charges (enter your unit's figure)$/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 building ran a confirmed building-wide special assessment as recently as March 2024, ranging from approximately $1,434/month (smaller units) to $3,833/month (larger units) per active listing disclosures (sources: Unit 2H and Unit PHH).
No current active assessment appears in April 2026 listings, but in a 117-year-old prewar conversion, periodic capital assessments are predictable — request the last three years of board minutes and reserve fund balance before signing.
Additionally, DOB NOW confirms 17 active violations, all elevator-related, with $113,000 in civil penalties due as of April 15, 2026 (nyc.gov/buildings) — ask management for the elevator remediation plan and timeline before closing.
What agents won't tell you
Board dynamics
The Grand Madison is a condominium, not a co-op — so there is no discretionary board approval process, no financial package to submit, and no board interview; the condo board holds only a standard right of first refusal, which in practice is almost never invoked.
For buyers who've been exhausted by the co-op application process at comparable prewar addresses in the neighborhood, this is a meaningful structural advantage: cash buyers, foreign nationals, LLC purchasers, and pied-à-terre buyers all face an essentially frictionless path here.
Contract-to-close timelines reflect mortgage underwriting and title work, not board dynamics.
What it's actually like to live here
Park-facing units in the K, M, and J lines — particularly from the fifth floor up — are a genuinely different quality of life than what you'll find anywhere else in NoMad: quiet, south-light, with unobstructed views of the park, the Met Life Clock Tower, and on a clear day, the Flatiron Building itself.
West-facing units on floors two through four absorb Fifth Avenue traffic noise more than the listing sheets will admit; this is a major commercial corridor and the trucks are real, especially before 8 a.m. Courtyard-facing units are a legitimately underrated option — quieter than either the park or the avenue side, they typically sell at a modest discount.
The one resident review found on Openigloo describes the walls as "basically soundproof" — just make sure you're comparing units on the same exposure before taking that at face value on a lower-floor west-facing unit.
Services and amenities
Full-time
Concierge
Elevator
Gym
Roof deck
Outdoor space
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: Cats and dogs allowed. Specific weight limits not confirmed — verify with building management
Amenity information sourced from building listings and public records. Amenities are subject to change — verify current offerings with building management before closing.
Transit
28th St (Broadway)
NRW
~2 blocks
28th St (Park Ave South)
6
~3 blocks
23rd St (Broadway)
NRW
~3 blocks
23rd St (Park Ave South)
6
~4 blocks
23rd St (6th Ave)
FM
~5 blocks
Walk Score 100Transit Score 100Bike Score 90Source: Walk Score
Commute times from this building
Destination
🚶 Walk
🚇 Subway
Lines
The Flatiron Building (175 Fifth Ave)
5 min
N/A
Walk only
Midtown (47th & Park Ave)
33 min
20 min
N/R/W to 49th St
Hudson Yards (30th & 10th Ave)
29 min
N/A
Walk only
World Trade Center (Fulton St)
1 hr 1 min
22 min
N/R/W to Cortlandt St
Times Square (42nd & Broadway)
18 min
9 min
N/R/W to Times Sq
Grand Central (42nd & Park Ave)
18 min
12 min
6 to 33rd → walk or N/R/W → shuttle
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
0.4mi
8
IS 104 Simon Baruch
Public · Grades 6–8
0.5mi
9
NYC Lab School
Public · Grades 6-12
0.8 mi
Nearby colleges: Baruch College (0.4 mi), Parsons/The New School (0.5 mi), FIT (0.5 mi), SVA (0.7 mi), NYU (0.8 mi)
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
Loud
Overall noise level
67/100 noise score
Primary source: Fifth Avenue traffic and local street activity — HowLoud rates traffic Busy and local sources Busy, with airports Calm
This block of Fifth Avenue between 25th and 26th Streets falls under the 13th Precinct and is as safe as Manhattan gets — well-lit, heavily foot-trafficked by Eataly and park visitors well into the evening, with doorman presence from the building itself adding an extra layer. The one thing worth knowing: the stretch of Fifth Avenue immediately north toward 28th Street thins out faster at night than the park-facing side, so late-night walks back from Koreatown on 32nd Street are on quieter blocks.
🚗
Parking
Monthly parking in the immediate area runs roughly $450–$550 at the garages on 26th and 27th Streets — ask the concierge which ones have reserved spots available, since the best operators fill up fast. Street parking on Fifth Avenue itself is competitive and subject to alternate-side rules; unless you're a very early riser, plan on the garage.
