Here’s a first look at the interiors of Pan-Brothers Associates lovingly restored condominium development The Bow Building at 242 Fifth Avenue. Acquiring its name from the ornamental bow cast onto its facade, the structure’s Queen Anne cast-iron front has been rehabilitated to its original 1885 grandeur. Once home to high-end antique furniture stores, tailors and art dealers, its sumptuously-scaled, arched windows will soon flood light into four bespoke units, each equipped with 11- to 20-foot ceilings and private outdoor spaces.
Situated in the heart of NoMad between West 27th and 28th Streets and just one block north of Madison Square Park, the building was originally built as a brownstone townhouse when its surrounding neighborhood was the city’s premiere residential neighborhood. Upon the commercialization of the district in the late 1800s, architect George Harding was commissioned to convert the mansion to appeal to high-end retailers flocking to the area.
A comprehensive write-up by Daytonian in Manhattan details the masterful reclad: “The street entrance featured modern multi-paned arcade windows below a deep panel of glass tiles. Immense expanses of glass, made possible by the cast iron, flooded the showrooms of the second and third floors with sunlight. Above a small cornice and arcade of five openings, sat an exuberant parapet featuring a deep pediment filled with intricate ornamentation tied up with a cast iron bow.”
After falling into disrepair and sitting empty for more than a decade, the family owned and operated real estate company Pan-Brothers Associates purchased the building in 2012 for $10.28 million. A first round of renovations initially prepared the building to house rentals. Situated squarely within the Madison Square Park North Historic District, the redesign impressed Community Board 5’s landmarks committee and eventually won the approval of the Landmarks Preservation Commission. Under the helm of New York Design Architects, two additional floors, not visible from street level, have been added.
Anchored by food emporium Eataly, it seems that once again, this stretch of Fifth Avenue is becoming a hotbed for retailers. Porcelanosa recently debuted its new showroom and offices at 202 Fifth Avenue and next door, high-end Italian mosaic tile manufacturer Sicis will open a five-floor U.S. flagship store. Additionally, a new hotel is planned a few doors north at 250 Fifth Avenue, and the condominium conversions at 212 Fifth Avenue and 10 Madison Square West are well underway.
In addition to having Madison Square Park in your front yard, the Bow Building’s amenities include private elevator entry, double-height ceilings, Scavolini-designed kitchens and baths, deeded storage and private outdoor spaces. A $17.5 million total sell-out is projected by the offering plan submitted to the attorney general and the units will likely range from a $3.5 million 1,600-square-foot unit to a $7 million duplex penthouse. Last month, Nest Seekers broker Ryan Serhant revealed on Instagram that only a few units remain, so let’s have a look at the interior renderings…
Follow updates for the Bow Building at 242 Fifth Avenue at CityRealty.
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