5 E. 22nd - Madison Green

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I saw a few units in the bldg and the broker did say they are looking to re-do some of the common space at some point in the near future. So that will prob increase cc's.

This bldg is selling at extremely high ppsf, anyone know why, other than good location? Seems way overpriced!

Many apartments in the building have knockout views and terraces and you pay for both of those things. It is also a fairly well-maintained building. I don't know anything about its financials or the size of the reserve fund, so can't say if remodel of halls will cause an assessment to be imposed. I agree prices seem high there, but then again, I feel like that everywhere these days. This is at least a solid seeming building re: location, quality, most layouts, views and light.

The location, light, and views are just terrific. The building is very well run.

But the individual units tend to be on the smallish side (one beds 600-700 sf, 2 beds 1100-1200 sf), the finishes (unless the unit has been redone) are very low grade, and the ceilings in the building are VERY low - the units feel quite cramped and claustrophobic.

It's a shame - I really WANT to like this building, with its beautiful park exposure and gorgeous flatiron building views (for some, of course) from its little balconies - and Shake Shack just a stone's throw away (YUM)! But I would not buy here because the actual units are not to my liking, either as a home or an investment.

This building is an excellent example of what usually happens when people realize that they can get an unusual premium for something they own: they sell it.

I viewed a couple of units here in the November time frame. Agreed on the great views. I think they're all protected (i.e. Madison Sq Park and Flatiron building are not going away). The cc and tax are lower than comparable units in the surrounding area, based on what I've seen. There's a unit or 2 (that is broker owned) that has been on and off the market for the past 2 years. Apparently, no one has bitten so far...

malraux nailed it. the relatively low ceilings and smallish rooms (they are the opposite of 'generous' make you feel like you really aren't getting all that you expect at those prices. no matter how you configure things it would feel cramped if you tried to fit a dining table and living room let alone TV in the main rooms. the finishes are shoddy because they are old and beaten up in most units. The mini-jr-four sort of layouts that have been made into 2-bedrooms are dreadful if left as two bedrroms. I'd rather sell a child than have to live with one in that kind of space. If the prices were lower, the building would be much more attractive (but isn't that true all over the place).

interesting reading above!!! this is one of the ones I was looking out in 2005 when I lived in 45 east 25th street. I agree with the posts which say this one was overvalued. This was the very heart of overpricing at this time. I was almost ready to pull the trigger on an one bedroom apt for 795k, but did not.

the problem is that it is outdated, much like one irving place. the location is great, but the building is depressing and dark, and the apartments, need a total overhaul... the views are also great. I would definitely by a two bedroom if priced about 699k.

Our PH duplex unit (PHN) has an amazing layout. It could actually become a 3 bedroom. And the outdoor space is phenomenal. It has extraordinary views and a wood burning fireplace. Needs a total overhaul--unless you're Austin Powers.
http://www.randny.com/listings.cfm?ListingID=208487&ListingSource=RPL&PropType=S

I'm not getting some of these comments.

What is a low ceiling as you describe it?..You mean 8 feet? Are you saying it is unusually low for comparable era buildings?

In terms of cramped roooms, how logical is it to say it feels cramped with one bedrooms with say 700sf. Aren't there tons of builings with exactly that. And ultimately, doesn't it boil down to some price psf.

I'm not being difficult, just trying to understand how you look at this building. To me the ceilings and layouts seem like lots of other overpriced places.

Nan, are you aware that your website doesn't work in Safari? I can't click on the floorplans on any of the listings. That button works fine in Firefox, although there's plenty of other weirdness (like editable description fields).

Thanks for telling me. I'll check with my webmaster.

Many of the apartment are small and some one bedrooms have a strange shape. Some are not even 650 SF-- so they don't just feel small, they are small. They're pretty cookie-cutter, too. The apartments don't all have balconies, and even when they do, the noise from 23rd and Broadway street can make it unpleasant to use them. The workout room is ok. There's a lounge, which is nice with excellent views. The building itself was great addition to the area when it first came up, and was one of the nicest buildings around there. Now, it seems fine, but nothing special.

i like this building but think its trading too high for this market.. esp the one beds

in a peak market, the one bed w a park view needing some work never sold- it dropped to 925k and did not move..

so now, given the market is down 30% , you would think that you could atleast get that unit for 750k or less..

the one beds that just recently went many of them needed work, and they all went in the mid 600k range.. i think the diff in price for a park view is definitely worth it- and people are way over paying for this.. esp when new developments around the street and newer buildings are starting to sell below 1000 a foot... people need to do comps better--

the two bedrooms in this building that say they are 1100 to 1200 square feet definitely feel like not an inch over 1000.

Beware of brokers lying about square footage in this building!!

Saw a small 2br in the building a few weeks back. The unit was listed as 850sqft. It felt much smaller. Afterward, I looked up the unit on ACRIS, and it is listed only 811 sqft there!! 5% inflated.

There is also a G line 1br being listed as 685sqft. It shows up in ACRIS as only 611 sqft!! Now that's a 12% inflated sqft-age. That is crazy. Are brokers legally allowed to do this? List sqft higher than actual?

Interesting. Good to know, thanks.
The units seem to sell well, as a couple are in contract. However, I still find that the asing price for some of the apartments to be very high.

Madison green is a nice building but definitely over priced. The near by Stanford on 25th Street have units with park views in the $1000 psf range already.

This building is about as good as you can get in this area. It is central to everything. You can complain about whatever size you think it is but you can't complain about this great living experience!

I'm with malraux. Great light, location. BUilding itself is fairly dated. Rooms are mostly white boxes. Just pales in comparison with what's there.

> This building is about as good as you can get in this area.

About as wrong as you can get. Its pretty much the worst you can get int he area in terms of high-rises. 1 madison park next door obviously blows it away. I'd also WAY prefer the large loft building next door / hebind on 22 with some views that is much better done.

And then 6th ave has a ton. And, hell, all the blocks just below.

And Grand Madison, which is a MUCH, MUCH better building physically, just sold an apt under $1k psf. Also on the park.

Does anyone know - are there bed bugs in this building? According to bed bug registry - it says there is a bad problem

Yikes, any residents in the building who can confirm on the situation? This can't be good according to the posts on bed bug registry.

probably the residents won't want to confirm the problem but i have a friend living there who is just frantic. she is taking every precaution possible because of all the reported problems but hardly can sleep at night. i understand the building is being very proactive in trying to handle this but how much can management possibly do?

hi any update on teh buildings would be appreciated