CityRealty Insider > New Developments in the News

New Developments in the News

JUNE 6, 2011

Carriage House condo will be car-friendly; One Madison Park bailout tale tallies pre-Lehman era perks.

Carriage House, a new 24-unit condo at 159 West 24th Street, will offer 8 apartments with internal parking spaces. The building—built in 1901—was, ironically, a parking garage in its former life. The building’s two penthouses will come with parking, but the remaining six garage spaces will be sold for $200k each. 15 units have already sold for $3 million to $17 million. Construction on the new residence will wrap in June.

Ziel Feldman agreed last month to pay a reputed $165 million in a bankruptcy auction for One Madison Park, the tall “sliver” apartment building at the foot of Madison Avenue facing Madison Square Park. Mr. Feldman—who is gaining a reputation for rescuing risky developments, including the infamous” collapsed-crane project” on East 51st Street and the lawsuit-plagued Setai downtown—must present his final rescue plan for the tower to a bankruptcy court by early June.

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