One Madison Park

I know - so frustrating. The apartments are half-sold already, and the building info isn't even being made public. Another example of a broker controlling access.

Unless you want a full floor, you're basically too late! We just snagged the last two bedroom . . .

the address really isnt 1 madison though..the actual 1 madison is going to be converted soon

To #3 (the buyer) ... what do you think of the building? The units are expensive on a $psf basis, but the location is great and I'm sure the view will be incredible. What are the amenities like? (I live in the area, so have been very interested in this building, but it's out of my price range for the time being ...)

The building will be known as 1 Madison Park (not 1 Madison), but the official address is 23 east 22nd.

Regarding amenities -- 70' lap pool and spa area, a club floor. There were no drawings or mockups of interiors -- just floorplans. 10' ceilings, floor to ceiling glass walls all the way around (even in the bathrooms). Unobstructed views start very low on north/south/east exposures. West has that horrible building until about the 29th floor. Tax abatement.

I'd expect to see a lot of flipping, but as long as they don't screw up construction, I'd expect a lot of demand. It's really a boutique/downtown version of AOL/Time Warner (without the mall), or a Richard Meier building with subway service. 72 units means that there will never be a glut.

#6:

Interesting - but you must be kidding about expecting to see alot of 'flipping' you mentioned - the psf cost is $1700-$2,800+ p.s.f. - how much more do you think people are gonna flip/pay for to live in this building?!?

They'll be over $3K/foot before they open. Again, comparables are probably 50 Gramercy Park, Richard Meier, and AOL.

Grand Madison Park units were going for $1,500/sf two years ago when they sold out. Resales are north of $2,000/sf -- and that's a big building.

It's a perfect pied a terre for folks with too much cash. Convenient location, unparalleled gotham views, limited availability.

It's a risk . . . but the market for these is likely to hold up when $2M cookie cutter condos die.

what does everyone think of the future pricing of this project?

It's pretty much sold, I believe, except for one super duper crazy penthouse.

It looks like several units just closed, and then were just listed for sale at or near the last ask prior to going into contract. Given the transaction costs involved in buying and selling, I am puzzled about what could be going on here?

awesome building but lousy location. what a shame. but that's typical nyc real estate.

rufus:

You're an idiot. It's right across the street from one of the prettiest (and recently completely renovated) parks in Manahttan, Madison Square Park (complete with Danny Meyer's Shake Shack). The park view to the north (not to mention the city views of the Empire State and Chrysler buildings) are quite stunning. It's also a super great central location, very well served by taxis (and mass transit), all very close by. Great restaurants super close, as well.

If you must critique, please do so in an informed manner.

what malraux said.

malraux, compared to the nice parts of Chicago, that area is mediocre.

Perhaps rufus thinks it would be best sited on the "viagra triangle" (http://www.urbandictionary.com/define.php?term=viagra%20triangle).

But seriously, anybody have any idea what is up with the closing/relistings?

rufus:

I've lived in Chicago. Comparing the two is idiotic, they're different places, different vibes, different mindsets.

YOUR comment that "...it was a good building in a lousy location..." showed us specifically how little you DO know the area where One Madison is located in actuality, and how poor your ability to form a reasonably informed opinion was.

Once you got called out on that, instead of admitting that fact, all you did was deflect by trying to vaguely compare it to "...nice parts of Chicago...," which means nothing. 'Nice' parts of Chicago are nice. The location where one Mad is nice. They're both nice. In different ways.

Your ceasless NYC vs. Chicago commentary is pretty retarded. Both have pluses and minuses. I'd rather live in Florence/Tuscany than either, but that will be for later....

malraux, i don't know anyone who thinks walking around in a city where there's piles of garbage bags on street corners, is "nice." since you claim to have lived in chicago, you would know that you can walk around in chicago and not see such horrendous filth.

>>> you would know that you can walk around in chicago and not see such horrendous filth.

The filth in Chicago is mostly in its overweight, pasty, fanny-pack toting citizens.

rufus:

I don't see 'piles of garbage bags on street corners.' One again, be specific - where exactly are you talking about? I see garbage out on garbage day - and then it's gone. Just like in Chicago, by the way.

Once again, all you can do is lamely try yet again to deflect, even after a second cogent response. You're a sad, sorry little person.

Malraux don't even waste your time. Rufus doesn't even live in NYC. He is the only person I have ever seen on the internet who spends their whole day spamming a message board on a city they don't even live in. The guy doesn't even know what NYC looks like.

malraux, try walking around in downtown manhattan. you're just lying if you don't think it's dirty, especially compared to Chicago's downtown.

