Africa Israel, which is headed by Les Leviev, has entered an agreement with Versace for the interior design of its residential condominium conversion of the former Metropolitan Life Insurance Company clocktower building on the southeast corner of Madison Avenue and 24th Street.
Versace will design the project's apartments as well as a spa and Donatella Versace will personally design a club at the 700-foot-tall tower that was the world's tallest when it was erected in 1909.
Rotem Rosen, CEO of AFI USA, said that the company controlled by Mr. Lev Leviev, whose fortune was based in the diamond business and who owns part of the former New York Times Building on West 43rd Street and the Apthrop apartment building on the Upper West Side, "is excited to brand the Clock Tower, one of the most luxurious buildings in New York City, with the Versace luxury name." Mr. Rosen told Bloomberg News that a sales office will probably open in September and that "move-ins" would "begin in February 2010."
The building was designed by Napoleon LeBrun and its form is related to the campanile in St. Mark's Square in Venice.
On July 19, 2008, the Department of Buildings assigned an application for the conversion of the building to a plan examiner. The application was submitted by Karl Fischer, the architect on behalf of AI Clock LLC.
On July 14, 2008, Mr. Fisher filed a "schedule" of occupancy for the building that indicated the building will have a total of 50 apartments. The document showed that the first floor of the building will have a restaurant and conference room and that the second floor will have a restaurant kitchen. It indicated that floors 3 through 21 will have 2 apartments and that floors 22 through 24 will have one apartment each, and that the 25 and 26th floors will be a duplex apartment as well the 27th and 28th floors. According to the document, floors 29 through 37 will have one apartment each and floors 38 through 41 will be a "single family dwelling unit."
The press release from Africa Israel, however, indicated that the project will have 55 apartments, down substantially from the 142 apartments that had been planned by One Madison Residential Fee LLP, an entity controlled by Ian Schrager and Aby Rosen, who had bought a 70 percent interest in the building from S.L. Green, which had acquired the full block site between Madison Avenue and Park Avenue South and 23rd and 24th Streets from MetLife for $918 million.
The press release also indicated that the building's address was 5 Madison Avenue, but the Department of Buildings lists that as "an invalid address" and Mr. Fisher's documents are filed under 1 Madison Avenue
Africa Israel acquired the landmark building last year from S. L. Green for $200 million and then estimated that it would cost about $110 million to convert it.
Since its erection, the tower has dominated Madison Square Park although the very slim and tall residential tower under construction at 20 West 23rd Street has begun to "crowd" it.
Giancarlo Di Risio, CEO of Versace, told Bloomberg News today that "this project is the confirmation of Versace's leadership position in luxury interior design."
Metropolitan Life moved into a 11-story white marble building on the northeast corner of Madison Avenue and 23rd Street in 1893 and subsequently expanded on the block, acquiring the site of the present building in 1905. Le Brun's design for the building called for it be clad in white Tuckahoe marble but a 1964 renovation stripped away many facade details.
The company expanded and in the late 1920s built a monumental, limestone-clad office building on the block bounded by Madison Avenue, Park Avenue South and 24th and 25th Streets. The serrated and setback plan of the 25-story building that was built only begins to hint at the 100-story skyscraper that was designed by Harvey Wiley Corbett for that site and curtailed by the Depression.
Versace will design the project's apartments as well as a spa and Donatella Versace will personally design a club at the 700-foot-tall tower that was the world's tallest when it was erected in 1909.
Rotem Rosen, CEO of AFI USA, said that the company controlled by Mr. Lev Leviev, whose fortune was based in the diamond business and who owns part of the former New York Times Building on West 43rd Street and the Apthrop apartment building on the Upper West Side, "is excited to brand the Clock Tower, one of the most luxurious buildings in New York City, with the Versace luxury name." Mr. Rosen told Bloomberg News that a sales office will probably open in September and that "move-ins" would "begin in February 2010."
The building was designed by Napoleon LeBrun and its form is related to the campanile in St. Mark's Square in Venice.
On July 19, 2008, the Department of Buildings assigned an application for the conversion of the building to a plan examiner. The application was submitted by Karl Fischer, the architect on behalf of AI Clock LLC.
On July 14, 2008, Mr. Fisher filed a "schedule" of occupancy for the building that indicated the building will have a total of 50 apartments. The document showed that the first floor of the building will have a restaurant and conference room and that the second floor will have a restaurant kitchen. It indicated that floors 3 through 21 will have 2 apartments and that floors 22 through 24 will have one apartment each, and that the 25 and 26th floors will be a duplex apartment as well the 27th and 28th floors. According to the document, floors 29 through 37 will have one apartment each and floors 38 through 41 will be a "single family dwelling unit."
The press release from Africa Israel, however, indicated that the project will have 55 apartments, down substantially from the 142 apartments that had been planned by One Madison Residential Fee LLP, an entity controlled by Ian Schrager and Aby Rosen, who had bought a 70 percent interest in the building from S.L. Green, which had acquired the full block site between Madison Avenue and Park Avenue South and 23rd and 24th Streets from MetLife for $918 million.
The press release also indicated that the building's address was 5 Madison Avenue, but the Department of Buildings lists that as "an invalid address" and Mr. Fisher's documents are filed under 1 Madison Avenue
Africa Israel acquired the landmark building last year from S. L. Green for $200 million and then estimated that it would cost about $110 million to convert it.
Since its erection, the tower has dominated Madison Square Park although the very slim and tall residential tower under construction at 20 West 23rd Street has begun to "crowd" it.
Giancarlo Di Risio, CEO of Versace, told Bloomberg News today that "this project is the confirmation of Versace's leadership position in luxury interior design."
Metropolitan Life moved into a 11-story white marble building on the northeast corner of Madison Avenue and 23rd Street in 1893 and subsequently expanded on the block, acquiring the site of the present building in 1905. Le Brun's design for the building called for it be clad in white Tuckahoe marble but a 1964 renovation stripped away many facade details.
The company expanded and in the late 1920s built a monumental, limestone-clad office building on the block bounded by Madison Avenue, Park Avenue South and 24th and 25th Streets. The serrated and setback plan of the 25-story building that was built only begins to hint at the 100-story skyscraper that was designed by Harvey Wiley Corbett for that site and curtailed by the Depression.
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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