The Chetrit Group has sold the 16-story building at 1107 on the northwest corner at 24th Street to Tessler Developments for $235 million.
The building was part of the International Toy Center complex that also included 200 Fifth Avenue, the 15-story building on the northwest corner at 23rd Street. The Chetrit Group had acquired the toy center in 2005 for about $355 million from a partnership headed by Peter Malkin.
The Chetrit Group's had planned to convert the two-building complex, which it called Madison Park West to about 460 residential condominium apartments, about two-thirds of which will be in the 200 Fifth Avenue building. At one point, the Chetrit Group, contemplated creating a 1,300-room hotel and several hundred small rental apartments in the two buildings and there was considerable controversy over the fate of the toy industry in the city.
The 670,592-square-foot building at 200 Fifth Avenue was built in 1909 and designed by Maynicke & Franke. It replaced the Fifth Avenue Hotel that was opened in 1859 by Amos F. Eno and was initially known as 'Eno's Folly' because the area was considered too far uptown.
The 16-story, 337,000-square-foot building at 1107 Broadway was erected in 1915 and was designed by H. Craig Severance and W. Van Alen. It replaced the Albemare Hotel and it was joined to 200 Fifth Avenue by a skybridge in 1968.
In April, however, the Chetrit Group sold the 200 Fifth Avenue building to L&L Holding Company LLC for about $480 million. L&L Holding announced it planned to convert that building to Class A office space.
An article in today's edition of The New York Observer by John Koblin quoted Yitzchak Tessler as stating that 1107 will be converted into 180 condominium apartments and that it will have an indoor and outdoor pool and roof deck.
Plans on file with the Department of Buildings indicate a roof-top addition of several stories is planned.
The building was part of the International Toy Center complex that also included 200 Fifth Avenue, the 15-story building on the northwest corner at 23rd Street. The Chetrit Group had acquired the toy center in 2005 for about $355 million from a partnership headed by Peter Malkin.
The Chetrit Group's had planned to convert the two-building complex, which it called Madison Park West to about 460 residential condominium apartments, about two-thirds of which will be in the 200 Fifth Avenue building. At one point, the Chetrit Group, contemplated creating a 1,300-room hotel and several hundred small rental apartments in the two buildings and there was considerable controversy over the fate of the toy industry in the city.
The 670,592-square-foot building at 200 Fifth Avenue was built in 1909 and designed by Maynicke & Franke. It replaced the Fifth Avenue Hotel that was opened in 1859 by Amos F. Eno and was initially known as 'Eno's Folly' because the area was considered too far uptown.
The 16-story, 337,000-square-foot building at 1107 Broadway was erected in 1915 and was designed by H. Craig Severance and W. Van Alen. It replaced the Albemare Hotel and it was joined to 200 Fifth Avenue by a skybridge in 1968.
In April, however, the Chetrit Group sold the 200 Fifth Avenue building to L&L Holding Company LLC for about $480 million. L&L Holding announced it planned to convert that building to Class A office space.
An article in today's edition of The New York Observer by John Koblin quoted Yitzchak Tessler as stating that 1107 will be converted into 180 condominium apartments and that it will have an indoor and outdoor pool and roof deck.
Plans on file with the Department of Buildings indicate a roof-top addition of several stories is planned.
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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