📦
Storage
The building has on-floor storage rooms, with some units including storage as part of the purchase. Availability varies and should be confirmed before closing — if your unit doesn't include storage, ask management about the waitlist before assuming you can add it later. For overflow, Manhattan Mini Storage on Seventh Avenue is the most convenient off-site option.
🛒
Grocery and daily errands
Eataly at 200 Fifth Avenue is directly across the street — magnificent and wildly impractical for a weekly shop unless your budget is unlimited. For actual groceries, Whole Foods and Trader Joe's are both reachable in about 10 minutes on foot or one stop on the N/R/W. For last-minute essentials, there are delis on both 25th and 28th Streets that are open late.
🔊
Noise and street life
South-facing park-front units from the fifth floor up are genuinely quiet — the park acts as a buffer and there's no cross-street noise to speak of. West-facing Fifth Avenue units on floors two through four are a different story: Fifth Avenue carries meaningful commercial truck traffic in the early morning hours, and the building sits flush to the sidewalk with no setback. If you're a light sleeper considering a lower-floor west-facing unit, visit at 7 a.m. on a weekday before you decide.
🚇
Getting around
The N/R/W at 28th Street on Broadway is your daily workhorse — two minutes on foot and puts you at Times Square in under 10 minutes. Citi Bike docks at Madison Square Park are almost always stocked on weekday mornings, making the ride to the West Village or Chelsea a practical 15-minute option. The only real gap: if you need the A/C/E or the 1/2/3, you're walking to Sixth or Seventh Avenue, which adds 10–15 minutes.
17 active DOB violations confirmed via DOB NOW (nyc.gov/buildings), all elevator-related, with $113,000 in civil penalties currently due as of April 15, 2026. Active permits include an interior unit renovation (Apt. 6S, March 2026) and a new HVAC equipment power installation (April 8, 2026), suggesting active building systems investment. Buyers should request the building's elevator remediation plan and timeline from management before closing.
Climate & Flood Risk
Minimal
Flood Risk Level
Zone X — Minimal Flood Risk
FEMA Flood Map Designation
225 Fifth Avenue sits well above sea level in the Flatiron core — Zone X designation reflects minimal flood risk. No storm surge history at this address.
Source: FEMA Flood Map Service Center (msc.fema.gov)
What to ask before buying
1.What is the current reserve fund balance, and can I see the last three years of board meeting minutes — specifically any discussion of capital expenditures or upcoming assessments?
2.The building ran a confirmed assessment through March 2024 ranging from roughly $1,400 to $3,800 per month depending on unit size. What triggered that assessment, and is there any planned or anticipated follow-on work to the facade, roof, elevators, or mechanical systems?
3.What are the current monthly common charges for this specific unit — and are those figures pre- or post-assessment?
4.What is the exact unit count per the original offering plan filed with the NY Attorney General, and what percentage of units are currently owner-occupied versus rented?
5.For south-facing park-front units: ask the building's concierge or doorman which floors actually begin to clear the tree line for unobstructed park views — and while you're at it, ask which floors on the west side catch the most noise from Fifth Avenue truck traffic before 8 a.m.
6.DOB NOW shows 17 active elevator violations with $113,000 in civil penalties due as of April 2026 — ask management for the remediation plan, timeline, and whether any costs will be passed to unit owners as an assessment.
The Grand Madison's long-term appreciation is real and documented: Lester Holt purchased Unit 2L in 2007 for $3,322,000 and sold it in August 2017 for $6,400,000 — roughly 93% appreciation in a decade. Average recent price per square foot has stabilized in the $1,860–$1,978 range, reflecting the broader NoMad market plateauing from its 2018–2019 peak.
Liquidity is moderate — average days on market over the past three years is approximately 126, suggesting buyers are selective about unit and exposure. As a NYC Landmarks-designated building, the exterior cannot be altered, protecting architectural character and long-term value.
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
$2.19M avg
8 sales
2024
$2.31M avg
20 sales
2023
$2.85M avg
7 sales
2022
$2.76M avg
13 sales
2021
$2.80M avg
7 sales
Source: NYC ACRIS · Past sales are not indicative of future value.
Building history timeline
Pre-1871
Gilded Age Residential Block
The site at 225 Fifth Avenue was home to Dr. John Franklin Gray, Manhattan's leading homeopathic physician, surrounded by neighbors including banker Frank Work and the Iselin and Schieffelin families — pillars of Gilded Age Manhattan society. Fifth Avenue in this stretch was among the most coveted residential addresses in the city.
