New luxury condos just hit the market on NYC's Madison Avenue for the first time in 20 years, and residences start at $12.5 million — take a look inside

The Benson is a new residential building coming to NYC's Upper East Side.Courtesy of Hayes Davidson

• A new condo is coming to New York City's Upper East Side neighborhood in late 2021, and unit prices are slated to start at $12.5 million.
• Peter Pennoyer Architects is working with Naftali Group, a real estate developer, to create The Benson, a 19-story residential building.
• Business Insider got an inside look at renderings of the building that showcase its 1920s stylistic details, including a limestone facade, and luxury amenities, like a movie theater and a rooftop terrace.

For the first time in more than 20 years, there's a new development being built on Madison Avenue on the Upper East Side.

The world-famous avenue is known for its high-end fashion, with blocks of storefronts for brands like Barneys, Prada, and Giorgio Armani.

"There is rarely a land plot for sale in the area as it's teeming with beloved retail, hospitality, and historic residential buildings," a spokesperson for The Benson told Business Insider.

Naftali Group, the global real estate developing firm, is working with Peter Pennoyer Architects on the Upper East Side's upcoming luxury condos.

In a statement emailed to Business Insider, Peter Pennoyer, founding partner of the architecture firm, wrote that The Benson was designed to reflect the style of the jazz age. "From the stepped setback terraces to the carved facets of the limestone façade, every detail reflects the modern classical spirit of 1920s New York architecture," he wrote.

Here's an inside look at the building, which features a spa, a movie theater, and a rooftop patio with views of Central Park.