Elad Has Deal for One Madison's Air Rights?


Wednesday, September 26, 2007, by Joey

2007_9_onemadmet.jpgThe potential Elad Properties/Daniel Libeskind 900-foot residential tower on Madison Square Park has become the most pressing matter of our time. The endless speculation has helped, and the One-Madison-Park-buyers-getting-screwed wildcard has certainly contributed to all the fuss. Now, the Post's Lois Weiss wades in with some solid intel. She reports that Elad has an agreement in place to use SL Green's air rights to build a 74-story tower on top of the 14-story annex building, just as was expected (take that, yesterday's CurbedWire!). Lev Leviev bought the landmark clocktower from SL Green in May, and Weiss points out that Elad's plan probably has him cursing into his kippah, given that Elad is a chief rival. Responding to all the hubbub, Elad issued a statement saying: "Any discussion of a potential development at 1 Madison Avenue is highly premature. It is in its earliest concept phase and no decisions have been made about any aspect of the potential development." Let's continue all that premature discussion in the comments, shall we?
· 1 Mad. Ave. a Tall Order [NYP]
· Hey, One Madison Buyers: About Those Views... [Curbed]


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Comments (6 extant)

1.

BHS's ID's job just got really hard.

By mike at September 26, 2007 11:41 AM

2.

story is really nonsense. pr war against the developer of 1 mad. totally nonsense. landmarked means landmarked. not only can u not change whats there, you cant fill up the empty spaces either!!! they may put up something on the park ave side. but i cant imagine why. if the entreance to 1 madison was actually on 23rd, they'd be getting 1400 a ft not 2k. the 22nd st entrance is totally key!!!

By bob at September 26, 2007 12:48 PM

3.

Is just the tower landmarked or the whole building it's connected to?

By Sikbug at September 26, 2007 1:56 PM

4.

Leave the tower alone. It is a beautiful part of the skyline.

By BA at September 26, 2007 2:07 PM

5.

The two buildings, together known as the Met Life Building, comprise 1.93 acres and take up the entire block bounded by 23rd and 24th streets and Madison and Park Avenue South, but the Clock Tower itself takes up just the corner of Madison and 24th Street.


Two buildings not one. The annex is not landmarked. Time after time in this city people have built new buildings next door to landmarks.

So what do you think a Billion Dollar company with air rights across froma park is going to do?
Not Build? (LOL)

By Anonymous at September 26, 2007 2:41 PM

6.

Didn't think you could transfer air rights across the street. True???

By anon at September 26, 2007 8:20 PM




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