Rufus thinks that the area surrounding Chelsea Stratus is filthy and sleazy. 10 years ago true - now it's home to about 10 luxury high-rises.

Probably because 10 years ago was the last time Rufus visited.

the area around chelsea stratus is a lot better than shitholes like east village and lower east side, i give you that. but it's by no means an upscale area. it's unfortunate that you guys are not well-travelled and don't know what a truly nice urban area looks like.

stevejhx, the luxury high-rises in that vicinity are mediocre, especially given how much you pay in rent.

$6K for a 2-bedroom at the archstone chelsea? give me a break. you would be insane to pay that much to live in that building.

I don't have to lie the way you do, rufus - I live in downtown Manhattan - Greenwich Village, to be exact. I walk around there everday. It's very beautiful. My block is leafy and has many trees, is right next to a gorgeous park that is undergoing a major renovation and which will be stunning when completed, and is quite clean and quiet. In fact, the entire Village (for the most part) is lovely.

But I assume by 'downtown,' you mean the prime area comparable to Miracle Mile and Oak Street, which for us, is Fifth Avenue between 50th and 59th, and Madison between 60th and 79th, even though they're not referred to as 'downtown' by anyone who knows better (which you obviously don't) - we call that area 'midtown.' Prime midtown is as clean (I would say no worse or better) than Chicago's prime area where I get my Garrett's popcorn and stay at the Park directly behind the water tower.

But again, the problem with you is that you initially called One Madison park a 'lousy' location, which it isn't.

Then, when called out on your ignorant point of view, you deflected and shifted to so-called 'nice' areas.

Then, when called out again on your ignorant point of view, you deflected again and shifted to discussing imaginary 'garbage bags piled on street corners.'

Then, when called out AGAIN on your ignorant point of view, you deflected AGAIN and shifted to walking around incorrectly identified 'downtown' and discussing dirt.

poor little baby.....

malraux, magnificent mile is indeed stunning. michigan avenue in that stretch is more attractive than prime fifth, madison, or park. some of the condos in that area, such as water tower, park hyatt (where citadel CEO ken griffin lives in the penthouse), or the palmolive tower (where kanye west has a condo), are vastly superior to manhattan condos.

also, regarding parks, what took nyc so long to renovate madison square park? chicago doesn't need to renovate lincoln, grant, or millennium parks, because they're already really nice. washington square park still has homeless bums and people selling drugs. Yuck!

Noooo way!! Ken Griffin! THE Ken Griffin? I cannot believe he lives in a PH in Chicago. OMG!!! Soooo cool.

"...michigan avenue in that stretch is more attractive than prime fifth, madison, or park...."

Personal opinion. Park Avenue is just as pretty to me, anyday.

I stay at the Park Hyatt whenenever I'm in Chicago for Business (as I noted above). It is certainly not as nice as the gorgeous pre-war co-ops that line Park and Fifth on the inside - it's way to modern, way too anonmymous, way too corporate. No chain hotel (I don't care if it was the George V in Paris or Bauer Il Palazzo in Venice) could hold a candle to the stunning spaces such as 740 Park or 860 Fifth.

Uh, and sorry to say, Central Park, hands down, is more beautiful than the sum of all parks in Chicago. There is no doubt it is considered the most important public city Park in the United States, and one of the great Heritage sites in our entire country. Olmstead truly poured out his genius into that design.

Don't forget about Calvert Vaux too.
Malraux you should know by now that if your name isn't Rufus you aren't entitled to a personal opinion regarding NYC.

>>> it's way to modern, way too anonmymous, way too corporate

generally true of Chitroit. it has no soul.

you're right that it's personal opinion. but the vast majority of people who have visited both prefer michigan avenue. for example, the last time i was in Chicago, i overheard a group of people who were talking about how much cleaner and nicer Chicago is, compared to NYC. And they're not the only ones who feel this way.

i'm a huge fan of modern luxury high-rise condos. i think park hyatt is stunning, both on the outside and inside. and the views are amazing as well. i think too many nyc buildings are old, brown, and grimy. the city only looks nice at nighttime, when all the city lights go on. but during the day, much of nyc is an eyesore. Chicago's modern architecture is amazing and easily surpass NYC in terms of quality and depth.

Rufus that group you overheard was in your head. Perhaps it was your alter ego ChicagoFinance.
The last time you visited Chicago...HAH! You mean the last time you went for a walk?

