NEW YORK | Madison Square Park Tower | 777 FT | 64 FLOORS

NYguy · #1 Posted **May 22, 2013, 11:55 AM**

http://online.wsj.com/article/SB1000...351518006.html

For Developer, 3 Could Be Charm

Site of the potential condo tower

By ELIOT BROWN
May 21, 2013

Quote:

Ian Bruce Eichner, a developer whose high-profile problems became symbols of the last two real-estate busts, is in final stages of a deal to buy a condominium development site near Manhattan's Flatiron Building.

Looking to mount his latest comeback, Mr. Eichner is preparing to spend more than $100 million to buy the site as well as air rights that would enable him to build a nearly 800-foot tower with more than 90 units, according to real-estate executives briefed on the project. The slim, glass condo tower he is planning, designed by architecture firm Kohn Pedersen Fox Associates, would be the tallest building between the Empire State Building and downtown.

Similar to many developers moving ahead with new condo projects recently, Mr. Eichner is targeting the upper end of the market, real-estate executives said. Similar to others, he has been emboldened by the high prices that are being fetched these days—more than $3,000 a square foot in Greenwich Village and more than $5,000 a square foot for some units by Central Park.

A spokesman for Mr. Eichner declined to comment. He is hoping to complete the purchase of the site and air rights in the next few weeks, the executives said. The site is owned by One Hand Realty LLC, while the air rights are from a variety of properties nearby. One Hand couldn't be reached for comment.

The tower, on East 22nd St. between Broadway and Park Avenue South, would be only 50 feet wide at the base but would expand like a slender champagne flute and be wider at the top, a rendering reviewed by The Wall Street Journal shows.

To move forward on the condo tower, Mr. Eichner would need to line up financing and close on the purchase of the site.

Crawford · #2 Posted **May 22, 2013, 12:26 PM**

Wow, 800 foot KPF-designed tower at 22nd & Park Avenue South.

Sounds good to me. The developer will get amazing prices at that location.

And will be great for the skyline. It will help fill in the "gap" between Midtown and Downtown.

hunser · #3 Posted **May 22, 2013, 7:44 PM**

Quote:

Originally Posted by Crawford

Wow, 800 foot KPF-designed tower at 22nd & Park Avenue South.

Sounds good to me. The developer will get amazing prices at that location.

And will be great for the skyline. It will help fill in the "gap" between Midtown and Downtown.

Indeed, a very unique location. Even at 800', this tower would have an impact on the skyline.

A good day for New York!

NYguy · #4 Posted **May 23, 2013, 1:47 PM**

Yeah, this did come out of nowhere. But all of the luxury condo action taking place won't go unnoticed as more developers will try to cash in on the hot market. Can't wait to see the design.

sbarn · #5 Posted **May 30, 2013, 2:06 PM**

This is an exciting project. If it moves forward, it will replace two of these grayish townhouses (no loss):

I think this tower will complement its next door neighbor, One Madison Avenue being finished up right now by Related:

NYguy · #6 Posted **May 31, 2013, 5:07 AM**

Quote:

The tower, on East 22nd St. between Broadway and Park Avenue South, would be only 50 feet wide at the base but would expand like a slender champagne flute and be wider at the top, a rendering reviewed by The Wall Street Journal shows.

I need to see this rendering.

401PAS · #7 Posted **May 22, 2013, 12:29 PM**

This is very exciting for the area. This would be a great partners to One Madison Park, the old MetLife Clock Tower and the Flat Iron building.

But if this is the exact location, I would hate to see one of my favorite Indian restaurants go out (Tamarind). Well that's NY for you. I'm sure they will move onto bigger and better things.

Eidolon · #8 Posted **May 22, 2013, 5:17 PM**

Damn, this one came out of nowhere! I look Forward to seeing the renderings.

easy as pie · #9 Posted **May 31, 2013, 4:30 PM**

great shot of one madison, wow, what a tower.

NYguy · #10 Posted **Dec 17, 2013, 12:27 PM**

First I've seen of how this tower takes shape...

scalziand · #11 Posted **Dec 17, 2013, 12:43 PM**

Looks a bit top heavy.

NYguy · #12 Posted **Dec 17, 2013, 12:47 PM**

Quote:

Originally Posted by scalziand

Looks a bit top heavy.

Well, that was the one thing we expected from this...

Quote:

The tower, on East 22nd St. between Broadway and Park Avenue South, would be only 50 feet wide at the base but would expand like a slender champagne flute and be wider at the top

Thefigman · #13 Posted **Dec 17, 2013, 5:35 PM**

Bigger floorplates at the top mean a higher price for the penthouse.

reencharles · #14 Posted **Dec 17, 2013, 5:44 PM**

Looks great. I can not wait to see the final render.

baseball1992 · #15 Posted **Dec 18, 2013, 1:49 AM**

I just realized this building isn't on the skyscraper map for NYC. Unless I'm missing it.

sbarn · #16 Posted **Dec 18, 2013, 2:22 AM**

Hell yeah! That looks awesome.

Build it now...

hunser · #17 Posted **Dec 18, 2013, 1:55 PM**

Quote:

Originally Posted by baseball1992

I just realized this building isn't on the skyscraper map for NYC. Unless I'm missing it.

It's in the database but without a diagram: http://skyscraperpage.com/diagrams/?buildingID=31944

http://skyscraperpage.com/diagrams/?...6750&offset=50

hunser · #18 Posted **Dec 19, 2013, 9:41 PM**

Tower is actually 765'5'' (see drawing).

NYguy · #19 Posted **Dec 19, 2013, 10:25 PM**

Quote:

Originally Posted by hunser

Tower is actually 765'5'' (see drawing).

I've seen it. It could be either one.

Crawford · #20 Posted **Dec 20, 2013, 1:57 AM**

NYC DOB building filing lists as 795 ft.

In any case, this part of Manhattan needs more height. This building will help, certainly, but I think we need a few more sliver towers in this general area.

Hopefully the 900-foot Libeskind tower on 24th street gets built, and there are a few more development sites along 23rd Street, Madison and Park Avenue South.