How does everyone feel One Madison Park will do with the recent downturn? I know that everything is in contract, but I remember hearing that the building was mostly bought by brokers at BHS? Is this true? If so, do you think these brokers were mostly planning to resell? Another question - many of the listings have increases AFTER the unit went into contract, can a broker here explain this? I'm not... [more]
How does everyone feel One Madison Park will do with the recent downturn?
I know that everything is in contract, but I remember hearing that the building was mostly bought by brokers at BHS? Is this true? If so, do you think these brokers were mostly planning to resell?
Another question - many of the listings have increases AFTER the unit went into contract, can a broker here explain this?
I'm not predicting massive walk-aways or anything crazy, but aside from the full floor units, I do not find the apts impressive at all (mainly due to the "kitchen"), considering the ppsqft.
There's even a tiny one bedroom listed at 3,333 ppsf, which I don't think has a chance in hell at selling at ask (the asking ppsf is far greater than all the available units, except for the penthouse).
However, I do think Madison Square Park is great and some of the best real estate investments can be made on a park, but I could only accept these prices if the bubble didn't burst until 2010.
I would appreciate anyone sharing their thoughts.
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Response by somewhereelse
about 14 years ago
Posts: 7435
Member since: Oct 2009
I saw new signs up a few weeks ago promoting sales... so something must have changed.
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Response by NWT
about 14 years ago
Posts: 6643
Member since: Sep 2008
There's a recap story in today's NYT Magazine.
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Response by falcogold1
about 14 years ago
Posts: 4159
Member since: Sep 2008
NWT,
Just finished the read.
All the writer had to do was read this thread.
too bad it was such a superficial account of the actions that lead to this great building and spectacular disaster.
The ultimate crash and burn story.
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Response by ronbo
over 13 years ago
Posts: 38
Member since: Feb 2010
should be up and ready for sales late in the year if related companies gets the ok
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Response by kylewest
over 13 years ago
Posts: 4455
Member since: Aug 2007
I cannot begin to imagine the corners cut during construction, during the attempt to complete by new owners, the things that were screwed up due to so many cooks not knowing what was going on exactly, the oversights...
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Response by flarf
over 13 years ago
Posts: 515
Member since: Jan 2011
Meanwhile there's still a giant hole in the ground on 22nd Street where the cantilevered sister building was supposed to be, leaving the sole entrance to the building on 23rd. Yuck.
The upper portion of the building has been gutted and re-designed. In addition, majority of the unsold units have been combined to create significantly large layouts. If you pass by on a rather sunny day, you could see the ongoing construction and materials. They are also renovating the amenity spaces and the lobby. To obtain more concrete information, you can check Related's website every week or so. Anticipated opening is in August, prices from $10M.
The highly anticipated Toy Building, which is fairly close, has been doing very well and even though prices, layouts or floor plans haven't been determined yet. People are flocking their sales office as if it's for free! Therefore, 1 Madison Park should also do rather well if the renovations are up to par. With Related in charge, it certainly should be.
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I saw new signs up a few weeks ago promoting sales... so something must have changed.
There's a recap story in today's NYT Magazine.
NWT,
Just finished the read.
All the writer had to do was read this thread.
too bad it was such a superficial account of the actions that lead to this great building and spectacular disaster.
The ultimate crash and burn story.
should be up and ready for sales late in the year if related companies gets the ok
I cannot begin to imagine the corners cut during construction, during the attempt to complete by new owners, the things that were screwed up due to so many cooks not knowing what was going on exactly, the oversights...
Meanwhile there's still a giant hole in the ground on 22nd Street where the cantilevered sister building was supposed to be, leaving the sole entrance to the building on 23rd. Yuck.
http://therealdeal.com/blog/2012/04/04/related-settles-majority-of-one-madison-claims-sets-condo-relaunch-for-late-2012/
The upper portion of the building has been gutted and re-designed. In addition, majority of the unsold units have been combined to create significantly large layouts. If you pass by on a rather sunny day, you could see the ongoing construction and materials. They are also renovating the amenity spaces and the lobby. To obtain more concrete information, you can check Related's website every week or so. Anticipated opening is in August, prices from $10M.
The highly anticipated Toy Building, which is fairly close, has been doing very well and even though prices, layouts or floor plans haven't been determined yet. People are flocking their sales office as if it's for free! Therefore, 1 Madison Park should also do rather well if the renovations are up to par. With Related in charge, it certainly should be.
http://nypost.com/2013/10/15/us-rep-grimm-gal-pal-disappear-into-bar-bathroom-for-17-minutes/
Troll.
Aboutready, One Madison Park is apparently out of your reach. Brooklyn more your style.
"...Anticipated opening is in August, prices from $10M..."
>"...Anticipated opening is in August, prices from $10M..."
cheep