Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, is pleased to present exclusively for sale the former Avalon Hotel in the NoMad neighborhood of New York, NY. Senior Executive Managing Director, David Schechtman, and Managing Directors, Lipa Lieberman and Abie Kassin, are representing the seller in this transaction.
Located at 16 East 32nd Street between Fifth and Madison Avenues, the former 100-key Avalon Hotel stands 12 stories across 71,250 gross square feet and features 65.5 feet of frontage on 32nd Street. The property contains three elevators, an average weighted room size of 400 square feet, and will be delivered vacant with no management or flag, offering a blank slate for investors. Located in the flexible C5-2 zoning district, options include continued use as a hotel or conversion to luxury office, residential, or student housing. Additionally, the site is ideal for users or large tenants looking to establish a flagship presence in one of New York’s hottest neighborhoods.
NoMad has emerged as one of the trendiest locales in Manhattan, thanks in part to the neighborhood becoming the choice destination for cutting-edge companies, families, young professionals and ultra-wealthy magnates. Madison Square Park offers over six acres of serene open space, featuring year-round entertainment that includes art exhibitions and concerts. Whole Foods recently announced they will be opening a store at 63 Madison Avenue, just minutes from the property, and Equinox will be opening nearby on West 27th Street. Already home to trendsetting hotels including the NoMad and the Ritz-Carlton, office tenants have increasingly sought to relocate to the surrounding area, given its proximity to Penn Station and Madison Square and Bryant Parks. Overall, NoMad is one of the true live-work-play destinations in the city, attracting both residents and employers alike as demand continues to outpace supply.