Over the last few weeks I’ve been running to new development offices all over Manhattan, unveiling “unapologetically high” priced penthouses, and revisits of long lost loves.
I’ll also post again with some additional things I’ve seen.
I’ve been keeping consistent contact on a monthly basis for my newsletter with you for about 3 years now, something of which I’m excited to do.
But in 2007, before I felt that keeping a monthly blog and sending it to you was a priority- 2007, which was the last full boom year pre-Great Recession, I was on-site as a part of the ID Marketing Group, selling One Madison Park.
Many pages have been dedicted to describing the drama, bankruptcy, lawsuits, more drama, and gossip about the developers and post-recession fallout.
But the real star of the show, to me, has always been the building and the views.
This week I was lucky enough to revisit the property and consider what’s changed since those heady times.
We are again in a heady time, and the $2500 per square foot pricing we were getting was a top price.
Now, $2000 per square foot is really not uncommon, and is being achieved by less than prime areas.
Areas which will be great, could be great, might be great, or are simply being marketed well.
One Madison, as it’s now known, is achieving $4000 per square foot, and for the full-floor units, I still feel that top prices are warranted here.
Related and HFZ, the partners on the project- picked up the property out of bankruptcy at a 2009/2010 pricing that allowed them to reconsider everything, and deliver a much more sophisticated and 2013 product.
We can all shed a tear at the Rem Koolhaas building that never happened, and we can perhaps mourn the CAA screening room or wine cellars which never materialized.
In its place, Related has put in the amenities and level of finish the project deserved.
Now the finishes were not lacking before, but the new regime brought in Yabu Pushelberg, who reconsidered not only the finishes, but took full advantage of Related’s ripping out all of the old finishes on the higher floors.
The result is this gorgeous, perhaps more neutral, certainly more updated, palette which speaks with a more contemporary voice, and perhaps gives buyers more flexibility with decoration.
Related also reconfigured much of the floorplans where possible.
Most of the 2-units-per-floor concept is gone, offering far more full-floor units, well over half of the building.
The master bedrooms are more gracious, the hallways are more logical, the full-floors offer an eat-in kitchen option instead of a fourth bedroom, and the baths are exquisite.
In opting for more full-floors, and reducing the unit count, Related has imparted a more exclusive feeling to the building.
Further, Related’s expertise is at creating a sophisticated yet accessible level of service and atmosphere which has elevated the project.
All of the question marks have been replaced with periods.
The 22nd street entrance is nearing completion, the building seems to be well over 50% sold, if not far more, in only a month of marketing, and we haven’t yet started with the views.
Ah, the views.
The views from the floors being marketed (above the 34th floor) are just as spectacular as they were before.
Whoever developed this property, and built the 600 foot-tall structure could hardly find these unique views anywhere in Manhattan.
This location (at the foot of Madison Square Park) and the 360-degree views will be nearly impossible to replicate.
Many buildings will get the views, but they will too large, to the extent that one unit owner won’t have the entirety of the views.
Sure, 432 Park will have an 8000 square foot unit with views like this from 900 feet to 1400 feet, at double the price per square foot or more.
So my love affair returns!
More in my other posts to come!