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Plans filed last month with the New York City Department of Buildings indicate that the former MetLife building at One Madison Avenue may be converted to 142 condominium apartments.
Plans filed by Timothy Hartung of Polshek and Partners LLP indicated that the building's owner, One Madison Residential Fee LLP of which Michael Overington, a long-time associate of Ian Schrager, is a member, were seeking a "change of use" for floors 2 through the roof.
The application listed the building at 50 stories and 545 feet high, although its height when it became the world's tallest building when it was erected in 1909 was 700 feet and the application's listing probably excludes the "mechanical floors" at the top of the building. It retained the world's tallest title for four years until the erection in 1913 of the Woolworth Building at 233 Broadway.
Mr. Schrager and RFR Holding LLC, of which Aby Rosen and Michael Fuchs are partners, recently entered an agreement with SL Green Realty Corporation to convert the tower to residential condominiums. SL Green will retain a 30 percent interest in the tower, and the arrangement provides Mr. Schrager and RFR, according to an announcement, with "the ability to increase their ownership interest if certain incentive return thresholds are achieved."
Mr. Rosen is the owner of the Seagram Building and Lever House and has commissioned Lord Norman Foster to design a mixed-use tower at 610 Lexington Avenue and a residential tower at 980 Madison Avenue. The landmarks committee of Community Board 8 voted 6 to 3 last night to recommend that the Landmarks Preservation Commission not approve a certificate of appropriateness for the proposed reflective-glass tower with an interlocking plan of ellipses that would rise 22 floors over the former Parke-Bernet Building, which would be reduced one floor in height. The proposed tower, which is across Madison Avenue from the Carlyle Hotel and across 77th Street from the Mark Hotel, whose new owners are residential condominium developers, will contain 18 apartments.
Designed by Pierre Le Brun of Napoleon Le Brun & Sons, One Madison Avenue was modeled on the famous campanile in the Piazza San Marco in Venice.
SL Green acquired the full-block site between Madison Avenue and Park Avenue South and 23rd and 24th Streets last year from MetLife for $918 million. The "clocktower," which would contain the apartments, occupies only the southeast corner of the block at 24th Street. The remainder of the block is a 14-story office building that SL Green, a real estate investment trust, is keeping.
The iconic tower, which is illuminated at night, has large clockfaces on each of its four sides.
Mr. Schrager and Aby Rosen are developing 40 Bond Street, which will have a stunning green glass facade designed by Herzog & Meuron and Mr. Schrager is also involved in the development of 50 Gramercy Park North, and he developed the Paramount and Morgan's Hotels here and the Delano in Miami. He was a partner with Steve Rubell at Studio 54, the discotheque.
While One Madison Avenue is the tallest and most prominent landmark on Madison Square Park, it is not the most famous. That honor is still held by the Flatiron Building on 23rd Street at the intersection of Fifth Avenue and Broadway.
The plans recently filed with the Department of Buildings indicated that floors 2 through 27 will have 4 apartments each, floors 28 through 30 will each have 5 apartments, floors 31 through 3 will have one apartment each, floor 34 will have 3 apartments, floors 35 through 39 will have one apartment each, and floors 40 and 41 will be one duplex apartment. That adds up to 131 apartments, and the plans did not explain the discrepancy with another part of the filing that said the building would have 142 units. The upper floors are listed in the plan as mechanical.
Plans filed by Timothy Hartung of Polshek and Partners LLP indicated that the building's owner, One Madison Residential Fee LLP of which Michael Overington, a long-time associate of Ian Schrager, is a member, were seeking a "change of use" for floors 2 through the roof.
The application listed the building at 50 stories and 545 feet high, although its height when it became the world's tallest building when it was erected in 1909 was 700 feet and the application's listing probably excludes the "mechanical floors" at the top of the building. It retained the world's tallest title for four years until the erection in 1913 of the Woolworth Building at 233 Broadway.
Mr. Schrager and RFR Holding LLC, of which Aby Rosen and Michael Fuchs are partners, recently entered an agreement with SL Green Realty Corporation to convert the tower to residential condominiums. SL Green will retain a 30 percent interest in the tower, and the arrangement provides Mr. Schrager and RFR, according to an announcement, with "the ability to increase their ownership interest if certain incentive return thresholds are achieved."
Mr. Rosen is the owner of the Seagram Building and Lever House and has commissioned Lord Norman Foster to design a mixed-use tower at 610 Lexington Avenue and a residential tower at 980 Madison Avenue. The landmarks committee of Community Board 8 voted 6 to 3 last night to recommend that the Landmarks Preservation Commission not approve a certificate of appropriateness for the proposed reflective-glass tower with an interlocking plan of ellipses that would rise 22 floors over the former Parke-Bernet Building, which would be reduced one floor in height. The proposed tower, which is across Madison Avenue from the Carlyle Hotel and across 77th Street from the Mark Hotel, whose new owners are residential condominium developers, will contain 18 apartments.
Designed by Pierre Le Brun of Napoleon Le Brun & Sons, One Madison Avenue was modeled on the famous campanile in the Piazza San Marco in Venice.
SL Green acquired the full-block site between Madison Avenue and Park Avenue South and 23rd and 24th Streets last year from MetLife for $918 million. The "clocktower," which would contain the apartments, occupies only the southeast corner of the block at 24th Street. The remainder of the block is a 14-story office building that SL Green, a real estate investment trust, is keeping.
The iconic tower, which is illuminated at night, has large clockfaces on each of its four sides.
Mr. Schrager and Aby Rosen are developing 40 Bond Street, which will have a stunning green glass facade designed by Herzog & Meuron and Mr. Schrager is also involved in the development of 50 Gramercy Park North, and he developed the Paramount and Morgan's Hotels here and the Delano in Miami. He was a partner with Steve Rubell at Studio 54, the discotheque.
While One Madison Avenue is the tallest and most prominent landmark on Madison Square Park, it is not the most famous. That honor is still held by the Flatiron Building on 23rd Street at the intersection of Fifth Avenue and Broadway.
The plans recently filed with the Department of Buildings indicated that floors 2 through 27 will have 4 apartments each, floors 28 through 30 will each have 5 apartments, floors 31 through 3 will have one apartment each, floor 34 will have 3 apartments, floors 35 through 39 will have one apartment each, and floors 40 and 41 will be one duplex apartment. That adds up to 131 apartments, and the plans did not explain the discrepancy with another part of the filing that said the building would have 142 units. The upper floors are listed in the plan as mechanical.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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