Eataly | Fred M. On Real Estate

One Madison Park, one of Downtown most awaited new development designed by Cetra/Rudy, is finally seeing the light of the day, or should I say, the end of the tunnel. Indeed, this magnificent development went through financial and legal turmoil, which stalled its progress. Another anecdote talks about a couple of residents, who bought on floor plans and decided to settle in the unfinished building, which later fell in bankruptcy. Fortunately, for these residents and excited buyers eyeing the Downtown market, One Madison Park is ready for completion and closings are happening as early as the 1^st quarter of 2014. Developer Related led the rescue scenario which included creditors CIM and HFZ Capital, as well as interior design firm Yabu Pushelberg hired to finish the remaining half of the units, the lobby and amenity spaces. A couple of months ago, Related already had a successful experience with a similar situation at 225 Rector Place, a bankrupt building, that they transform into one of the most successful Battery Park City condominium.

One Madison Square Park stands upon a unique location, where Downtown meets Midtown South, and at the crossing of the Flatiron, Gramercy, NoMad and Chelsea neighborhoods. Facing the beautiful Madison Park, residents can enjoy the change of the season sceneries along with 360 degrees breathtaking views of Manhattan. No other residential building in NY offers these views – it’s a feature that you would only find at One Madison Square.

To preserve the residents privacy, the entrance of this 60-residence only boutique condominium is located at 23 East 22^nd Street above which a duplex and triplex units will be available for buyers who prefers a “townhouse” living style to the “perched-in-the-sky” condominium. The lobby will be filled with marble walls and sculptural element. “A slender water feature casts light and shadow behind tall wood columns and a soft mosaic-patterned custom rug leads guests to a curated permanent art installation created specifically for One Madison”.

As mentioned above half of the residences feature Yabu Pushelberg interiors and the other half Cetra/Ruddy interiors. Yabu Pushelberg (see pictures below) brings a contemporary, elegance and calm environment to full floor residences. Living rooms layout with open kitchen and a set back with dining areas offer multiple views of the Manhattan skyline from one room, ideal for casual get together or dinner with private chef enjoying the top of the line kitchen features. The master bedroom on full floor overlooks Madison Avenue and the Park, while the baths covered in custom blue Cippolino marble vanity with grey stained European oak cabinetry creating the feeling of a spa.

The Cetra/Ruddy interiors (see picture below) are a “Modernist-style celebration of natural light and expansive skyline views” and feature lighter finishes such as wide plank solid white oak flooring and finishes in light hues which the loft like interior with sky high living, custom kitchen in satin-rubbed Indian Laurel veneer, and marble countertops. The baths feel like zen havens filled with stone surfaces from Italian travertine to rich marbles.

The amenities and service level brought by related have been curated to meet with the future owners high expectations and demands. To that extend, the One Club will provide assistance with everyday needs as well as access to the most exciting activities and entertainment the city offers. The assistance extends to the organization, design and planning of private event within the building.

The amenities include an upscale dining room to provide owner’s guests with cocktail and gastronomic parties thanks to the butler’s service and gourmet catering kitchen. A screening room, lounge and entertainment rooms are available for relaxing outside your apartment. Residents can take relaxation to a higher level by enjoying the 75-foot pool and spa, located next to state-of-the art gym and yoga studio.

Over the past decade, Manhattan has experienced a flurry of new real estate developments accompanying new neighborhoods in their growth and definition of their distinctiveness. Among them, the notable NoMad neighborhood has been a success symbolizing the rise of a former unattractive sub-neighborhood confined between Kips Bay, Flatiron and Midtown into one of the trendiest and most dynamic area of Manhattan. Located from 26^th Street to 30^th Street between Lexington and 6^th Avenue, NoMad has successively benefited from the emergence of trendy hotels, fine dining and upscale real estate developments to now shine as a very desirable location.

Indeed, upon the revitalization of Madison Square Park (home of Shake Shack) trendy hotels have taken the lead beginning with the Ace Hotel in 2010 followed by a sister project, the Nomad hotel which welcomed its first guests in 2012. To kick it up a notch, luxury venues such as the Gansevoort Hotel on Park Avenue South are bringing celebrities and parties into the neighborhood. Two other projects are making noise and are scheduled for delivery by 2016: the 300 room Virgin Hotel at 29^th and Broadway, and a 23 story high hotel at 250 Fifth Avenue and 28^th Street.

In parallel, NoMad has been bringing a good variety of food venues; the most noteworthy being the Breslin (next to the Ace Hotel) and Hanjan (Korean) gastropubs, as well as the Nomad upscale restaurant featuring a $79 Foie gras-and-truffled roast chicken. On a more casual scale, this summer is the opening of the DC based healthy food venture “Sweetgreen” inside of the NoMad Hotel. Finally, food markets like Eataly and soon-to-open Fairway on 25^th and 6^th Avenue will boost the convenience of the current and future residents.

Such economic and social boosts have also led new residential developments to step forward and offer a new range of luxury living experiences. 241 Fifth Avenue has seen 33 out of its 46 apartments entering contract within the first few months of sale with price ranging from $925K to $3 million +. The Huys, a development in collaboration with Dutch designer Piet Boon, have 36 out 58 units pre-sold. Right across the street, at 400 Park Avenue South aka the Fortress of Glassitude, the Toll Brothers 40 story building will consist of 22 floors of rentals and 99 condos on the top 18 floors, and feature luxury amenities such as a lap pool, Jacuzzi spa, media room, rooftop terrace and a golf simulator. Finally, one of the city most awaited conversion of the Toy Building at 10 Madison Square West will offer apartment ranging from 1-bedroom starting around $1 million to $25 million and up 5-bedroom residences.

One Madison Park – No Compromise

NoMad: a neighborhood to stay