“NoMad.” It sounds like a fashion label, travel site, or maybe even a vegan restaurant. In New York real estate parlance, however, it actually stands for North of Madison Park. The former down-at-the-heels commercial district is now one of Manhattan’s most coveted neighborhoods with the median price of a condo up to $2.2 million, a remarkable 24% over the previous year according to Property Shark.
The neighborhood’s popularity is due, in part, to the fashion, food, and arts being close at hand and, of course, the leafy and spacious Madison Park where people line up in long, snaking lines for a takeaway burger at Shake Shack. Despite its mid-Manhattan location and proximity to Union Square, Downtown and Midtown, the park and environs are surprisingly tranquil and sedate, making it a magnet for affluent families. And, of course, where the money goes, so do the insanely luxurious buildings.
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