Experience NoMad – Live, Work, and Play in Central Manhattan

NoMad is a vibrant neighborhood showcasing the quintessential New York way of life. It is located in central Manhattan, between Seventh Avenue and Lexington Avenue from 23rd Street to 30th Street. The area is served by several subway and bus lines, making commuting easy, and is adjacent to Madison Square Park, a beautifully landscaped oasis of serenity within the fast-paced, concrete jungle that is New York.

NoMad got its name in 1999 after New York City established the Madison Square Park North Historic District. The New York Times shortened the district’s name to NoMad from North Madison Square. The area is well known for its fine architecture and rich history.

In the 19th Century, NoMad was a crossroad, a nexus between upper class New York and the less affluent Tenderloin District. The area went by many names back then and was a bustling center of New York nightlife. It hosted several fine restaurants, a world-class theater, and internationally-renowned hotels. On the west side of Broadway lay the upscale center’s underbelly, a popular circus boasting bars with shooting galleries and betting parlors. This combination of high-end living with a rough edginess was what attracted people from all backgrounds to the area. Famous personalities like Mark Twain, Oscar Wilde, PT Barnum, and Thomas Edison were often spotted along its streets, as were well-known military generals and visiting foreign dignitaries.

NoMad has grown tremendously over the years, smoothing out its rough edges to become a safe and serene environment to live, work, and nurture a family in. Its streets are lined with attractively re-conceived older buildings that maintain their historic character, as well as new high-end developments. One of these is a 24-story rental building being developed by CRP Nomad LLC that will have more than 42,000 square feet of living and retail space.

NoMad is home to many celebrities and accomplished professionals. Its residents share a mix of high energy and a casual coolness. They enjoy convenient access to banks, day care centers, drug stores, laundries, grocery stores, and places of worship. When they are not working, they have plenty of opportunities to sample the neighborhood’s offerings that include fine dining, retail, and nightlife. Nearby entertainment venues include the Baruch Performing Arts Center, Jazz Gallery, and Gramercy Theatre. Gyms include AKT in Motion, CrossFit NYC: The Black Box, Soul Cycle, and Chinese Kung Fu Wu Su Association.

Further, the NoMad Alliance, a nonprofit committed to sustaining the community’s creative and dynamic character, regularly organizes events such as festivals, concerts, parties, and sports contests that both residents and visitors can enjoy. Some of these are held at Madison Square Park.

More than just a living community, NoMad is also a business hub. It hosts a number of large companies including Tiffany & Co., Credit Suisse, New York Life, Grey Advertising, and Sony. In addition, the neighborhood has a burgeoning tech scene. Silicon Alley, an up and coming tech center that runs through NoMad, is home to some of the largest tech companies in the country including Google, LinkedIn, ZocDoc, and Yelp. Other tech companies that call Silicon Alley home are ThoughtWorks, Zero-In, and Sketchfab.

Overview of New York City Inclusionary Housing Program

The New York City Inclusionary Housing Program (IHP) aims to promote affordable housing in neighborhoods with zone regulations to encourage new development. To that purpose, IHP incentivizes developers with bonuses, such as a higher allowable floor area. In return, they must designate some affordable units in their market-rate buildings.

The IHP promotes mixed-income housing. It encompasses two subprograms: voluntary inclusionary housing and mandatory inclusionary housing. The voluntary inclusionary housing (VIH) dates back to 1987 and covers R-10 districts (residential), designated areas, and special districts. Developers receive a density bonus for constructing, rehabilitating, or preserving permanently affordable housing.

The developers use their density bonus to increase the residential floor area for the building where the affordable units generated are and/or another building. If they opt for the latter case, the building must meet specific location criteria, such as being in the same community district as the zoning lot where the affordable units are or in a neighboring one but not farther than half a mile from the lot.

The amount of the generated bonus varies depending on the area. For example, in R-10 districts, it varies by type of construction (new, rehabilitation, or preservation) and funding (public or private). On the other hand, in designated areas and special districts, the generated bonus remains the same regardless of the construction and financing.

The second program, mandatory inclusionary housing (MIH), was introduced in 2016. It requires a portion of new housing in medium- and high-density populated areas rezoned to promote new housing production to be permanently affordable. The requirement applies for all new residential constructions, enlargements, and non-residential to residential conversions over 10 units (12,500 zoning square feet) located in MIH areas. Alternatively, developments between 10 and 25 units (12,500 and 25,000 square feet) can opt for payment into an affordable housing fund.

New housing projects that do not exceed the mentioned units are exempt from the MIH. It is important to note, however, that apart from bonuses, developers might also receive penalties. A look at the different types of IHP zoning gives a better insight. There are three types of inclusionary zoning, namely mandatory, designated, and R10.

As the names indicate, only properties within the first zone mandate the inclusion of affordable units. For the latter two, this is optional. Before making the final decision on whether to include affordable units or not, however, there are several things developers should consider. For example, in the inclusionary housing designated areas, they could choose to join the IHP or opt it out. If they decide to join, they will receive the relevant zoning bonus. If, however, they wouldn’t like to participate, they might be penalized accordingly.

If the property is in an R-10 zone and doesn’t fall within a mandatory or designated inclusionary area, developers can still join the IHP and get relevant bonuses. But there won’t be any penalty if they decide otherwise. To avoid any undesired penalties, before starting construction activities, check what inclusionary zoning area your property is located in and get familiar with the possible options.

NoMad Rental Complex to Feature 49 Residential Units

The New York firm Castellan Real Estate Partners relies on a comprehensive network of contacts in the commercial real estate market to support its investments, developments, lending, and property management work. Led by founding principle John Salib, a graduate of Columbia Business School, Castellan Real Estate Partners is currently developing a building in the Madison Square North neighborhood of Manhattan.

Known as NoMad, Madison Square North is an up-and-coming neighborhood with an increasing variety of restaurants, hotels, and retail shops. Castellan’s new development comprises a 23-story, 42,000 square foot rental building that will contain 49 residential units. Designed with the needs of New York media and technology professionals in mind, the rental development plans for interiors with modern color schemes and high-end finishes, as well as amenities such as a fitness center and meeting rooms. The building will also include 3,800 square feet of retail space.

The project, which has been developed in conjunction with both the New York Inclusionary Housing Program and the Affordable New York Housing Program, will be completed in late 2021.

New York City’s Cosmopolitan NoMad Neighborhood

Castellan Real Estate Partners is a real estate investment firm that focuses on retail and residential properties in major cities. Under the guidance of founders John Salib and Paul Salib, Castellan Real Estate Partners’ newest project is a 24-story residential tower in the fashionable New York City neighborhood of NoMad, which is named for being north of Madison Park.

The building’s indoor and outdoor areas, including its roof garden, are sure to be popular with technology and media entrepreneurs in their late twenties. Slated for completion in late 2021, it will provide 3,800 square feet of shops out of a total 42,100 square feet.

NoMad sits between Park Avenue and Sixth Avenue (east-west) and between 31st and 23rd Street (north-south), and the area features historic brownstones near the residences of presidents Franklin D. Roosevelt and Grover Cleveland. The neighborhood is also in the vicinity of the prestigious Fifth Avenue Hotel, which held the city’s first passenger elevators in 1859. It is also near the city’s first movie theatre on Broadway that was run by Thomas Edison 1894 and the 69th Regiment Armoury on Lexington Avenue where the first “modern” art show was held in 1913.