Madison Square Park vicinity

[jennicak]

sorry to be one of those people that start a thread in an already established group of regulars... but ive been a silent reader for a long time! i promise. Had a question though.. do any of you guys have any views on the madison square park area? me and my husband are thinking about buying something on the park - the grand madison condo, but 1) it's super expensive and 2) it's super expensive. I just happen to love the area!!!

anyone think there is still upside - or did i miss it like everything i else i invest in? i already read a bunch of the older threads on this site (including the one about st george hotel and actually *touching* another new dev there), but any updated views? They are charging $1250+ a sq foot for fifth ave views..

tx all,

:)

[lofter1]

I'm not looking to buy, but it seems that if you can afford it and want a classic, stylish, beautiful NYC condo then the Grand Madison (http://www.grandmadison.com/) would be a good way to go.

The area on 5th is only going to get better and the stretch of Broadway north of Madison Square is probably one of the next areas to get a re-vamp. Great central location.

[NYatKNIGHT]

Hope you don't mind I changed the title of this thread. "I'm one of those..." didn't adequately describe its contents, and this great part of town deserves its own banner. Hopefully you'll get more replies.

[jennicak]

Lofter1, thanks for the info yeah, that broadway area full of the wholesalers is pretty chaotic during the day and empty at night. it's funny that a street in such a central area of NY and potentially nice real estate space is used for warehouse-style buildings. Prob would take at least 5 years to change, but if economy holds, would be a matter of time.

Also like the fact that there are other nice condo's there building or being redeveloped = 15 mad square, 76 madison, that clock tower, 80 madison, saya (60 floors??? / wow), skyhouse (which is funny looking), ny life, etc. i actually also liked the madison green building at southwest corner, but doesnt look like there were any for sale. also, supermarket is just a tad far and saw about 4 rats in the park at night the other day... (you can call me a typical *girl* but I hate them...).

either way, trying to find out if it makes sense financially for us - as it is $$$. but thx. NY at Knight, thx as well for chging the title - makes much more sense.

btw, love the pictures you guys post for your identities :)

tx

[jennicak]

was flipping through other pages and just saw that a new developer is thinking about demolishing and building an apt across the street from the grand madison...

http://www.wirednewyork.com/forum/showthread.php?t=11921 (http://www.wirednewyork.com/forum/showthread.php?t=11921)

wow, im torn. half of me is saying that it's horrible because I will be looking out of my window into construction site for at least 1.5 years...

the other side of me is saying -- wow, nice, more people moving in... and closer to Broadway!!!

thank goodness i havent signed anything yet. gotta keep thinking.

[BrooklynRider]

I think it is an area that is red hot and, if you can get into the Grand Madison - good for you. The whole new "SOFI" area is red hot with 224 Fifth Ave coming up next, Skyhouse under construction and the Toy Center being converted. There remains the 1913 Metlife tower that is an on again/off again conversion. The park is subsidized by Met Life, NY Life and CSFB, so it is an A+ park space with great art and public entertainment. Only potential negatives are the 40 story residential tower going up at the south end of the park (so shadows might be a problem in the future.) Also, no good supermarkets/grocery stores nearby. That will change.

[jennicak]

brooklynrider, tx for the thoughts. although i think i heard in CURBED that the toy building is no longer going condo. :mad:

http://www.curbed.com/archives/2006/12/19/madison_square_shocker_toy_building_condos_off.php

but dont get me wrong, i DO agree with you - lots of new bldgings and lots of fun. It's just the $$$ and the potential construction that will be an issue... do the builders do construction at night? or is it just a daytime thing?

[pianoman11686]

Correct - the Toy Building will now be repositioned as an office property.

As for construction times: I think the city law is no construction before 7am. Most workers go home around 3-4pm.

[Front_Porch]

I have friends who are buying in the Grand Madison and they are pretty excited about their treetop views of Madison Square Park. However, the new place is tiny compared to what they're selling in Chelsea.

So it's a question of priorities -- space vs. views.

ali r.
{downtown broker}

[BrooklynRider]

^^

That's the expert!

[bigkdc]

I currently live in the madison square park area and think it is a great time to be investing there. Unfortunately I am about to sell my place and move further downtown but I am a big fan. In my mind, that park is one of the great underutilized assets in the city. The location is very central (somewhat akin to union square) and in 5 years things will look a lot different.

The park does have rats at night but I think all parks do at night. Also, along the north side of the park there are a lot of homeless people who seem to gather on those benches. I think that will change though as all of the new residential buildings on that block open up.

If you love the place then go for it!

[macreator]

I love Madison Square Garden. It's real gem and they've cleaned it up so well. I used to work a few blocks away and throughly enjoyed buying lunch nearby and eating on one of the park benches or on the grass. Plus, Shake Shack provides a pretty good burger and shake if you can stand waiting in line.

[jennicak]

other thiing that i find slightly annoying about the area (although overall i love it) is the fact that the buses always idle out on the north end of the park - on 26th st. yesterday i saw a bus driver peeing on a tree behind the bus. it was at night, but still weird.. thought it was a homeless guy, but after he was done, he walked into his bus and drove away... wow.

[antinimby]

^ Sometimes one has no place to go and that's what you gotta do.

I don't think the tree minds, I think they actually prefer it. :D

[bigkdc]

yes better on the tree than on the sidewalk....

[lofter1]

... better on the tree than on the sidewalk....


Not necessarily ^^^ at least not when it comes to dog pee (http://www.dcgreenworks.org/UrbanForestry/treepitguards.html) ... Keep dogs from using your tree pits as a bathroom. Dog urine is acidic and can burn plants and tree roots. Dog feces are ugly and high in nitrogen. Both are harmful to trees.
Then again (http://www.qc.ec.gc.ca/ecotrucs/solutionsvertes/trees.htm) ... To control mildew and apple scab, spray undiluted human urine on the foliage before the buds open. Three weeks later, repeat the treatment using a solution of one part urine and four parts water. In fall, repeat again with a solution of equal parts urine and water.

[jennicak]

lofter.... you're weird... ;)

[lofter1]

Not as weird as the guy who pees on trees :cool:

[stache]

That would make for a very odd colored hankie!

[DontDisturb]

I recently purchased a park facing unit at the Grand Madison. I really excited to move in. I have lived uptown my entire life and this is the perfect blend of downtown/uptown for me.

I am a little worried with all of the residential development surrounding the park and what impact it will have on the crowds. Also, I have noticed the homeless people on the north side (which I face) and the buses idling.

However, I think this will be a marquee property in the city. Pre-WW1, park facing condo apartments do not grow on trees.

[Front_Porch]

Yes, notice that Elliman is offering 10-J and 10-K, which would certainly be a killer park-facing combo. Looks like the price on 10-J just dropped by $1.1M.

ali r.
{downtown broker}

[bigkdc]

1.1mm??? from what to what? that seems like a huge drop for a building that is pretty much sold out, right?

[DontDisturb]

Looks like the price on 10-J just dropped by $1.1M.

I think it was not properly listed in the first place when they put it up at 5 million (although I wouldn't mind if 3 bedrooms were going for 5 already).

[Front_Porch]

So we real estate people are so busy that we can't be bothered to distinguish between $4M and $5M?

I think $5M was testing the water, and the water was cold.

That said, I still think it's a good combo.

ali r.
{downtown broker}

[jennicak]

as all the sales in the grand madison (for the sponsor) are being handled by cantor pec. as this is elliman selling, i assume that it is someone selling for a flip? i looked at the offering memorandum for the building (the prices in the last amendment) and it looks like this broker was being pretty aggressive vs. the price list there. i think i really like this place.

if they clean up the area (with the idling busdrivers peeing in the streets!) i think it will be a nice place to live.

[jennicak]

oh yeah, btw, i think the sponsor is saying they are about 90% sold. interesting to see that there are secondary sellers of people who just bought - putting their apts in the market...

btw, one thing to be aware. the common charges are about $450 each for a 1250 sq foot 2 bedroom - low... the taxes for that size unit are currently about $900, but after reading the offering memo, it looks like they are going to increase significantly to about $1600 next year. the $900 was based on a 40% done building. that made me half to think about my budget... but my husband and i still think we are going to take the plunge. will let you guys know what it if we sign and move in. tx!

[Front_Porch]

I don't see a lot of resales in my computer system, but I wonder if some of that's timing, aren't the original sales just closing now?

ali r.
{downtown broker}

[jennicak]

duhhhh... my fault front porch.. you are right. i forgor people can only sell after the homes close.. and most of them havent yet. glad you're on this board to lead us (me specifically) the right way.

[Front_Porch]

Thanks jennicak for the compliment, that's very sweet of you. I have gotten some very nice clients from this forum so I try to "give back" by being helpful.

I was talking to my friend who bought in the Grand Madison just yesterday, and we were trying to predict the future of the neighborhood -- does it turn into East Chelsea or North Flatiron?

And one thing worth being aware of, I think, is school districts. P.S. 40 is a very acclaimed yet somewhat hidden gem. Its zone currently goes up to 25th Street and over to 5th Avenue -- so I'm wondering if new buildings like the Grand Madison, which are just outside that zone, are more attractive to people who don't need access to that fabulous school.

In other words, I'd say the area becomes more like Flatiron -- but I'd be curious to hear what others think.

ali r.
{downtown broker}

[stache]

I think they will push the Madison Square brand, and save Flatiron for south of 23rd.

[jennicak]

did some research.. for those that care here is a review of the school district that is covered by the apts north of the park on 26th st.

http://www.insideschools.org/fs/school_profile.php?id=39

and here is the school ali pointed out P.S. 40

http://www.insideschools.org/fs/school_profile.php?id=28

does anyone know if there are rankings for public elementary schools by testscore? tx.

[jennicak]

FYI, according to Emporis website, the people that are designing the building on 224 fifth ave (im an internet search nerd) are Beyer Blinder Belle Architects & Planners

went to their website and theyve made some cool stuff.
- grand central station, ellis island, redid the smithsonian, rubin museum of art, 60 East 88th St. this new 20 story apt they build on 26th and park hopefully is pretty nice.. funny though.. for a firm that did grand central to do something so small.

i guess you have to keep the lights in the office at the end of the day!

