How Much For a Shattered Schrager Dream? $200 Million

Wednesday, May 16, 2007, by Joey

It's official. The ink is dry on the deal that is sending the clock tower at 5 Madison Avenue into the clutches of mad moneybags Lev Leviev (our Israeli father tells us it's pronounced leh-VY-ev). The final cost? $200 million. For those who were wondering if the building would push on with the SL Green/Aby Rosen/Ian Schrager conversion plan or revert back to office space, the SL Green press release offers a somewhat cryptic clue:

Mr. Holliday concluded, “We look forward to seeing Africa Israel bring the redevelopment project to fruition in such way that New Yorkers will continue to view the ‘Clock Tower’ as one of the City’s true architectural gems.”

See you on the rooftop bar, 'round July 2010?
· Clock Tower at Five Madison Goes for $200 M. [The Real Estate]
· One Madison Already Accounted For? [Curbed]
· SL Green Wants Out at One Madison [Curbed]

Filed under Manhattan: Gramercy/Flatiron District, Real Estate Development, Real Estate Sold,

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Comments (5 extant)

They sold it for $200M - what did they pay for it?

By anon at May 16, 2007 12:06 PM

"our Israeli father tells us it's pronounced leh-VY-ev..." Ahh, but he wasn't born in Israel, was he? Anyhoo, in that VY part (or vi) Y is kinda silent and V is pronounced more like that ñ in Mañana (rus. spelling for the more curious crowd: лев левьев)

By Arkady at May 16, 2007 12:06 PM

$200 million has to be for solely SL Green's share and not Shrager's share. No way the entire building went for that little.

By Anonymous at May 16, 2007 3:06 PM

It was entirely Green and RFR and Schragers stake wholly, legally schrager quit all affiliation with it on this sale, and it is just the north tower section, only 5 madison, it is only 267,000 sf total...and Leviev is a pimp

By anonymous at May 16, 2007 5:29 PM

so how *did* Leviev monopolize the Angolan diamond market?

By pepperoni_punk at May 16, 2007 6:15 PM