1871
The Brunswick Hotel Opens
Dr. Gray's home was demolished and replaced by the Brunswick Hotel, redesigned by H.H. Richardson — designer of Trinity Church in Boston. The Brunswick became one of Madison Square's premier residential hotels, known for its six dining rooms and as headquarters of the New York Coaching Club.
1907
Current Building Constructed
The original Brunswick Hotel was razed and replaced by the current 13-story Renaissance Revival structure, designed by Francis H. Kimball and Harry E. Donnell. Despite brutal reviews at the time ("a monument of vulgarity and turpitude"), a 1999 Columbia University study later reversed that verdict entirely.
2001
NYC Landmark Designation
The building was designated part of the Madison Square North Historic District (LP-2097) by the NYC Landmarks Preservation Commission, permanently protecting its Renaissance Revival exterior of multi-colored brick, limestone, and terra cotta. No facade alterations can be made without LPC approval — a protection that runs in perpetuity.
2004
Acquisition by Elad Properties
Elad Properties (led by Miki Naftali) acquired the building — then the New York Gift Building — for approximately $125 million from Green Stamp America. In a 2004 New York Times interview, Naftali cited the renovation of Madison Square Park as the primary catalyst for the acquisition.
2006–2008
Residential Conversion
Working with Gal Nauer Architects and Perkins Eastman, Elad converted the building into 187 luxury condominiums and renamed it The Grand Madison. Original launch pricing ran from $1.6M for a one-bedroom to $5M for penthouse units.
2007–2017
Documented Appreciation
NBC News anchor Lester Holt purchased Unit 2L in 2007 for $3,322,000 and sold it in August 2017 for $6,400,000 — a near-doubling in ten years. The sale was confirmed via ACRIS and reported by the New York Post, New York Times, StreetEasy, and 6sqft.
2026
Current Status
The Grand Madison remains one of NoMad's most actively traded prewar condominiums, with zero open HPD violations, an active listings range of approximately $1.1M–$5.29M+, and an average recent price per square foot of $1,860–$1,978. With a landmark exterior and direct frontage on Madison Square Park, the building continues to attract buyers who have looked at everything else in the neighborhood first.
Is The Grand Madison at 225 Fifth Avenue a condo or co-op?
The Grand Madison is a condominium, not a co-op. This means there is no discretionary board approval process — buyers do not submit financial packages, sit for interviews, or risk being rejected. The condo board holds only a standard right of first refusal, which is rarely exercised. This makes the building significantly more accessible than comparable prewar addresses in NoMad that are structured as co-ops.
What subway lines are near 225 Fifth Avenue?
The building is exceptionally well-served by transit. The N, R, and W trains at 28th Street on Broadway are approximately 400 feet away — a two-minute walk. The 6 train at 28th Street on Park Avenue South is about a quarter mile northeast. The 23rd Street stations on both Broadway (N/R/W) and Park Avenue South (6) are roughly three blocks south.
What notable residents have lived at The Grand Madison?
NBC News anchor Lester Holt owned Unit 2L at the Grand Madison from 2007, purchasing for $3,322,000 and selling in August 2017 for $6,400,000. His former unit — a 3-bedroom with a 48-foot private terrace overlooking the building's courtyard/zen garden — became one of the building's most-cited sales. Additional high-profile residents have been reported in the media but require ACRIS confirmation before being cited.
What are the HPD violation records for The Grand Madison?
As of April 2026, The Grand Madison has zero open HPD violations across all classes — A, B, C, and I — confirmed directly at hpdonline.nyc.gov. The owner's violation rate is less than 0.01 per unit compared to a New York City average of 0.81. There are also zero litigation cases and zero evictions on record. Note that DOB NOW shows 17 active elevator-related violations with $113,000 in civil penalties due — buyers should ask management for the remediation plan.
Does The Grand Madison allow subletting and pied-à-terres?
Yes to both. Subletting is permitted and pied-à-terre purchases are allowed — a significant advantage over many co-ops in the neighborhood which restrict or prohibit both. As a condominium, the Grand Madison also allows cash purchases, foreign buyers, and LLC ownership with far fewer structural obstacles than a typical prewar co-op.
About the author
Paul Martinez has lived in the Flatiron District for 12 years.
He founded MeetFlatiron in 2024 to publish independent, public-records-backed
reviews of every notable building, landmark, and business in the neighborhood.
MeetFlatiron operates without paid partnerships, undisclosed sponsorships, or
commission-based reviews. Any future commercial relationships will be disclosed
clearly on each affected page.