[BrooklynRider]

Their best work is restorative, renovation or adaptive reuse.

[jennicak]

went to grand madison today. theyve opened their fifth avenue entrance (used to be on the park on 26th). plan on putting in chandeliers etc - very "grand" entrance. also looks like people have been moving in. still lots of homeless sleeping on the ground next to the building... the doormen says that after the scaffolding comes down they are going to ask them to leave, and send them to shelters..

anyone know what retail they plan on putting in the 1st floor? so far it's a chase but there is a lot of other space.

[Jessica1]

Have you considered looking at 15 East 26th ( Madison Square Park North)

The interiors are gorgeous with 12 ft ceilings.

The prices are also better.

Does any one have any comments on this building?

[Jessica1]

Jessica1 (http://www.wirednewyork.com/forum/member.php?u=10266) http://www.wirednewyork.com/forum/images/statusicon/user_offline.gif vbmenu_register("postmenu_143909", true);
Junior Member
Join Date: Jan 2007
Posts: 2


http://www.wirednewyork.com/forum/images/icons/icon1.gif Madison Square Park ,Ian Shrager
Does anyone know what is going on with Ian Shrager's plans to build a condo in Madison Square Park

Now that the Toy building is going to be offices do you think it will bring down the residential real estate around the park.
I am looking at 15 East 26th STreet (Madison Sq North)

Does any one have any comments on this building?

DO you think they will start to put more residential conviences such as grocery and Dry cleaners?

[stache]

They recently closed a Dagostino on Park around 20th. Most cleaners pick up and deliver.

[bigkdc]

There is a great dry cleaner at 28th and madison who picks up and delivers....

That area is doing just fine in terms of services and will definitely pick up as all of the residential opens up

[Peakrate212]

yea........whats up with the homeless and the Grand Madison? its like, the 80s are back...

Can't be good for sales

[stache]

The homeless absolutely love this park.

[macreator]

yea........whats up with the homeless and the Grand Madison? its like, the 80s are back...

Can't be good for sales

I agree, I don't know what's up with all of the homeless in that area. It really needs to be dealt with.

[ablarc]

... all of the homeless in that area. It really needs to be dealt with.
What do you suggest?

[antinimby]

Oh, just leave those folks alone.

Does every square inch of this already fully yuppified borough have to be completely sterilized?

Having a bit of the leftover '80s grit won't hurt anybody.

Now, go back to your damn Starbucks' and finish your frappuccinos.

[macreator]

What do you suggest?

Well when I walk by every so often I get hassled for money and it gets annoying since I'm already paying for shelters in my taxes. If the shelters aren't good enough then I don't know why we pay for them. Something needs to change.

[lofter1]

Basic Facts about Homelessness

http://www.coalitionforthehomeless.org/advocacy/basic_facts.html

In recent years the number of homeless New Yorkers residing in shelters each night has reached the highest point in New York City’s history. In August 2006 some 33,000 homeless men, women, and children were sleeping each night in the New York City shelter system, including 13,100 children, 12,500 adult family members, and 7,400 single adults. Thousands more sleep on city streets, park benches, and subway trains.

Since 1998 the New York City homeless shelter population has increased by 56 percent, from 21,100 people in shelters each night to 33,000 people per night currently.

Over the past seven years, the number of homeless families sleeping in New York City shelters and welfare hotels has increased by 95 percent, from 4,429 families at the end of January 1998 to 8,630 families at the end of August 2006. The average stay for homeless families in the municipal shelter system has doubled over the past decade, from six months in 1992 to twelve months today.

The number of homeless single adults sleeping in the New York City shelter system has increased by 34 percent since 1994, from an average of 6,100 people per night to 8,200 people per night in 2005.

[SilentPandaesq]

Is there any posting that lists all of the developments in this general area? I have some friends of the family looking to pack up the surburban homestead and move to the area. They are unconcerned about homeless harrasment, but would like to not pay more than $1200 a square foot.

[Front_Porch]

Maybe cityrealty.com? It's a searchable site, and I think the business model is that they want to put you into touch with an area broker (I'm not affiliated with them), but the new devs coverage is excellent.

ali r.
{downtown broker}

[jennicak]

Jessica1 (http://www.wirednewyork.com/forum/member.php?u=10266) http://www.wirednewyork.com/forum/images/statusicon/user_offline.gif vbmenu_register("postmenu_143909", true);
Junior Member
Join Date: Jan 2007
Posts: 2


http://www.wirednewyork.com/forum/images/icons/icon1.gif Madison Square Park ,Ian Shrager
Does anyone know what is going on with Ian Shrager's plans to build a condo in Madison Square Park

Now that the Toy building is going to be offices do you think it will bring down the residential real estate around the park.
I am looking at 15 East 26th STreet (Madison Sq North)

Does any one have any comments on this building?

DO you think they will start to put more residential conviences such as grocery and Dry cleaners?

Jessica, I recently signed in the grand madison and had many of the same questions you had. Re Ian Shrager and future of the toy building, no idea. However, re the residential conveniences... I went to the apartment the other day and the doorman said that there wil be dry cleaner pick up and delivery service. re supermarkets, there is a whole foods on seventh ave - 15 minute walk.. Unfortunately, the building currently doesnt have "refridg storage for freshdirect " like some of the other new developments, but maybe it's something the new board could look into. With 200 residents, cant cost THAT much to install.

Finally, the building opened up its fifth avenue doorway (vs the old 26th one). I think it's nicer only because you dont see the idling buses. Also has a very nice glass and steel awning.

doorman today said that people have moved in on the 7th floor.

[jennicak]

Is there any posting that lists all of the developments in this general area? I have some friends of the family looking to pack up the surburban homestead and move to the area. They are unconcerned about homeless harrasment, but would like to not pay more than $1200 a square foot.


It's from 2005, but better than nothing...

http://www.triplemint.com/triplemint/2005/06/madison_square_.html
Madison Square

http://www.triplemint.com/photos/uncategorized/madisonsquare1.jpgIf you could create a new residential enclave anywhere in the world you would put it in the center of Manhattan, with a newly polished park of mature trees and lush lawns, with one of the best dog runs in New York, a renovated children's playground, and of course you would ring it with landmark structures just begging to be turned into lofts. Oh, and one more thing: you would also have Danny Meyer open three restaurants there. Welcome to Madison Square. Over the next few years as many as 700 new condo units could be created here. Click the jump to see the details.

With TriBeCa now fully built-out, this was the logical next step--and for people who work in midtown it's a better commute. Located at the intersection of the Flatiron district, Chelsea, and Midtown South, Madison Square is really the great gateway to downtown. Gramercy and Greenwich Village are both walking distance.
The most eye opening deal on the park was SL Green's recent deal to purchase One Madison Avenue, the landmark 41-story Met Life tower (above) for condo conversion. No specific plans have been released yet, but the floors have ceilings heights from 12 to17 feet, and the views are unobstructed in three directions. Another large project with almost 200 units is the conversion of the nearby Gift Industry Building at 225 Fifth Avenue (below). This project is further along, with an on-site sales office already taking reservations.
http://www.triplemint.com/photos/uncategorized/giftbuilding.jpg
Perhaps the largest project on the park is the pending conversion of the International Toy Center at 200 Fifth Avenue (below), comprising two separate block-long structures connected by a foot bridge. The scale of the Toy Center, with its large windows and high ceilings, could make for staggering loft spaces, depending on how generously they are configured--a caveat that applies to all of these projects.
http://www.triplemint.com/photos/uncategorized/toycenter.jpg
In addition to those mentioned above, several other older commercial buildings in the area (such as 212 Fifth Avenue, former home of the FX cable channel) look ripe for conversion. Every landlord has her price. If you define the area a bit more broadly to include adjacent parts of Midtown South and Flatiron, you could easily see over 1,000 new condo units come on line over the next several years. Already in the works are 160 Fifth Avenue, the building over Club Monaco, as well as both 60 and 76 Madison Avenue (all below).
http://www.triplemint.com/photos/uncategorized/160_fifth.jpg
http://www.triplemint.com/photos/uncategorized/60_madison.jpg http://www.triplemint.com/photos/uncategorized/76_madison.jpg

All this leaves us with two key questions: Will the Fed keep raising interest rates, and do Danny Meyer's restaurants deliver?



Posted by Triple Mint | Permalink (http://www.triplemint.com/triplemint/2005/06/madison_square_.html)

[ccdevidad]

Jessica, I saw your question....my wife and I just signed for a 3 bedroom in the building. We think the interiors are the best we've seen (not that we have looked at that many buildings), the kitchen and the master bath are amazing, we love the floors and big windows, of course the 12 foot ceilings, and also the 8 foot beautiful doors. I feel like they went first class all the way. Building amenities include gym, toddler room, package room with cold storage (all 3 on 1st floor), roof deck, storage in the basement, wine room. Also Abigail Michaels Concierge, hope thats good, anybody have any comments on them?

Anyway I don't want to sound like a commercial but we just really liked the interiors and the location, I think MSP is so underrated, heck a lot of people who don't live in the area don't even know it exists. We live near Union Sq Park now and well there's no comparison. I'm not worried about services in the area, I'm sure concierge will do dry cleaning, there are supermarkets/drugstores not too far away and there's always fresh direct, etc.

Place was expensive, spent more than we had planned, but it seems in the ballpark with comparable spots. Hope this helps.

[stache]

Package room with cold storage is a wonderful idea!

[DontDisturb]

wondering if anyone on here bought in the Grand (225) and has closed yet or received their 30 day notices? If so, what floor are you on (they are closing downward)?

[Jessica1]

CCDavidad

I actually also bought a one bedroom at 15 E 26th street (Madison SQ North)

I am moving from the upper east side and must have looked at about 20 new developments from 26th Street and down. I was considering the highline and not sure if I made the right choice.

I agree that 15 East 26th Street have the nicest finishes.

My concern is the four story building next store. I heard that they can build up to 12 stories which would block my south view.

I am also concerned because just like you said the area is almost non exsistent. I never see any new PR on the area.

