One Madison Park's Whisper Campaign Working Too Well
Tuesday, September 18, 2007, by Joey
News of the eventual shuttering of Bobby Flay's Bolo reminded us to check up on the new condo tower that is the reason for the Bolo building's sale: One Madison Park. A Triple Mint update on the building also may have pushed us to get our asses in gear. The building-to-be used to be known as the Saya before a marketing switch to Brown Harris Stevens resulted in a classy rebranding. The renderings of the 60-story glass tower have been floating around the Wired New York thread on the building for a while (and apparently originated on a glass company's website), and while the construction is still in its infancy, the state of this development may—dare we say—shock you.
Above left, you can see the side of One Madison Park that will front busy 23rd Street, so what's with the 23 East 22nd Street address? That is the address on the building that houses Bolo, which the developers of OneMadPark just closed on. There's no way in hell Liev and Naomi would enter their home on such a traffic-riddled thoroughfare, so One Madison Park will have retail on the 23rd Street side, and the residental lobby on quiet, leafy 22nd Street.
And here's the crazy part. We've mentioned the brisk sales before, but according to StreetEasy, an astounding 47 of the 50 active sales listings (and 72 units total) are already in contract, at a blistering average of $2,137 per square foot. Talk about flying under the radar! The building is not on the BHS new developments page, and the website is down (old version cached here) as we type this. The three listings still dangling out there include a $9.5 million 4BR, a $6.9 million 3BR and a $5.35 million 3BR. Get them while you can.
· Listings: 23 East 22nd Street [BHS]
· While We Were Snoozing, One Madison's Been Selling [Curbed]
· Sayonara Saya, Hello One Madison Park? [Curbed]
This is one of the most out of context buildings I have ever seen. What a shame !
Well when your doorman can fetch your junior bacon cheeseburger from the Wendy's next door, why wouldn't you pay those types of prices!
Who I really feel for is the people living behind this building. There are about six apartments that used to have nice views up Madison which now will have a view of absolutley nothing. Maybe they'll be able to spy on some rich folks in their swanky pads, but that's probably small consolation for the hit they must've taken to their apartment's value.
where did they get all the buildable square footage....?
I think it's going to be a great project and will offer the best views in the city.
#4
The assemblage began with the purchase of the properties at 20 and 22 East 23rd Street and the adjacent air rights, which the buyer acquired a year ago through Yawitz at prices ranging from for $325 to $350 per foot. In order to increase the FAR, the developers also purchased inclusionary housing bonus rights. The last parcel acquired at 23 East 22nd Street sold for $12.5 million or $854 per square foot.
They purchased all surrounding air rights on the block.
much better than that hideous apartment building between the new building and the Flatiron.
when is a new context defined - is that ever possible post 1895 construction?
This is a pretty solid, but not stellar building, that will look surprisingly good in its context. Think about how the buildings on the east side of the park go: 60s International Style, 30s Art Deco, 10s Eclectiwhatever, 2008 Glass condo. It'll be an interesting mix.
i live nearby, i love it, the views will rock, 22nd is a nice st, its rrrreallly pricey but i know the hood, theres absolutely nothing like it anywhere near it. totally unobstructed. that cheap place on 29th? not even close. 240 pas, completely different and ordinary views. people dont just pony up these numbers....this place is no joke. i wish i could have one.
#2, why send him to Wendy's when he can wait on line at the shake shack?
And in terms of the area, wasn't there plans to turn the Met Life tower condo? What happened to that?
I hope the dumpy buildings (incl. Wendys) to the east of this are redeveloped. They're horrible.
square footage: 1,962 = 5.35 million! When did it ever come to this?
This is a desirable addition to what is basically a commercial slum area. The only thing that neighborhood has going for it is the park. The traffic there is horrendous and dangerous and there are a lot of lower class people walking on 23rd.
good heavens no! lower class you say??
Wasn't there a 99cent food store that all the bums used to hang out at right there?
I hate the "out of context" arguments. Using this logic, the Empire State Building is "out of context"
I hear there will be direct video feed of the " Shack Cam" on the in-house security system
I agree, the 'out of context' thing is so stupid. this is a metropolitan city, everything is supposed to be out of place and different, that is what makes it great.
That area makes Harlem look desirable. 23rd is pure ghetto trash.
The Empire State Building is out of context. It towers over everything adjacent to it, and didn't lease up for an entire generation after its construction. But the Empire State Building is a great building -- everyone enjoys looking at it -- whereas this dullard is just one more example of maximizing F.A.R. at the at the expense of all the unfortunates who have to look at it. In its massing relative to the context, it literally gives the finger to the neighborhood. It might have fancy glass, but you can add all the raisins you want to a piece of turd, and it's still a piece of turd. Really, the nicest thing you can say about it was said by #9.
i lived on the corner of 23rd and broadway for two years and it absolutely sucks. i used to hang out in bonobos a lot, and one time i saw paloma herrera walk by my building. other than that, eating establishments are gross and the proximity to union square does NOT make up for the wasteland scum spilling all over the sidewalk on the weekends.
FYI...next to the Wendy's is a meth clinic. Enjoy!
could this be the first shack-driven spike in condo development prices?
Come on, but it's so convienient to Murray Hill! Think of all the date raping you'll have access to!
these prices are outrageous. great views are one thing but buying here is borderline retarded.
I actually walked through the park diagonally late this afternoon from SE to NW and was favorably impressed. It is so much spiffier than it was a few years ago before the remodel. The plantings are lush and overall, the park is a helluva lot nicer than Union Square and not very crowded, either. There was a line of people at the Shack and a bunch of people at the tables obviously waiting for their food. Dumb-bunnies, there's a Wendy's right there and they have a 99 cent menu.
I lived at 20 E. 22nd Street back in the 80s, and it's a crying shame what's happened to a great neighborhood.
But hey, it's your money. Knock yourself out!
This is a beautiful and classy building. It will be a nice contrast to the other classic skyscrapers around Madison Park. That area of 23rd currently has too many small and crappy buildings with low-end commercial. Sad for Bolo but hopefully the fast food and low end retail will go away.
The madison square park redevelopment has been one of the nicest i've seen. They've really made it into a vibrant, pleasant, culture and activity filled park.
If you call that a ghetto, I suspect you haven't enjoyed the park much lately.
The park is nice but the people walking around in that area are still very lower-class.
I'm #33-- and am not a broker. And I would never be able to afford speculating in this building- so I had no vested interest.
I just happen to work by the park, eat my lunches there and walk by everyday, so I think it is a wonderful redevelopment!
And by the way- there are lowerclass people and birkenstock wearing tourists sprawling in front of any fifth avenue penthouse. That's what makes ny so special.
Sway will be a surprising reality for those who live on the upper floors. For such a tall building with a relatively small footprint I am surprised that no one is talking about the building swaying back and forth on windy days. Any thoughts?
#38 i couldnt agree more...look at apts around central park, some of the most desirable real estate in the world. there are bums and tourists everywhere. this will be a great addition to the neighborhood and should be something special.
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