Landmarked Fifth Avenue 'Bow Building' Debuts as Rentals; The Serhant Team Launches Leasing with One Month Free

By CityRealty Staff | From Downtown Monday, October 24, 2016

The Bow Building, 242 Fifth Avenue between West 27th and West 28th Street

The 1885 Queen Anne building at 242 Fifth Avenue, a landmarked structure in the Madison Square Park Historic District, has been reintroduced to the NoMad neighborhood as an exclusive rental building with only four apartments. Known as The Bow Building for the ornamental bow cast onto its facade, it had fallen into disrepair in the years before it was approved by the Landmarks Preservation Commission to be converted into residential use. The listings recently hit CityRealty, and the four units are all spacious with 2 or 3 bedrooms and private outdoor space. The leasing is handled by Nest Seekers International and The Serhant Team, and the listings currently offer one month of free rent.

The new residences have been impeccably designed and finished. They are either full-floor lofts or duplexes, with ceiling heights between 11 and 20 feet. Nearly floor-to-ceiling windows are found throughout, and homes also feature private elevator entrance, pocket doors, and personal storage space. Bathrooms are detailed with calcutta marble, and Scavolini designed kitchens have speed ovens and wine fridges.

Residence 1 (2,762-square-foot with 3 bedrooms, 2 full baths, 2 half baths)

Living area leading to outdoor space

Large walk-in closet

The largest (and priciest) unit is Apartment 1 with 2,762 square feet throughout two floors. At $17,995/month, it has 3 bedrooms, 3 full baths and 2 half baths, and a 650-square-foot private patio. A pair of 2-bed, 2.5 bath units is available; Apartment 2 is priced at $9,995/month and Apartment 3 is $9,999/month.

If outdoor space is what you're looking for, then the penthouse unit (see listing) may be hard to resist. The 1,670-square-foot duplex apartment has 3 bedrooms, 2.5 bathrooms, and oversized skylights. It has multiple outdoor spaces that total 560 square feet including two balconies, a patio off the kitchen, and a private roof deck. The listings include net-effective pricing where applicable, and the full details of the concession can be found at the leasing contact below.

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The property is situated in NoMad between West 27th and West 28th Street and is only one block north of Madison Square Park. 6sqft detailed the property in October 2015 when condos were planned for the building, and noted The Bow Building was originally built as a brownstone residence but during the commercialization of the area was converted to high-end retail by architect George Harding. For several decades it was home to a variety of stores, but eventually fell into disrepair until it was purchased by developers Pan-Brothers Associates in 2012 for $10.28 million. With New York Design Architects leading the transformation back to a residence, two floors were added, which are not visible from the street, in a design that was approved by the Landmarks Preservation Commission in 2013.