I was dissapointed to find out the Toy building was not going condo. I hope between Ian Shrager , 225 fifth and the Saya property values will go up and the neighborhood will be considered "hot"

I am a little concerned about the idling buses and the homeless. I actually saw a man piss in the bushes.

I also here so much more about 225 fifth.

I am just nervous but glad to her your validation:)

[Jessica1]

CCDavidad

I actually also bought a one bedroom at 15 E 26th street (Madison SQ North)

I am moving from the upper east side and must have looked at about 20 new developments from 26th Street and down. I was considering the highline and not sure if I made the right choice.

I agree that 15 East 26th Street have the nicest finishes.

My concern is the four story building next store. I heard that they can build up to 12 stories which would block my south view.

I am also concerned because just like you said the area is almost non exsistent. I never see any new PR on the area.

I was dissapointed to find out the Toy building was not going condo. I hope between Ian Shrager , 225 fifth and the Saya property values will go up and the neighborhood will be considered "hot"

I am a little concerned about the idling buses and the homeless. I actually saw a man piss in the bushes.

I also here so much more about 225 fifth.

I am just nervous but glad to her your validation:)

[bigkdc]

I think your investment is quite safe....With all of the top notch development in that area you will be in good shape. Once the condo boards get organized in the buildings on 26th the homeless situation will be fixed.

[Jessica1]

Thanks for the positive reponse!!

I was told by the broker at 15 East 26th that the five story building next door (21 East 26th street ) can be developed to 12 stories. He said that he doubts they would build up because the lot is small.
If they do build I wil lose my south view of the park. My apartment is set back. My propery value will really go down!!

Is there a website where I can follow up to see if they have applied to increase the size of there building?

And how much in advance could I find out?

Thanks for any information.

[lofter1]

Re: 21 East 26th street


Is there a website where I can follow up to see if they have applied to increase the size of there building?

And how much in advance could I find out?


Applications for that kind of work can be found at the NYC Department of Buildings website:

http://www.nyc.gov/html/dob/html/home/home.shtml

Enter the address and it will take you to a page for the building in question.

Go HERE (http://a810-bisweb.nyc.gov/bisweb/JobsQueryByLocationServlet?requestid=1&allbin=1016878&allstrt=EAST+++26+STREET&allnumbhous=21) for the current list of applications / permits for 21 E. 26th Street.

You'll see that no applications have been submitted to increase the height of that building.

[ccdevidad]

Interesting, I never thought that any of those 1 bedrooms could see the park. You must be in the D line, floors 10-12. So you can see the park from your south facing living room windows? Never would have guessed. Is it just a sliver of the east side?

Regardless congrats on your purchase. I understand you being nervous. We bought an E line facing north, its a big # for us and I'm nervous too. That said I'll reiterate, I think the area is great and I do think it will continue to grow in popularity, but only time will tell. Don't worry about the Toy buidling, plenty of new buildings around.

As for the small building to the east, you never know but that lot is just so narrow, lets hope they never build there.

As for 225 Fifth, its a much bigger building, and it has the fifth ave address, so not surprised you hear more about it. Just my opinion but I like the looks of 15 mas sq north a lot more. I'd also note, their were only about 40 apts on sale at 15 MSN and most went pretty quickly.

[Jessica1]

Thank you Lofter for the info!! I will keep checking.

To my neighbor:) I did buy the D line instead of the C line because of the south facing windows.

When I look out I actually see another line in the builldings windows ( about 18 feet) but can see the top of the trees and the clock tower that should look gorgeous at night.

I am very excited that almost all of the apartments have contracts out.

Can't wait to see what they do with the rooftop!!!

I am dissapointed that in my line they are not sure what they are doing with the seond bathroom. The walls will be sheet rock (I wish they would tile it) and as of now the floors may still be the hardwood that is through out the apartment.
You would think I could get an answer by now.
Regardless I am happy!!

[ccdevidad]

Jessica, your second bath, is that a full, it looks like a shower in the floorplan but I wasn't sure. Thats nice. Why would they not know how they're doing that bath? Why aren't they doing just like the display powder room or one of the other baths?

[Jessica1]

Yes the second bath does have a shower stall. But if you look at the photos you will see the wall is sheet rock and the floors are hardwood. I asked the onsite broker if I could pay extra prior to closing to tile the bathrooms in the beige and white tiles ( in the photos ) and he said that was not possible. You would think they have extra tiles or a great price.
I would really like the second bath to be tiled and not have wood floors prior to move in. The onsite broker said that if the developer decides the wood is not water proof then they would make changes.

But I don't understand why they have not figured that out yet.

How could wood floors be water resistant? I have never seen wood floors in bathrooms.

[lofter1]

I have a neighbor who has teak floors in the bath.

Boat decks are (were) often made of teak.

Of course it requires maintenance.

But if the construction is good and the wood is properly sealed wood is viable.

Although I can't for the life of me figure out why a developer would make that choice.

[ccdevidad]

But if you look at the photos you will see the wall is sheet rock and the floors are hardwood.

What photos are you referring to? Also is this sheet rock/wood floor combo just in the one bedrooms or all the powder rooms? Seems really odd. I was already considering asking them if they would forgo the powder room (3.5 baths is really unnecessary in a 2000 sq foot place imo) and just make it a closet, this would make me think harder about that.

[Front_Porch]

Sheetrock and not tile in the baths? This refusal to "finish" apartments is an alarming trend, IMHO.

I just got a report from the Grand Madison that there's nothing in the closets, no interim shelves or hanger bars, nothing.

ali r.
{downtown broker}

[stache]

Yikes. A single shelf and rod won't break the bank!

[jennicak]

Sheetrock and not tile in the baths? This refusal to "finish" apartments is an alarming trend, IMHO.

I just got a report from the Grand Madison that there's nothing in the closets, no interim shelves or hanger bars, nothing.

ali r.
{downtown broker}

that is true. when you walk into the model room at the grand madison, they have ads for co's that due the california closets etc... but i thought it was pretty weird that the closets are empty. also annoying, each apt has a washer dryer hook up, but no washer dryer.. gotta buy yourself. i saw that other apts like element and west 10 and onyx etx have all taht included. weird when u realize grand madison doesnt have a public laundry room!!

[Front_Porch]

It is a drag that the Grand Mad doesn't supply W/Ds. I think a bigger issue is that the W/D area is not vented, which limits your choice of appliances.

ali r.
{downtown broker}

[bigkdc]

you would think they would put up a shelf and a rod in the closets....for that kind of $ i would kind of want my place to be turnkey....understand that many would do custom closets but still.

and the lack of a w/d is really silly.....i mean how much money does that save you? what are there about 125 units there? lets say they spend $3k/apt on w/d for a total of $375k???

these two things would make me nervous about what other kinds of corners they are cutting in the build out

[DontDisturb]

and the lack of a w/d is really silly.....

For me, I prefer that they didn't put in a w/d that I wouldn't want. I want a certain system (the LG steam) and now I can put whatever in that I want.

The building didn't need amenities to sell. It is pre-war (WWI actually!), on a park, on fifth, great lobby with a courtyard. It is not a building, let's say in times square, that needs tons of amenities to sell.

I am hopeful that once the condo-board is organized that the building will see a few amenities initiated (like a cold storage room).

[jennicak]

Does anyone know what retail will be taking over the ground floors of grand madison, and 15 mad sq park? walked by the other day and looked like pretty big spaces. nice, but have been empty for a while. about 5 years a go i remember it housed a gap and a panini/sandwich store.

tx

[antinimby]

Let me just take a wild stab at it and say it'll be a bank branch. :rolleyes:

Question is which one will it be? Wachovia, Citi, Chase, Bank of America, Washington Mutual, Commerce, HSBC...

[jennicak]

Let me just take a wild stab at it and say it'll be a bank branch. :rolleyes:

Question is which one will it be? Wachovia, Citi, Chase, Bank of America, Washington Mutual, Commerce, HSBC...

haha.. they already have a chase in there in the north half of the building on 225 fifth.. another bank would be plain old lame.

[antinimby]

Nowadays, what makes you think having another bank nearby is going to stop another one from setting up shop?

Btw, it's harder to see but the one in the right hand corner in black is a Washington Mutual branch.

http://img185.imageshack.us/img185/1711/retail01mp3.jpg

[jennicak]

http://query.nytimes.com/gst/fullpage.html?res=9E0CE4DC113BF93BA1575AC0A9619582 60

danny meyer must feel like a genius now.

[DontDisturb]

Let me just take a wild stab at it and say it'll be a bank branch. :rolleyes:

Question is which one will it be? Wachovia, Citi, Chase, Bank of America, Washington Mutual, Commerce, HSBC...

A Dean & Deluca would be perfect! How can we make that happen??

[stache]

Buy the company?

[GrandMad]

I was hoping for a Dean and Deluca too! I actually mentioned to the developer that a Dean & Deluca or a Citarella would be perfect (maybe a smaller Whole Foods but there's one on 27/7th already), but I got the impression that the asking rent was too high. They didn't want a Starbucks - too low class apparently. (but having a blazing blue neon Chase sign is not low class I guess.)

I'm resigned to yet another bank or Duane Reade in that space...

[DontDisturb]

A Duane Reade would be a total waste of such a marquee space on 5th Ave and a park. If they don't go high-end they have sold out the building.

[jennicak]

A Duane Reade would be a total waste of such a marquee space on 5th Ave and a park. If they don't go high-end they have sold out the building.

i guess at the end of the day, it's too bad because we dont have much say as ELAD is the one that is deciding who, what it will be.. I did some searching on the internet and it did say that they wld like to have a resataurant faving the park on the south east corner of the building. but who knows.

http://www.rkf.com/listings/NEW/225FifthAve_main.asp

also talked to some people at the building and they said there is a chance that is a furniture store or clothing store. When I worked in 11 madison avenue, i remember that there was a panini restaurant and a gap in that building. was 5 years ago though but always crowded

[DontDisturb]

An upscale restaurant a la Cipriani that service to the buidling would also be ideal. So long as it wouldn't create too much noise in the evenings if it had outside dining.

