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5 Secrets Of 232 Madison Avenue NYC: The Pre-War Powerhouse Blending Neo-Gothic Grandeur With Modern Commerce

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As of December 23, 2025, 232 Madison Avenue in New York City stands as a compelling case study in Manhattan's enduring commercial real estate market, masterfully blending a storied pre-war past with the dynamism of modern Midtown South business. This 16-story, Neo-Gothic marvel—also formally recognized as 15 East 37th Street—continues to be a highly sought-after address for a diverse range of companies, from financial services to cutting-edge technology firms, right in the heart of Murray Hill.

Far more than just a Class B office building, 232 Madison Avenue is a meticulously renovated architectural gem whose history is intertwined with the transformation of Madison Avenue from a residential street of grand mansions into a bustling commercial corridor. Its current status, marked by active leasing and a stable ownership structure, underscores its appeal as a strategic location for businesses seeking a prestigious Manhattan address with historic character and modern amenities.

The Legacy of Polhemus & Coffin: A Neo-Gothic Masterpiece

The history of 232 Madison Avenue is a fascinating tale of urban evolution and architectural resilience. Completed in 1925, the building was designed by the notable architectural firm Polhemus & Coffin. Its construction marked a pivotal moment, as it replaced the grand four-story brick residence of Helen Hartley Jenkins, one of the last remaining mansions in the Murray Hill neighborhood.

A Blend of Styles: Neo-Gothic and Deco-Gothic

The building's design is a striking example of the period's commercial architecture, specifically categorized as Neo-Gothic. However, its enduring appeal lies in a unique aesthetic blend often described as Deco-Gothic. This style incorporates the verticality and ornate detailing characteristic of Gothic Revival with the sleek, geometric elements of the burgeoning Art Deco movement of the 1920s. This intricate detailing sets it apart from the more utilitarian office towers that would follow.

  • Original Purpose: The building initially served as a hub for the thriving New York silk industry, reflecting the area's early commercial specialization.
  • Architectural Features: The 16-story structure features a distinct, meticulously maintained façade. Its pre-war construction ensures high ceilings and classic layouts, features highly valued by modern tenants.
  • Meticulous Renovation: A significant renovation in 2009 was undertaken to painstakingly restore and reveal the building's unusual Deco-Gothic blend, enhancing its historical charm while upgrading its commercial functionality.

Who Owns and Manages This Murray Hill Landmark?

Understanding the ownership and management of a major commercial property like 232 Madison Avenue is crucial to its long-term stability and current market positioning. The building is a key asset in the Midtown South District, and its operations are overseen by established real estate entities.

Key Entities and Ownership Structure

The official property records from NYC.gov indicate that the ownership is held by DASHAL MADISON LLC. This entity is closely associated with prominent names in New York and Florida real estate development and management.

  • Management & Association: The building is managed by firms known for their expertise in pre-war, high-quality commercial properties. Princeton International Properties is cited as the owner/manager, emphasizing the building's "meticulously renovated" status.
  • Key Figures: The property is also linked to KAR Properties, LLC, whose CEO, Mr. Shahab Karmely, is a well-known figure in the industry. These associations highlight a commitment to maintaining the building's high standards and prestige.

This stable and experienced ownership ensures that the building remains a Class B powerhouse, offering competitive office space options in a prime location between Madison and Fifth Avenues.

A Snapshot of Commerce: Current Tenants and Leasing Activity

With approximately 115,945 square feet of office space, 232 Madison Avenue is home to a diverse ecosystem of approximately 60 tenants, reflecting its wide appeal across various sectors. The building's location in the high-demand Midtown South area, close to major transit hubs and landmarks, makes it an attractive commercial address.

The Diverse Tenant Mix

The building's tenant roster is a testament to its versatility, accommodating a wide spectrum of businesses:

  • Financial Services: Notable financial tenants include The First National Bank of Long Island, demonstrating the building's suitability for established financial institutions.
  • Technology and Media: The presence of companies like Premier Technology and InfoPro Digital highlights the building's evolution into a creative powerhouse, catering to forward-thinking companies in the tech and publishing sectors.
  • Other Industries: The tenant list also features diverse entities such as Maple Press, Russian Standard Vodka (bringing international flair), and various professional services firms like G.E. Grace & Company, showcasing a robust and varied commercial environment.

Current Leasing Opportunities

As of the current market cycle, 232 Madison Avenue remains an active commercial property with available office and retail space. The ground floor retail space, particularly, is actively marketed for lease, offering a high-visibility opportunity on East 37th Street, just off Madison Avenue.

The availability of direct lease space, including options around 2,375 RSF, provides opportunities for businesses to secure a prestigious address in the competitive Murray Hill/Midtown South market. The building's status as a well-maintained pre-war structure, combined with its proximity to Grand Central Terminal and other major New York City landmarks, ensures its continued desirability for businesses across the Manhattan landscape. The blend of historic architecture and modern infrastructure offers a unique proposition that is difficult to replicate in newer construction.

232 Madison Avenue: A Timeless Midtown South Investment

The building at 232 Madison Avenue, also known by its address 15 East 37th Street, is more than just a commercial property; it is a vital piece of the Midtown South District's history and future. From its origins as a silk industry hub to its current role as a diverse corporate center, its journey reflects the dynamic changes in New York City's commercial core.

Its Neo-Gothic design by Polhemus & Coffin, the strategic management by entities like Princeton International Properties and DASHAL MADISON LLC, and its ability to attract a broad range of tenants—from finance to Premier Technology—cement its status as a timeless Manhattan investment. For companies seeking a prestigious, character-rich Class B office space with strong topical authority and a central location, 232 Madison Avenue remains a prime choice in the Murray Hill area.

232 madison avenue nyc
232 madison avenue nyc

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