"...but the vast majority of people who have visited both prefer michigan avenue..."

Really? You overheard one group of people talking? Wow. I'd LOVE to see your push poll data. I mean - you're entitled to your opinion, of course. But to actually claim that the 'vast majority of people..." prefer ANYTHING shows you are indeed an idiot. It's like me writing "A vast majority of people think rufus is an idiot" doesn't make it right..........does it?

"...I'm a huge fan of modern luxury high-rise condos..." WONDERFUL! Then you you know that a VAST majority of people prefer 15 CPW, Time Warner Center, One Madison, The Meier Buildings in the West Village, the new Nouvel building at 100 11th Avenue, and the new H+M building at 40 Bond to living a Chicaho chain hotel, any day.

Just curious - have you actually ever stayed at the Park Hyatt?

I thought not.

At least, that's what I overheard a group of people saying the other day.

malraux, i have a friend who lives in the park hyatt, so yes, i've been there. and it's an amazing building. i admit that i have not been inside of 15 cpw, but in my opinion, the park hyatt is nicer than almost every nyc condo.

40 Bond is a hideous green monstrosity while 100 eleventh is in a TERRIBLE location. i have no idea why anyone would want to live on eleventh avenue.

LOL.. I lived on 20th and 3rd for the longest time and I personally LOVE th earea around One Madison and took my baby there just about every day.....

BTW, I wouldn't be caught dead living in Chicago - Family members were originally from Chicago, they would laugh you out of the room if you tried to compare the cities and where you wanted to live..

Good for you that you like Chicago better but, it's just funny to try to make this comparison, it's not even the same league.... If I left NY for good I promise you Chicago isn't even on my top 50 list of cities I'd move to.

That's just me.

reaper, NYC and Chicago are rivals in every way. But over the last several years, Chicago has managed to overtaken NYC in terms of quality of life, architecture, nightlife, restaurants, etc.

and then mommy yelled RUFUS WAKE UP! and the dream was over.

rufus... NYC and Chicago might be rivals to some people in chicago... To people in NYC it's a joke to even discuss it. I'm sure Dubai is cleaner, has some incredible architecture, nightlife and quality of life as well - You just don't get NYC and that's fine....

Enjoy Chicago!!!!! Really man. Enjoy it... Me, I'll probably never in my life be back there - no reason to.

reaper, when your own paper, the NY Times admits that Chicago is now the center of the world, you know that NYC has officially lost out to Chicago.

"Chicago is now the center of the world"

Best Rufus quote ever.

Sizzlack, quoting the NY Times article. You should read it.

care to post a link?

Rufus you are an idiot.
Jeff Tweedy, the leader of the band Wilco who grew up in downstate Illinois and lives in Chicago said "I think people really do enjoy the idea that we’re living in the center of the world all of the sudden"

http://www.nytimes.com/2008/11/20/fashion/20chicago.html?scp=1&sq=chicago&st=cse

So some a**hole I've never even heard of...from a band I've never heard of...says Chicago is the center of the world and henceforth it shall be? WTF dude.

Wilco is a well-known band. It's not my fault that you know nothing about pop culture.

Tweedy can live in any city he wants and picked Chicago because like many other people, he realized that it's the ideal city.

You're a riot dude.

Jeff Tweedy (some random musician) lives in Chicago and it's the greatest city on earth?
It's no wonder you're as clueless as you are. You're getting your advice and/or information from two bit midwestern musicians.

so, what is the latest here? When do the closings begin?

cant find out when the closing notices going out for One Madison Park-but rumor has it that most of the building was bought in "high times" by flippers many RE brokers among them who probably have fingers crossed that today's market rally is trending as mortgages are so hard to come by!

There was an article about this building (and Skyhouse) in the NYT Saturday paper--they're confident they can maintain $2500 psft pricing because of the views, etc. . . .

Closings are scheduled for May. There's a topic discussing the future of this development:

http://www.streeteasy.com/nyc/talk/discussion/7519-one-madison-park-future

Have you seen that building? It is SO going to topple over. Fascinating water tanks to act sort of like ballast on the roof to minimize sway. But seriously. That thing is too skinny and tall. It's gonna topple.

I just hope it doesn't hit Shake Shack

Wait until you see the other tower that is going to peek-a-boo around that first one. That's an amazing building. I'm amazed by that tower and could see the top of the crane from my bedroom window.

If the full floors drop to 6.5 mil, I'm on board.