I don't see a furniture store going after that space as something less pricey in the neighborhood would attain the same results.

[bigkdc]

would be a great place for a restaurant...and with all of the new builds and residents it would do quite well

furniture stores are always nice to have as well as the windows are generally pleasing to the eye

hard to envision a bank there but i guess these days they can go anywhere

[GrandMad]

It's such a gigantic space - would need to be large restaurant that would want so much space. Hopefully, Elad does not end up with an Olive Garden!

I think a retailer like Crate and Barrel would be a good fit. There is no CB close by, although there are William Sonoma, West Elm, Pottery Barn close by in Chelsea.

Personally, I'd love to see a high-end furniture store like Poliform, Boffi, Armani Casa, Poltrona etc in there.

[jennicak]

March 2007
Starck brings chic to unchic 23rd Street

High-end glass tower to be his second project here

By Vanessa Londono
http://www.therealdeal.net//issues/MARCH_2007/images/1172651858.jpg (javascript:openpopup('http://www.therealdeal.net//issues/MARCH_2007/images/1172651858.jpg',180,221,true);)
A rendering of the facade of Gramercy, a glass tower designed by Philippe Starck and GKV Architects.

A building from ultra-chic designer Philippe Starck is coming to a less-than-chic part of East 23rd Street in Manhattan, The Real Deal has learned.

Shvo Marketing is the sales agent for the project, named Gramercy in an effort to tap into the cachet of nearby Gramercy Park. The high-end, 22-story glass tower at 340 East 23rd Street between First and Second avenues will have 207 studio and one- to three-bedroom units.

The project, with an interior that will be designed by Starck and an exterior designed by GKV Architects, is one of the surest signs that the area is heading upscale. The project is Starck's second in the city after designing 15 Broad Street in Lower Manhattan three years ago.

Inside, amenity spaces will include an indoor and outdoor lounge custom designed by Starck's design group Yoo. A second-floor lounge equipped with a screening room and library will connect to an outdoor terrace. Gramercy will also have a gym and private rooftop cabanas.

The sales office for Gramercy will open near the end of this month at 344 Third Avenue between 25th and 26th streets, and the development will be completed in the summer of 2008.

Buyers can personalize units according to three finishing packages coordinated by Starck. Potential homeowners have a choice of classic, culture or nature packages. Classic includes fumed oak floors, limestone countertops and grey accents. The culture package includes purple accents, Romany Blue stone counters and fumed oak flooring. The nature package includes green accent walls, white oak flooring and white Thassos stone countertops.

Homeowners can also buy Starck-designed furniture and housewares.

Another new project in the area is the completed Crossing 23rd, a full-service luxury condominium at 121 East 23rd Street, which came to market in 2005. And farther west, many of the buildings around Madison Square Park have gone or are going condo, including the One Madison Avenue Clocktower, the Gift Building and a new construction building called the Saya.

Located on the south side of Madison Square Park, the Saya at 20 East 23rd Street will be one of the tallest buildings in the Madison Square Park area. The Slazer Development project will be 60 stories tall and have 90 units, including 18 full-floor units and one triplex.

Certainly Tishman Speyer's purchase of the Peter Cooper/Stuyvesant Town complex south of 23rd Street for $5.4 billion is a vote of confidence for the neighborhood. There has been speculation on whether units at Stuy Town -- approximately three quarters of which are rent-stabilized -- will be converted to condos eventually.

Recently Tishman Speyer began making back the billions it spent buying the complex by increasing rent as much as 33 percent on non-stabilized units. Tishman Speyer said that despite the rent hikes, it has seen a renewal rate of 80 percent among non-stabilized tenants.

Gramercy fills a luxury need on East 23rd Street, said Michael Shvo, president of Shvo Marketing. "East 23rd Street is changing. It's on the edge of transformation."

Units are priced around $1,000 per square foot, with studios starting at $440,000 for 430 square feet. One-bedrooms are priced at $630,000 for 600 square feet; two-bedrooms are $1.1 million for 1,100 square feet and $1.65 million for 1,600 square feet.

When it came to pricing, Shvo looked at condos and co-ops in the core Gramercy Park area as comparables. The light and space of 23rd Street, a wide, two-way street, was also a factor in pricing.

"People will have phenomenal views, light and air," Shvo said. "It's very open and very airy. It will make an apartment feel like it never ends."

According to Randy Gerner, principal of GKV Architects, the glass façade of the Gramercy references the glass towers of Midtown.

Starck's first residential project in Manhattan was called Downtown by Philippe Starck. Located at 15 Broad Street, the development began sales in August 2004 for its 326 units. Downtown also had a line of furniture that homeowners could purchase.

[DontDisturb]

I'd love to see a high-end furniture store like Poliform, Boffi, Armani Casa, Poltrona etc in there.

If I can't the high-end prepared food store I hope for, I wouldn't mind an Armani Casa. That would a nice panache to the building. Moreso, I would like something that I could use every week, not just once a year.

[jennicak]

Anyone know what the Commodore Criterion building is in that island to the west of mad square park?

Such a weird name for the building... but will say pretty nice/classic looking. I think it may be a wholesaler?

[jennicak]

unconfirmed... but heard a rumour that the retail on the east side of the grand madison has a good chance of being a restaurant. in talks now i believe.

[stache]

Anyone know what the Commodore Criterion building is in that island to the west of mad square park?
I think it may be a wholesaler?

I think it's showroom space for toys and display companies etc.

[lofter1]

This pdf ad for retail space at Grand Madison (http://www.cushwake.com/Flyers/225FifthAvenueBrokerFlyer1.pdf) (page 2) from Cushman & Wakefield shows a Chase Bank in the NW corner at 27th / 5th -- all other retail space is shown as available.

[lofter1]

Nice shot of the Commodore Criterion from Madison Square Park:

http://thomashawk.com/hello/209/1017/1024/Commodore%20Criterion4.jpg
(C) Thomas Hawk
http://thomashawk.com/hello/209/1017/1024/Commodore%20Criterion4.jpg

Here's another:

http://www.photocase.com/de/upload/08/zdgfhfvx/photocase853389783.jpg
Copyright: nilfisk (http://www.photocase.com/de/user.asp?u=49123)
http://www.photocase.com/de/photodetail.asp?i=36319

This plot (202 5th Avenue - aka 1-3 W 25th aka 1122 Broadway) would be a great site for a beautiful small residential building.

http://www.shiromi.com/gallery2/d/17388-2/CRW_1691.jpg

It's got good bones. Since it's in a Landmark District it might not be able to grow up much --

Unfortunatley it's particularly sorry at street level ...

http://www.epyon-1.com/blog/archives/images/IMG_1436-thumb.jpg (http://www.epyon-1.com/blog/archives/images/IMG_1436.php)

http://www.epyon-1.com/blog/archives/2005/08/commodore_crite.php

[jennicak]

re above pics, thanks lofter...

also fyi, looks like shake shack is coming back in four days. never actually eaten there, but have heard from others that it is pretty good. see below for training.

http://eater.com/archives/2007/03/shake_shack_07_2.php

[jennicak]

Coming to Madison Square Park: Relief at a Quarter a Flush
http://graphics8.nytimes.com/images/2007/03/10/nyregion/10toilet_lg.jpg
Interior of a model of a public pay toilet, 20 of which are to be put in various spots at the direction of the Department of Transportation.



By PATRICK McGEEHAN (http://topics.nytimes.com/top/reference/timestopics/people/m/patrick_mcgeehan/index.html?inline=nyt-per)
Published: March 10, 2007
Generations of New Yorkers have mastered the act of nonchalantly slinking through restaurants and hotel lobbies where they have no business in search of a toilet. But the furtive quest for relief in public may become a fading art starting this summer, now that the city has settled on a site for the first of 20 long-awaited pay toilets.

After decades of fits and starts, the city will begin a two-year rollout of 25-cents-a-flush public toilets with the first being installed in Madison Square Park in June, said Kerry Gould, who is overseeing the project for the city’s Department of Transportation.

The department hopes to have nine more pay toilets in use by the end of the year, with the second probably going to the Bronx, Ms. Gould said.
A Spanish company, Cemusa, will install the toilets as part of a contract to provide what is called street furniture, including 3,500 bus-stop shelters and 330 newsstands, throughout the city.

Cemusa agreed to pay the city about $1.4 billion over 20 years, which it expects to recoup from selling advertising. In exchange, Cemusa will collect the quarters that users deposit along with any revenue from the ads on the structures, some of which will be on sidewalks or traffic islands. Those put in parks will not carry advertising, Ms. Gould said.

The 20 automated toilets, which clean themselves after each use, will be enclosed in a closet-size structure. They are not expected, however, to satisfy the demand for pay toilets.

Ms. Gould said that the department had received suggestions of 50 sites for them from City Council members and community leaders. She said employees of the transportation department were scouting sites for the toilets, which require hookups to water mains and the sewer system.

“We are hoping to have them in every borough,” Ms. Gould said, adding that the department would seek the approval of local community boards. “We certainly want them in communities that welcome them,” she said.
Ronnie Sykes, a spokeswoman for Adolfo Carrión Jr. (http://topics.nytimes.com/top/reference/timestopics/people/c/adolfo_jr_carrion/index.html?inline=nyt-per), the Bronx borough president, said Mr. Carrión’s office had nominated a site in the “hub” section of the South Bronx.

On Thursday night, Community Board 5 passed a resolution approving the placement of the first toilet in the southeast corner of Madison Square Park.
It will be near the Shake Shack, a popular food stand (closed for the winter), which draws big crowds. Madison Square Park, which covers 6.2 acres on the north side of 23rd Street between Madison and Fifth Avenues, has drawn larger crowds since it was renovated in 2001, said Stewart Desmond, a spokesman for the Madison Square Conservancy, a public-private partnership that helps to maintain the park.

On Monday, for example, as many as 10,000 people are expected to attend a free, daylong barbecue sponsored by the makers of Kingsford charcoal.
But, unlike Union Square, Central Park and some other parks, Madison Square Park has no public toilets.

“We know it would be good for our park, so we’re happy we’re getting the first one,” Mr. Desmond said.

