View Single Post
  #95  
Old Posted Jul 22, 2008, 11:40 AM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
 
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,747
Meanwhile, on the other side...
http://www.bloomberg.com/apps/news?p...ISq0E&refer=us

Versace Will Design Condos in Madison Avenue Tower

By Sharon L. Lynch
July 22 (Bloomberg)

-- Italian fashion company Gianni Versace SpA will design luxury condominiums for Africa Israel Investments Ltd., Israeli billionaire Lev Leviev's property company, in the clock tower of the former MetLife Inc. headquarters in Manhattan.

The tower, which has space of 276,000 square feet (26,000 square meters), will house 55 apartments and a six-story penthouse with its own spa, wine-storage facility and cigar room, said Rotem Rosen, chief executive officer of a U.S. company controlled by Leviev. Most of the homes will occupy an entire floor.

``The building sits right on the park, so there is nothing that blocks the view,'' Rosen of AFI USA, referring to Madison Square Park at 23rd Street and Fifth Avenue. ``These are going to be very, very unique, limited residential condominiums,'' said Rosen, whose company is controlled by Leviev.

Africa Israel agreed in May 2007 to buy the clock tower at 5 Madison Ave. from New York-based SL Green Realty Corp. for $200 million. The company said at the time it would invest an additional $110 million to convert the building to condos.

Plaza Project

Versace designed furnishings and accessories for the Plaza in New York last year, as part of a plan to bolster earnings by adding new businesses. The Milan-based company is also refurbishing the Vita Tower in Panama and designing the interiors of luxury cars, jets and helicopters with Lamborghini SpA, Tag Aviation and AgustaWestland.

``This project is the confirmation of Versace's leadership position in luxury interior design,'' Chief Executive Officer Giancarlo Di Risio said today in a telephone interview.

Constructed in 1909, the Madison Ave. tower was the tallest building in the U.S. until 1913, when it was surpassed by the Woolworth Building in lower Manhattan.

Africa Israel has already gutted the inside of the MetLife tower except for its boardroom, which will be turned into a restaurant, Rosen said in an interview. Construction could begin on the condos as early as next month, he said. The schedule calls for opening a sales office in September and move-ins to begin in February 2010.

Apartments will average about 3,000 square feet each and include amenities such as climate control and images of your apartment available from remote locations including airplanes, Rosen said.

"It's not a joke when we say it's going to be the highest end of residences in the city,'' he said.
__________________
NEW YORK is Back!

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
Reply With Quote