Living in NoMad

September 17, 2020 by Nico

NoMad: A Rapidly Evolving Neighborhood With a Storied Past (Published 2019)

In the last five years, the once-commercial area around Madison Square Park has seen a rush of new restaurants, hotels and condominiums.

159 Madison Avenue was built in 1911 and was occupied from spring 1912 until 1957 by the Executive Brassiere Company that primarily produced ladies undergarments. In 1957 General Electric purchased the building and occupied it as the headquarters of their international operation. The building was then sold to an investment group led by Jack Ehrenhaus, who converted the building to rental units in the late 1970’s.

In December 1986, 159 Madison Avenue Associates (the sponsor) made its first offering to convert the building to Cooperative ownership. The Cooperative Organization of 159 Madison Owners Corp. was declared, effective April 11, 1988.