[antinimby]

A quarter entrance fee?

That's way too cheap. Should bump it up to a dollar or something.

This way, there'd be less vandalism as only people seriously in need of the facility will use it.

[bigkdc]

Hard to get a sense of size but if I was a homeless person I'd pay my quarter and sleep in one of these every night - especially in the cold.

I agree 25 cents is way too cheap. It should be a $1 or maybe even cost the same as subway/bus ride and accept metrocards

[antinimby]

Exactly, the higher cost will deter abuse.

[Stern]

I can't believe that you two are actually advocating a higher cost to take a piss. I do not want to pay $1 to take a piss, because the city does not have enough public toilets, I'll gladly drop a quarter. The homeless cost issue is irrelevant, the homeless people that would vandalize are also fiscally irresponsible, if they wanted to use the toilet for such uses they will just as easily drop a quarter as a dollar, they do not think in opportunity costs. The issue of a homeless person sleeping there is just as strong at $1 as at 25 cents. That said, I cant wait for these bathrooms, hopefully they are as nice as the ones at Bryant Park.

[stache]

when she discovered there was no T.P. in the booth?

"Dahhhhhling, do you have two fives for a ten?"

[lofter1]

My understanding is that the doors open automatically after a (somewhat) short but not too short period of time -- thereby discouraging lingerers / campers.

I'm sure I'll check out one of these (curiousity) but since they'll be widely spaced a knowledge of Starbucks locations will come in more handy.

[ramvid01]

My understanding is that the doors open automatically after a (somewhat) short but not too short period of time -- thereby discouraging lingerers / campers.

I'm sure I'll check out one of these (curiousity) but since they'll be widely spaced a knowledge of Starbucks locations will come in more handy.

Starbucks have bathrooms. Since when. :confused:

[lofter1]

oh you bet -- each hand every one -- and you don't have to buy anything to use the facilities. The barristas could care less. Very citizen friendly.

[BPC]

As do most hotel lobbies (just look straight ahead and walk on through like you are staying there) and all the big chain stores (Bed Bath & Beyond, Circuit City, KMart, etc.) that we New Yorkers decry as ruining our facility-free city.

[ElMagnifico]

Charge $25 for access to the toilet, that'll keep it pristine. Useless, but pristine.

[go2nyc]

Hi there,

I'm new to wired.com.... I'm moving in shortly (hopefully w/in the next two weeks) to the Grand Madison. :)

1. Any advice with the closing or issues with the units?

2. Someone mentioned you can use an LG washer/dryer...I was under the impression that only melie and bocsh made ventless dryers.

3. Any news on the potential of a tax abatement on the building...I'm a little nevous about the talk of the taxes rising. :eek:

4. Any advice on the a paid parking spot close to the area?

5. Does anyone know when the gym in the building will be open?

Thanks!

[GrandMad]

Hi Go2Nyc, I'm eagerly awaiting a move to the Grand Madison at some point as well, but i've only been waiting for oh, 6 months and counting....

1. sorry, can't help you with that one just yet

2. I believe miele and bosch make condensation dryers (i.e., ventless) as does LG. I think I'll do the Miele since it seems to get the best reviews (i.e., reliability, features, longevity etc)

3. Since it's a conversion from a commercial building, I don't think it qualifies for any tax abatement

4. Lots of parking garages within a 5-7 block radius of the area but the only "moderately" priced ones (i.e., less than $400/month) seem to be to the east of 2nd or west of 7th/8th avenues. Otherwise, you're looking at $500+/month and many of them are not even 24 hour spots. if you find a decent monthly garage location, please let me know as well!

5. They said gym would open in 2-3 months - not sure if I believe them though.

Hope that helps.

[mody]

We are also waiting to close as well. We called the sales office and they told me that for C units, the TCO will be ready in about 1 to 2 weeks.

[go2nyc]

Humm... the sales office told me the builder chose not to file the abatement due to the long delays and said it would be up to the new association to seek a fileing.

What floors are you guys on? I was under the impression the TCO went by floor.

[spaceboy]

Generations of New Yorkers have mastered the act of nonchalantly slinking through restaurants and hotel lobbies where they have no business in search of a toilet. But the furtive quest for relief in public may become a fading art starting this summer, now that the city has settled on a site for the first of 20 long-awaited pay toilets.


WOW, its about time. It looks nicer then my bathroom :)
Any idea where the other 19 will be?

[DontDisturb]

I have also received my closing notice and will be doing so in the next 6 weeks. No further info though. Excited to get started with the building. Hope we organize well to this the premier building in the area.

[jennicak]

1. hey guys. im closing in two weeks so will tell you how it goes.

2. re lg - can you use that one? I was told that only bosch were allowed. if you talk to larry the super, he has connections to get the bosch washer and dryer for a pretty good price.

3. yeah - taxes will def rise. it said so in the offering doc - that the current tax total was based on 40% occupancy. not to say it will double, but risk factors of doc made it very clear. would love a abatemnet

4. im looking for a place in 1st or second ave. i know its far, but ive heard you can get $250ish.. which makes it worth it.

5. dont know

Finally, any idea re the retail space?

[jennicak]

Humm... the sales office told me the builder chose not to file the abatement due to the long delays and said it would be up to the new association to seek a fileing.

What floors are you guys on? I was under the impression the TCO went by floor.


what is TCO?

[lofter1]

^^^ Temporary Certificate of Occupancy -- it's good for 3 months and then has to be renewed, which can be done multiple times until DOB gets all the sign-offs and issues the Final Certificate of Occupancy.

DOB LINK (http://www.nyc.gov/html/dob/html/certificates/co_factsheet.shtml) to all the info

[mody]

GO2NY

I am at 7C. The sales office said hopefully in 1 to 2 week for TCO and closing will be 30 days from the TCO date.

[Change]

We also bought a C line apartment at the Grand Madison, last we heard we should have received the TCO at the end of March, with closing following one month later... apparently delayed, again.:( I believe the C line was the last line of apartments to be finished (other than PHs) since the outside elevator ran on that space.

Mody, are you planning to close off the home office? I am looking for a solution since we plan to use it as library/guest bedroom. Any ideas?

[Front_Porch]

Not Mody but a little bit of a floorplan freak --

If you are truly using the area as a home office most of the time, why not do a door across the gallery entrance -- this effectively makes the second bath ensuite, so it's a little odd for entertaining, but it would afford more privacy for guests and give the work area a more spacious feeling, I think.

ali r.
{downtown broker}

[mody]

HI Change... It MODY here.

We are also looking at a closing off the area for guestroom/home office as well.

I saw in the model unit at 10B which they use a frost class sliding door setup. It provides decent privacy and some nature light when close. When they are open, it still able to provide open space look and feel.

I am researching on cost and vendor and I will keep you updated when we found a decent one. I prefer the kind without the bottom track.. cost more but proivde a much cleaner look.

Let me know if you found a good solution too.

[Change]

Thanks Front_Porch and Mody for your ideas... we have considered the possibility of closing off the gallery opening into the kitchen, thus separating the home office into a large en suite bedroom; however, I would not want to have an ackward separation there. Also, the division would need to go all the way to the ceiling, I can't imagine how it would look, plus it needs to be glass so some natural light reaches that area...

I have not seen model unit 10B, I must go and check it out - great that they provided a solution for this situation, I remember the home office on model unit 10E left the home office open. I also would prefer not to have the bottom track, makes it look much better, seamless. My idea so far is to have sliding doors like TrePiu (no bottom track) and inside the home office some lovely curtains that would provide privacy when needed, but would remain open to the sides most of the time.

Here are some links:
http://www.trep-trepiu.com/porteeng/porte/trepiu/porte/pavilion.htm

http://www.apartmenttherapy.com/ny/small-cool-2006-entries/50-vinces-high-tech-hideout-007462
http://www.apartmenttherapy.com/ny/good-questions/good-question-sleek-affordable-sliding-glass-doors-006526

http://www.nanawall.com/cgi-bin/portfolio/search.asp
http://www.pella.com/products/gallery/Default.asp?path=/products/patio&i=3

Will continue looking and will let you know how things develop.

[go2nyc]

I close in about 3 weeks... i'm on the 4th floor.

Washer. I'm in two minds about the LG v. the Bosche...already go the Bosch ordered. Larry seems to recommend it. The LG seems good too but its 110 instead of 220 and would probably require an electrican to rewire.

User Group. We should start a user group on Yahoo to discuss things about 225.

Upgrades.
The sliding door seems interesting...I think i've seen a few NYC vendors that do this in a few home mags.
Is it true we don't get rods in our closets...i guess that means we all have to get Cali closets?... Any recommendations?
Also has any decided to paint/varnish the floors? Any recs would be appricated.

Taxes. Very disturbing to hear about this increase...it wasn't made clear to me that it woudl rise so quickly. Any word on the common charges? I hope we don't see and spikes with that as well.

Microwave. What are you guys doing for a microwave? I think we have only 12 deep cabinet....any suggestions beyond getting a countertop one?

[jennicak]

I close in about 3 weeks... i'm on the 4th floor.

Washer. I'm in two minds about the LG v. the Bosche...already go the Bosch ordered. Larry seems to recommend it. The LG seems good too but its 110 instead of 220 and would probably require an electrican to rewire.

User Group. We should start a user group on Yahoo to discuss things about 225.

Upgrades.
The sliding door seems interesting...I think i've seen a few NYC vendors that do this in a few home mags.
Is it true we don't get rods in our closets...i guess that means we all have to get Cali closets?... Any recommendations?
Also has any decided to paint/varnish the floors? Any recs would be appricated.

Taxes. Very disturbing to hear about this increase...it wasn't made clear to me that it woudl rise so quickly. Any word on the common charges? I hope we don't see and spikes with that as well.

