Madison offering rare bargain in city's high-priced market.

Have buyers uncovered a rare "bargain" in Manhattan's high priced luxury condominium market?

Cantor Pecorella, the exclusive sales agent for The Grand Madison at 225 Fifth Avenue, the majestic landmark building that sits directly across from historic Madison Square Park, at 26th Street, reports that a total of 15 one-bedroom homes featuring large home offices have recently sold at the sought-after project.

"These residences have the look, size and feel of two-bedroom homes; they function like two-bedroom homes; but they're priced much lower," notes Dana Pecorella, president of the real estate firm bearing her name.

"Best of all, the resale value of these units, as well as all of the residences at this building, are phenomenal because of the property's extraordinary Fifth Avenue location across from the park as well as its landmark features and amenities."

Available one-bedroom with home office units at 225 Fifth Avenue range in size from 1,200 square feet to 1,600 square feet with asking prices starting at $1.4 million. A wide variety of layouts with 10-foot high ceilings and home offices as large as approximately 13-feet by 13-feet, are now being marketed for sale.

"With prices ranging from $1,100 to $1,300 a foot, these units represent some of the best values in today's marketplace and apparently buyers are starting to pick up on that," added Ms. Pecorella.

The early century Renaissance Revival brick and limestone structure, with its distinctive vintage facade comprised of elaborate cartouches and regal balconies, is being transformed into luxury condominium homes by Elad Properties, one of New York's leading residential developers.

The building will offer a total of 193 spectacular residences, including 23 magnificent penthouses. Prices for available one, two and three-bedroom homes currently range from $940,000 to $3.26 million.

The dramatic transformation of 225 Fifth Avenue, which first opened in 1906, is being carried out from architectural plans by the New York-based design team of Gal Nauer Architects and Perkins Eastman.