When my customers are emailing and calling right now, they all want to know about 10 Madison Square West.
Naturally, when the inbox has an invite from the sales office to preview the units before they hit the market, I make sure to be there!
Finally, we are seeing some inventory beyond the very large.
Certainly, when the sales office says that “There is something for everyone,” they are being a little specific by what they mean by “everyone” – Everyone who has $1.5mm to spend on one-bedrooms, $2.5mm on two-bedrooms, $4mm for three-bedrooms, and $8mm for four-bedrooms.
But of course, I was in rapture.
Take a peek at www.10msw.com – appointments start the week of 24 June.
I’ve loved Madison Square Park and the area for years, ever since I made my move in 2007 to Brown Harris Stevens to market the soon-to-market One Madison Park.
The Park is a little bit fancy, a little arty, a little gritty.
Renovated playgrounds, art exhibits, delicious burgers, across the street from Eataly, great subway access, great lower 5th avenue shopping, all your kitchen and tile shops along Park Avenue South.
What’s not to love?
So the apartments, whose interiors are designed by Alan Wanzenberg, who just did 150 Charles, gives a lot for $1800-4000+ per square foot.
Cypress front doors, 6-inch white-oak flooring,
a complete Wolf/Subzero package in the kitchen with double-wall oven, the new classic transitional/contemporary white kitchen with marble counters.
These clean, open kitchens really inspire- I surely hope that New Yorkers use them!
The building will offer the full amenity package, including kid Yoga classes, which I felt that was a nice touch.
Not sure if they are being ironic or not, but based on the downward dog that my 2 year-old can demonstrate, I need to brush up on my Warrior Pose (or my Warrior II).
The walkway between the two buildings (Eataly is in the building on the left) has been removed, and the addition on the top (19th floor was removed) will add another 7-8 stories.
These views should be incredible.
We joked in 2007-2008 that “40 is the new 30” in relation to Penthouse pricing downtown.
With more than a few in contract deals over $40mm now, this is NOT a joke anymore.
There are 28 one-bedrooms, 24 two-bedrooms, 48 three-bedrooms, 40 four-bedrooms, and 3 five-bedrooms.
My takeaway is that there will be some monstrous combinations taken from these units, and that the research the developers (Witkoff) did showed them that the sweet spot was the 2000sf three-bedroom with large master bedrooms, great views from the master and living room, and that 100-120 units is about max for a building- funny how most pre-war buildings adhered to the same formula.
The only concern that I have here is that the charges (Real Estate Tax plus Common Charges) runs about $2.50 per square foot.
So a 1000 square-foot one-bedroom unit will have $2500 per month charges.
Does that seem high to you?
That means 2000 square feet will be $5000 per month.
What I’ve told buyers and sellers recently is that $2 per square foot is not a crazy number- and that is really what it costs to run a building.
As you go above that, the offering should be very special- and I see that here.
More to come in Part II.