Microwave. What are you guys doing for a microwave? I think we have only 12 deep cabinet....any suggestions beyond getting a countertop one?

it's funny b/c all the questions youve raised have been asked by the people in the orion when they were moving in.. and no doubt be asked by others in other new dev threads. re closets, im getting a simple rod from home depot and some shelves. i dont have anydesire to pay $500 for a closet to put my shoes in. re washer, i think someone told me you have to use bosch. re floors, didnt know that you could / would want to paint it.. would it be to make it shinier? re taxes, yeah that was the one reason i hesitated to buy - but got past it. when i was reading the offering doc, was surprised.

finally, microwave - that is my issue. cant believe they dont have one.. you pay 1200-1300 / foot and now microwave..

one interesting point.. did call the developer office and they did say that the building was all sold except for 1 blg. took them 1.5 years to sell the last dozen or so. but good for them. will be interesting to watch the secondary market and see what resales go for..

[Change]

After reading your post I checked out the NYT Real Estate section looking for Grand Madison apts, to see what people are asking for their apartments. Interestingly, there are 3 apts. being offered by Erika from Cantor Pecorella, I don't know if they are resales or not... Overall there are about 10-15 apts. for sale, 30 - 40% appreciation (over 5th amendment prices, for comparison). In case anybody is interested, there are 3 open houses tomorrow: Apt. 7M (12-1PM), Apt. 5S (2:30-4PM), Apt. 7H (12-2PM).

[jennicak]

http://www.curbed.com/archives/2007/04/03/toy_center_sold_and_were_not_talking_monopoly_mone y.php


Toy Center Sold, and We're Not Talking Monopoly Money (http://www.curbed.com/archives/2007/04/03/toy_center_sold_and_were_not_talking_monopoly_mone y.php)


http://www.curbed.com/2006_12_toy.jpg


All Joseph Chetrit wanted to do was sell some nice condos overlooking Madison Square Park to some Shake Shack-obsessed Manhattanites with a few million to spare. But first he had to deal with the complainers, so he had to get tough (http://www.curbed.com/archives/2006/07/24/toy_building_not_so_fun_right_now.php). And when they wouldn't go away, he had to give up (http://www.curbed.com/archives/2006/12/19/madison_square_shocker_toy_building_condos_off.php ). Now? He's cashing out completely. The Post's Lois Weiss reports that 200 Fifth Avenue and 1107 Broadway have been sold to L&L Holding Co. for $500 million. Said the L&L CEO, "We will make this a very hot, chic building." Fret not, joy-buzzer salesmen: L&L is a commercial firm (they recently bought (http://www.nypost.com/seven/10102006/business/2_park_avenue_fetches_450m_business_steve_cuozzo.h tm) 2 Park Ave. for $450 million), so it looks like the condo conversion plan is indeed dead for the time being. And Joseph Chetrit cried ... while seated atop his throne of $100 bills.

[GrlNxtDr]

0

[brh2102]

Hi, I really like this area and will be working nearby too. I am looking to buy my first apartment, and am hoping to find something in the $700K-$800K range, a condo. The Grand Madison looks beautiful, but is out of my price range. I'd love a 1BR, but will settle for a studio w/ alcove. Any suggestions on buildings anywhere in the flatiron/Madison Square Park/Gramercy area where I might be able to find something in my price range? Any help would be greatly appreciated! Thanks!

[Front_Porch]

If you don't need brand-new, Madison Green is an 80s-era building with a lot of great amenities .. . at your price range, you could get a one-bedroom with a fairly big bedroom, though you wouldn't have much of a view of anything . . . but I have a lot of questions for you, so I'll PM you.

ali r.
{downtown broker}

[GrandMad]

I recently closed at the Grand Madison. Good news is that they are finishing up the 2nd floor and are now working on the 11th floor and penthouses. They'll be installing carpets on 8-10th floors soon, they're putting in mailboxes as we speak and the gym should be ready by June.

BTW, word of advice on the closing - the Sponsor will nickel and dime you on all sorts of small items - from $50 to $250 and up. In the grand scheme of things, it's not a big deal but they add up, and I just hate being nicked like that. Unless you negotiated extremely well when you signed your contract a year or 2 years ago, expect to pay all sorts of (smaller) charges in addition to all the big ticket closing items you expect from a sponsor sale. Moral of the story: next time I negotiate to buy a new development, I will know exactly what to specify in the contract.

For those on the C line, I know it's very hard - they're still working on them, but most of the C line still seems unfinished.

[jennicak]

I recently closed at the Grand Madison. Good news is that they are finishing up the 2nd floor and are now working on the 11th floor and penthouses. They'll be installing carpets on 8-10th floors soon, they're putting in mailboxes as we speak and the gym should be ready by June.

BTW, word of advice on the closing - the Sponsor will nickel and dime you on all sorts of small items - from $50 to $250 and up. In the grand scheme of things, it's not a big deal but they add up, and I just hate being nicked like that. Unless you negotiated extremely well when you signed your contract a year or 2 years ago, expect to pay all sorts of (smaller) charges in addition to all the big ticket closing items you expect from a sponsor sale. Moral of the story: next time I negotiate to buy a new development, I will know exactly what to specify in the contract.

For those on the C line, I know it's very hard - they're still working on them, but most of the C line still seems unfinished.


very interesting post...

Specifically, what kind of specific costs did they add onto the closing? Really sad that a mega developer would try to nickel and dime you.

:mad:

Kinda makes me mad at ELAD as i thought they were respectible developers. please let me know... as i am closing tomorrow!!!

thanks and regards,

[GrandMad]

It was mostly stuff like fees relating to certain items and/or documents, "expediting" fees, "service" fees, "preparation" fees - they were so many small items I lost track after a while. And when the sponsor NYC and NYS transfer tax comes in at close to 2% of purchase price, you kind of forget about these smaller items. Your lawyer can try to push ElAd back, but ours had no luck.

Good luck at closing! Hope you have a better experience. Or more importantly, hope you negotiated many of these items BEFORE you signed your purchase contract....

[LabradorLove]

It was mostly stuff like fees relating to certain items and/or documents, "expediting" fees, "service" fees, "preparation" fees - they were so many small items I lost track after a while. And when the sponsor NYC and NYS transfer tax comes in at close to 2% of purchase price, you kind of forget about these smaller items. Your lawyer can try to push ElAd back, but ours had no luck.

Good luck at closing! Hope you have a better experience. Or more importantly, hope you negotiated many of these items BEFORE you signed your purchase contract....
Are these listed in the offering memorandum? Paying the sponsor's lawyer's fee, a ACRIS transfer fee, and a further lawyer fee if you have a mortgage are usually spelled out in the offering plan. These shouldn't be a surprise at closing to your lawyer so I'm not sure what the push back could be. Where there other charges not in your closing statement?

[SmallTimeNow]

Hey, this is my first post. I'm closing on my unit (4th Floor) in the Grand Madison in 3 weeks, and I can't wait. I was even more excited when I saw a few units during open houses. I think the bathrooms are awesome, but the kitchen is kinda stark, gloomy and drab. I've been reading a lot of the posts here which have been very helpful. I didn't know we needed a ventless dryer, and that the closets were undone.

I had a friend who moved into an ELAD development a couple of years ago and had complaints about them being nickel/dimers. I still bought because of the location, the building and seemingly reasonable price. Now if they can convince Batali or Flay to open a restaurant in the building, I'll be happy.

[jennicak]

so i just closed and overall was not surprised with any of the fees that i had. granted the filing fees were annoying, but i dont think that is anything new. the developers lawyers were friendly and professional.. so no issues here. the only thing that was suprising was the fact that all unitbuyers have to pay for the super's building. wasnt a ton of money - about $7k, but it was mentioned in the contract that i would have to pay it. basically increased my closing costs by about 5-8% or so..

overall, not unhappy with the way closing was done.

[chan_2001]

Increased the closing costs by about 5-8%?? That's ridiculous.

so i just closed and overall was not surprised with any of the fees that i had. granted the filing fees were annoying, but i dont think that is anything new. the developers lawyers were friendly and professional.. so no issues here. the only thing that was suprising was the fact that all unitbuyers have to pay for the super's building. wasnt a ton of money - about $7k, but it was mentioned in the contract that i would have to pay it. basically increased my closing costs by about 5-8% or so..

overall, not unhappy with the way closing was done.

[LabradorLove]

Increased the closing costs by about 5-8%?? That's ridiculous. Not usually one to defend a developer but I also don't understand purchasers who sign a contract without reading the offering plan. Since the super's apartment was in the offering plan as a cost each apartment would have to share, it doesn't increase the cost of closing, it's part of the closing.

If you know about it before signing the contract, you should be OK with it at closing. If you're not, don't sign the contract in the first place. Surprise costs are a real issue if they are truly a surprise and developers should be flogged for them. Costs that are surprises because the buyer and the lawyer didn't do their homework before signing the contract? Tough cookies. Who spends $1m+ and doesn't bother with 60 minutes of reading the plan?

You're going to have a super's apartment in big buildings. If one expects the developer to eat that cost, they live in fantasy land. Since each apartment, hopefully, benefits from that on-site super and you want him or her to be available, everyone has to share that cost. It's not like you don't get anything for the money paid.

What's ridiculous is not knowing your closing costs before you sign the contract. Discovering them 2 years later at closing means the buyer didn't do the required homework.

[jennicak]

Not usually one to defend a developer but I also don't understand purchasers who sign a contract without reading the offering plan. Since the super's apartment was in the offering plan as a cost each apartment would have to share, it doesn't increase the cost of closing, it's part of the closing.

If you know about it before signing the contract, you should be OK with it at closing. If you're not, don't sign the contract in the first place. Surprise costs are a real issue if they are truly a surprise and developers should be flogged for them. Costs that are surprises because the buyer and the lawyer didn't do their homework before signing the contract? Tough cookies. Who spends $1m+ and doesn't bother with 60 minutes of reading the plan?

You're going to have a super's apartment in big buildings. If one expects the developer to eat that cost, they live in fantasy land. Since each apartment, hopefully, benefits from that on-site super and you want him or her to be available, everyone has to share that cost. It's not like you don't get anything for the money paid.

What's ridiculous is not knowing your closing costs before you sign the contract. Discovering them 2 years later at closing means the buyer didn't do the required homework.


Labrador - i agree. buyer beware, and if you missed it in contract - your fault. however, in this case, we didnt know what the actual $$ share of the super's house was until days before closing. i wasnt clear, but that was what bothered me. i knew all along that we did have to pay for super's house.

[SmallTimeNow]

Labrador - i agree. buyer beware, and if you missed it in contract - your fault. however, in this case, we didnt know what the actual $$ share of the super's house was until days before closing. i wasnt clear, but that was what bothered me. i knew all along that we did have to pay for super's house.


Jennicak, thanks for the update. I forgot about the super's apartment, but having a good super is like really critical, esp for a large building. At least I can do away with the Christmas bonus :D But it's a good thing that there are 190 units to spread the cost around. I'll just remember to add that to the re-sale price.

Any word on when the RE taxes will increase and by how much?

[LabradorLove]

Labrador - i agree. buyer beware, and if you missed it in contract - your fault. however, in this case, we didnt know what the actual $$ share of the super's house was until days before closing. i wasnt clear, but that was what bothered me. i knew all along that we did have to pay for super's house. That is troublesome. They didn't give you any idea?

[jennicak]

That is troublesome. They didn't give you any idea?

no, but to be completely honest... i had a pretty weak lawyer..

[GrandMad]

In the end, my total closing costs came out to be $1k more than I thought or so - all the small nickel/dime stuff. So, not a big deal at all in the grand scheme of things - I just don't like being nicked like that.

But i disagree with Labrador - two years ago or so when the RE market was white hot, you would not have declined to sign a contract because the closing costs may have been too high - you either decided the apartment price was right and signed the contract or you lost the apartment.

I think the market is quite different now - in most instances, buyers can negotiate away many closing cost items with sponsors, and they can also negotiate on price.

Anyway, now that I'm living in the Grand Madison, I have to say that we REALLY REALLY need a good supermarket in the neighborhood!

[LabradorLove]

But i disagree with Labrador - two years ago or so when the RE market was white hot, you would not have declined to sign a contract because the closing costs may have been too high - you either decided the apartment price was right and signed the contract or you lost the apartment. My point wasn't sign or don't sign...

it was don't sign without actually knowing and if you do sign a contract without actually knowing the closing costs, don't be surprised or pissed off.

If one doesn't read the offering plan -- or one's lawyer -- then you lose the right to complain about surprises, IMO. I'm talking about knowledge, not decisions. Have the knowledge. It's there.

Market is still pretty hot from what I've seen but who ever really knows.

[DontDisturb]

Anyway, now that I'm living in the Grand Madison, I have to say that we REALLY REALLY need a good supermarket in the neighborhood!

Is two blocks over to Whole Foods on 7th too far to go? Doesn't get much better than that.

[stache]

They're long blocks (such a drag) plus you have to cross Broadway. It could be worse.

[SmallTimeNow]

Is two blocks over to Whole Foods on 7th too far to go? Doesn't get much better than that.

There's also a D'Agostinos near 25th & 3rd Ave. There's also some weird supermarket on 22nd & Park. There's always FreshDirect.

[SmallTimeNow]

If one doesn't read the offering plan -- or one's lawyer -- then you lose the right to complain about surprises, IMO.

Bullcrap. As New Yorkers, we have the god-given right to complain about anything at anytime for any reason.

[jennicak]

Jennicak, thanks for the update. I forgot about the super's apartment, but having a good super is like really critical, esp for a large building. At least I can do away with the Christmas bonus :D But it's a good thing that there are 190 units to spread the cost around. I'll just remember to add that to the re-sale price.

Any word on when the RE taxes will increase and by how much?

fyi, the real estate taxes were about 38% higher than what the origin price list said. however, as discussed, the details of this were in the offering doc. also while taxes are a little higher, but maintenance is very low ~$450-ish..

[LabradorLove]

Bullcrap. As New Yorkers, we have the god-given right to complain about anything at anytime for any reason. I was born and schooled here so yeah, damn straight, I'm with you on that one...

:D

[go2nyc]

Sticking with the right to complain theme...

What do you GM ppl think of the quality of the countertops and marble bathrooms? I was sold on these items originally but the choice of pieces that were installed is very poor.

1. Bathroom. The bathroom seems to have two types of calcutta white marble....either gray stripes or gray dots....there is no consistency and hence it looks like a patchwork quilt. In addition there appears to be some tiles with a third look that includes gold stripes! :eek:

2. Kitchen. What were they thinking with this choice?...I thought this was a manmade product so why do some slabs have streaks in diffrent directions throughout. This is suppose to look like standard granite and not have different paterns that look like they've been taken from two different lots!
Not to mention they could have given us 10 inchs more for a breakfast bar!

[SmallTimeNow]

Sticking with the right to complain theme...

1. Bathroom. The bathroom seems to have two types of calcutta white marble....either gray stripes or gray dots....there is no consistency and hence it looks like a patchwork quilt. In addition there appears to be some tiles with a third look that includes gold stripes! :eek:

2. Kitchen. What were they thinking with this choice?...I thought this was a manmade product so why do some slabs have streaks in diffrent directions throughout. This is suppose to look like standard granite and not have different paterns that look like they've been taken from two different lots!
Not to mention they could have given us 10 inchs more for a breakfast bar!

I haven't moved in yet, but I did go to a couple of the open houses. Sneaky I know, but I was anxious to see how things turned out. My impressions:

Bathrooms: I really liked the look of the Calcutta marble. I liked it more than the model with the Carrera marble. I did notice that the marble tiles varied a lot in pattern and slightly in color, but it looked neat and quirky to me. The showerheads though were kinda skimpy and the faucets for the sink and tub uninteresting.

Kitchen: I hate them so much. That is all. I almost told them not to install the kitchen, but I went in thinking that I would gut the damn thing and start from scratch in a couple of years.

[jennicak]

I haven't moved in yet, but I did go to a couple of the open houses. Sneaky I know, but I was anxious to see how things turned out. My impressions:

Bathrooms: I really liked the look of the Calcutta marble. I liked it more than the model with the Carrera marble. I did notice that the marble tiles varied a lot in pattern and slightly in color, but it looked neat and quirky to me. The showerheads though were kinda skimpy and the faucets for the sink and tub uninteresting.

Kitchen: I hate them so much. That is all. I almost told them not to install the kitchen, but I went in thinking that I would gut the damn thing and start from scratch in a couple of years.


i guess matter of taste - i love the bathrooms and the marble - think it is really beautiful. interesting to look at when you are sitting in bathroom for a while... also like the fixtures but prob would have liked anything really.

re kitchen, have no issues there, either. colors are a bit dark, overall.. but still works for me.

i think the other thing i really like about the place are the floors - really love the dark wood - may be tough to clean as you can see dust on it, but after we move in shouldnt be a problem.

[SmallTimeNow]

re kitchen, have no issues there, either. colors are a bit dark, overall..

My thoughts exactly. Also especially dislike the grey cabinets at the bottom. I don't care if they're Poggenpohl, I'm think of painting them. I'll see what the designer thinks.

I also think the floors are nice. I want to move in NOW!!!!

[go2nyc]

Another question about the GM bathrooms (for those who have moved in)....

Do they have an exhaust/fan? While I saw the vent on the ceiling I didn't see a switch for it. By the looks of it my poor dinner guests will have no privacy when using the toliet and the shower might steam up the place.

Also noticed the bathroom doors are missing a pin to lock them from the inside....maybe this is placed in the door knob once we move in?

Also can't wait to move it!....starting to look really nice!
It will be awesome in a few weeks just in time for summer.

FYI...the carpet for the upper floors comes in next week.

[jennicak]

Schrager: Viewing Studio 54 From Age 60

The man who forever placed ‘boutique’ before ‘hotel’ talks about his High Line plans, Brooklyn dreams, and why he wouldn’t mind selling One Madison’s clock tower

By Max Abelson


Location: You recently turned 60. What’s that like?

Schrager: I never went through anything on any birthday, but this one I realize that I’m nearing the endgame! So it’s been a little bit more of an issue for me than the other birthdays.

Looking back, what do you feel most proud of?

My most important contribution, and my best work, has been my daughters. Away from that, in terms of New York, I like to think that I have changed things, impacted things.

I think I have changed the hotel industry; I think I’ve created a whole new generation of hotel people that might not have otherwise gone into the business [if it weren’t] for the success that I have been lucky enough to have. I think I have raised the bar and elevated the standards, and I think people—not only in New York—benefit from that.

Where would you like to work that you haven’t?

Wherever there’s something that excites me, turns me on—I react to a business opportunity the way maybe some men react to a woman or a car. It’s a visceral thing.

What Brooklyn neighborhood excites you most as a potential place to work?

Williamsburg, I suppose, or even downtown Brooklyn, where Bruce Ratner is doing a lot of work; around B.A.M. [the Brooklyn Academy of Music]—I have been asked to do a couple projects over there. I am thinking about it, but there is only so much you can do …. I haven’t been entertaining offers about doing anything in New Jersey yet, but I might if the right project came along.

What is your development at One Madison Avenue’s clock tower, which was once the tallest building in the city, going to look like?

Well, we are going to make a hotel there, a very high-end hotel, more like a private club …. I have my development plans, but I might sell [the building] if we have the right price. We have been getting unsolicited offers.


What do you mean by “club”? Even clubbier than Gramercy Park Hotel?
Yes. It’s an idea whose time has come to New York; it was never really here before. I like to think I had the most successful nightclub in history with Studio 54, but we couldn’t sell membership!

[jennicak]

CurbedWire: Madison Square Park Gets Its Art On, Waste Management Tips
Wednesday, April 11, 2007, by Scott
http://www.curbed.com/2007_04_treegrowsinmspark-thumb.JPG
MADISON SQUARE PARK—Now that the Shake Shack is open (http://eater.com/archives/2007/03/shake_shack_07_4.php), it's time to prepare the rest of Madison Square Park for the summer season. Photographer Alan Miles, who snapped the photograph above, notes, "For the past few weeks, a 'sound sculpture' of loud, chirping birds has been playing daily in a (barren) Madison Square Park. Today, the sculpture that will spend the summer in the park</B> rises pretty spectacularly." But will it top last year's food art (http://www.curbed.com/archives/2006/04/28/installation_of_madison_square_food_art.php)?[CurbedWire Inbox

[AmberG]

Hi all,
I wondered if anyone knew about the progress of the PHs at the Grand Madison.

1) When are they closing?
2) How are the terraces?
3) Great views of the park?

This looks like a beautiful bldg!:p

[Nordikon]

We're on the second floor and still waiting for our 30 day notice. We'd been told June 1 was safe (and let go of our interim rental) . . . I'm not sure it's feeling so safe!

The lowest floor I've seen close is 4 . . . love to hear when people on 3 or 2 get their 30-day notices.

[jennicak]

Hi all,
I wondered if anyone knew about the progress of the PHs at the Grand Madison.

1) When are they closing?
2) How are the terraces?
3) Great views of the park?

This looks like a beautiful bldg!:p

1) i believe they are closing LAST - so not for a couple months.. i snuck up there and basically empty shells at this point
2) havent seen
3) anything that faces south will have amazing views. like i said, i went up there and saw great view. also you see the flatiron building and the clock tower.

[jennicak]

couple notes for people who are in the bldg..

1) Tony Imperollozi W.A.D.C. 973 227 1777 X150 is a great place to get your washer dryer etc. good prices for the bosch washer and dryer. and they come install even when you arent there. good prices.

2) bought my closet stuff from container store. not the beautiful cal closet wood look, more of metal and supports - but really does the job. basically cost me about $250 / closet. Also very easy to do. took me about 40 minutes for the first closet and 30 minutes for the second. make sure you ahve a drill. just take your closet measurements to tehm and the salesepeopel will help. very easy. only hard part was to drill the first hole.

[DontDisturb]

We're on the second floor and still waiting for our 30 day notice. We'd been told June 1 was safe (and let go of our interim rental) . . . I'm not sure it's feeling so safe!

The lowest floor I've seen close is 4 . . . love to hear when people on 3 or 2 get their 30-day notices.

I am on 3 and I close May 1

[go2nyc]

Was told November I'd be able to move in.... I figured with builders delays it would be March.... I'm finally moving in next week! :)

FYI there is a seperate Grand Mad thread on wired.

[SmallTimeNow]

Was told November I'd be able to move in.... I figured with builders delays it would be March.... I'm finally moving in next week! :)

FYI there is a seperate Grand Mad thread on wired.

I'm on the 4th Floor and was initllay told closing end of December, then I was told closing end of February, then when February came I was told that the end of February I would be receiving my 30 days notice. I'm actually closing in 2 weeks. Irritating because I'm in temporary housing now.

[jennicak]

Another question about the GM bathrooms (for those who have moved in)....

Do they have an exhaust/fan? While I saw the vent on the ceiling I didn't see a switch for it. By the looks of it my poor dinner guests will have no privacy when using the toliet and the shower might steam up the place.

Also noticed the bathroom doors are missing a pin to lock them from the inside....maybe this is placed in the door knob once we move in?

Also can't wait to move it!....starting to look really nice!
It will be awesome in a few weeks just in time for summer.

FYI...the carpet for the upper floors comes in next week.

there is a vent but no fan in the barthroom. bathroom has locks.

[jennicak]

had no trouble drilling into the marble. you have to buy a mason bit and a hammer drill and takes about 60 seconds a hole to drill. bought some towel racks from pottery barn looks great front porch, i took your advice and put tape over the spot i drilled. was nervous but worked out perfect

lobby is set up. they installed mailboxes and the concierge desk. just waiting for the chandeliers now.

also.. on a separate issue, it is going to be difficult living here with all the dust. when people come in, it gets so dusty inside. not fun.

[DontDisturb]

lobby is set up. they installed mailboxes and the concierge desk. just waiting for the chandeliers now.

The mail area is going to be a problem. It is an eyesore and will only get worse when people start leaving junkmail and boxes on the table. Not what you want to see when you walk through that gorgeous lobby to your apt. I am not sure why the developer did not inclose it some form. A frosted glass wall would look great.

[residentevil]

<P>Another question about the GM bathrooms (for those who have moved in)....</P>
<P>&nbsp;</P>
<P>Do they have an exhaust/fan? While I saw the vent on the ceiling I didn't see a switch for it. By the looks of it my poor dinner guests will have no privacy when using the toliet and the shower might steam up the place. </P>
<P>&nbsp;</P>
<P>Also noticed the bathroom doors are missing a pin to lock them from the inside....maybe this is placed in the door knob once we move in? </P>
<P>&nbsp;</P>
<P>Also can't wait to move it!....starting to look really nice! </P>
<P>It will be awesome in a few weeks just in time for summer. </P>
<P>&nbsp;</P>
<P>FYI...the carpet for the upper floors comes in next week.</P>
<P>&nbsp;</P>

[residentevil]

Another question about the GM bathrooms (for those who have moved in)....

Do they have an exhaust/fan? While I saw the vent on the ceiling I didn't see a switch for it. By the looks of it my poor dinner guests will have no privacy when using the toliet and the shower might steam up the place.

Also noticed the bathroom doors are missing a pin to lock them from the inside....maybe this is placed in the door knob once we move in?

Also can't wait to move it!....starting to look really nice!
It will be awesome in a few weeks just in time for summer.

FYI...the carpet for the upper floors comes in next week.
I too purchased an apt at the grand mad and was surprised to find that they
had stolen the bluestone from my old stoop in the bronx and used it to make
my counter tops. the bathroom exhuast fan is on the roof blowing it's
glorious smells toward the expensive ph terraces. if your bathroom door
is missing it probably got lost in the nickel / dime charges.
my bathroom tile in the shower is begining to yellow i don"t know why.
on top of all this i saw some guy walking his dog in his underwear in the hall
(he did not have a pooper scooper) i told him there was a good spot across
the street where the bus drivers go. this place is a trip and i'm starting a
new book cause you could write a book about this place

[SmallTimeNow]

Who are people using to get their homeowner's insurance?

[GrlNxtDr]

f

[GrandMad]

BTW, for those of you that have already moved in, what do you guys think of the doorman and concierge staff that we have?

My personal opinions (so far): Larry our super is great, and I really like Bridgette -too - she's very helpful, great with names and faces and really makes an effort to assist in any way. I'm not sold on the others yet - but maybe because the doormen I had at my previous building were just so good.

[GrlNxtDr]

0

[go2nyc]

Who are people using to get their homeowner's insurance?


I use Simon D'sousa at Allstate, super nice guy.

631 689 7770 :)

[SmallTimeNow]

Thanks GrlNxtDr and go2nyc for the insurance recs. I will follow up with both. Thanks.

[jennicak]

SALE MAY SINK SCHRAGER'S HOTEL DREAM




By BRADEN KEIL

http://www.nypost.com/seven/05142007/photos/biz031b.jpg (http://javascript<b></b>:SLIDES.hotlink())
IAN SCHRAGER
One Madison move.



http://www.nypost.com/img/newsart/article_storybottom.gif

May 14, 2007 -- Ian Schrager's plans to bring a clubby high-end hotel/residential project to One Madison Avenue may be over, now that the trend-setting developer and his partners have accepted an offer to sell the vacant 14-story building.

A source close to the deal said that Israeli developer and diamond mogul Lev Leviev has tendered the accepted bid and that "the due diligence has already been completed."

Leviev has lately been buying up Manhattan trophy properties including the $525 million purchase of the New York Times building and 50 percent ownership of the famed Apthorp apartment complex on the Upper West Side.
Officials of Leviev's holding company, Africa-Israel, have said that his purchases to date are only "the beginning" of a buying spree of U.S. properties.

Last year, Schrager, Aby Rosen's RFR Holding and SL Green Realty Corp. entered into a joint venture to convert the Metropolitan Life office tower at One Madison Avenue into either a residential condominium or a high-end hotel - or a possible combination of the two.

But sources say a difference of opinion among the principal partners put the project in jeopardy.

In a recent interview, Schrager said he was leaning toward a "very high-end hotel, more like a private club."

But he also said in the same story that it was possible the building could also be sold.
The landmarked prewar building, featuring its large exterior clock and gold-leafed cupola, is located on the southeast corner of 24th Street and Madison.

[bigkdc]

^^^that is a real shame...something high end like schrager's hotel concept would have been great for that area and perfect for something facing the park. i hope the new owners do something good with such a cool building

[stache]

Seems to be working quite well as an office building.

[bigkdc]

Kind of seems a shame to have so much office space facing madison park though. that strip of madison ave is pretty desolate and grim post business hours so i was hoping this would help

[ccdevidad]

Kind of seems a shame to have so much office space facing bryant park though. that strip of madison ave is pretty desolate and grim post business hours so i was hoping this would help

It actually faces Madison Square Park not Bryant Park, not sure if you just had a slip of the keyboard. I would say that strip of Madison is far from desolate and grim. 23rd St is right there which is always busy, Tabla and 11 Madison are busy restaruants right there, the Shake Shack area is crowded until well after 9 (during good weather months), etc. Also of course there are a number of residential buildings coming on line now or in the relatively near future.

I'd like to see this building be purely residential, no need for a high end hotel/private club type thing.

[ccdevidad]

Seems to be working quite well as an office building.

Is it? The article says its vacant. That would seem weird for that to be vacant, unless they got everyone out in getting ready for the project that never came.

Anyone know this Lev guy's history, has he done residential projects before?

[precision80]

I think that "Lev guy" has a little bit of experience with these things. Google Lev Leviev and Africa Israel.

[stache]

Yes probably part of the deal was to vacate the offices.

[GrlNxtDr]

L

[jennicak]

http://www.curbed.com/archives/2007/05/21/sayonara_saya_hello_one_madison_park.php


Sayonara Saya, Hello One Madison Park?

Monday, May 21, 2007, by Joey
http://www.curbed.com/2007_5_onemadisonpark.jpg
Remember the Saya (http://www.curbed.com/archives/2006/09/06/the_saya_cometh_but_just_how_big.php)? The Madison Square Park development so big and menacing that panic-stricken neighbors were sent fleeing (http://www.curbed.com/archives/2006/10/04/pricechopper_fea