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A blog from CityRealty (Links below will take you to the 6sqft site)

Features

Hotel Wales. Credit: hotelwalesnyc.com Hotel Wales. Credit: hotelwalesnyc.com
Update 4/22/2020: The Landmarks Preservation Commission has approved plans for the conversion of the Hotel Wales into luxury condominiums. Local activists and the Historic Districts Council expressed concern about the size of the proposed cornice, and commissioners called for modifications to that and the rooftop addition. But for the most part, positive sentiment about the project prevailed.
Mayor de Blasio may have temporarily suspended land use and rezoning processes in response to the coronavirus pandemic, but the Landmarks Preservation Commission (“Landmarks”) has still been busy. Permit applications have been accepted electronically, and public hearings will resume via Zoom on Tuesday, April 21 and allow for testimony from the public. At this time, one of the first orders of business will be a hearing for the historic Hotel Wales at 1295 Madison Avenue to be retrofitted into luxury condominiums.
Hotel Wales, 1295 Madison Avenue Hotel Wales circa December 2019 via hotelwalesnyc.com
In December 2018, developer Adellco purchased the hotel for $56.25 million from DLJ Manhattan Real Estate, which had bought the building for $35 million in August 2017. Shortly after the sale closed, Adellco filed permits to transform the 90-room hotel into a 21-unit residential building with no more than three units per floor. A 2017 Cushman & Wakefield flier promised that “every unit would have a Central Park view,” and its address in the Expanded Carnegie Hill Historic District means gorgeous views of historic Upper East Side architecture as well.
1295-Madison-Avenue-03 All plans and renderings via Form4 Design Studio for Landmarks Preservation Commission
1295-Madison-Avenue-04 Fire escape details
Architecture enthusiasts and local preservationists will be relieved to see that a Landmarks presentation by Form4 Design Studio shows the turn-of-the-century hotel’s confectionery-esque Beaux-Arts facade of white and gray brick, pedimented windows, scroll-bracketed balconies and ornate trim courses intact. Indeed, many of the historic details like the terra cotta window surrounds, terra cotta joints, brick and limestone facade will be inspected, cleaned, and repaired as needed to restore the building to its former glory. The fire escapes will be scraped and repainted to match the historic color, and the metal railings will be replaced to match the existing rails. Some of the doors that once led out to fire escapes will be replaced with windows.
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The building’s biggest change can be seen on the roof and penthouse level. A cornice that was removed a long time ago will be replaced with a new one inspired by the one at 931 Fifth Avenue, which is located in the Carnegie Hill Historic District. This will be a graceful enhancement to a penthouse addition, which renderings show will be largely concealed from the pedestrian's perspective. This new addition will also be respectful of the building, with the new windows and brick designed to match the existing.
1295-Madison-Avenue-06
Filings promise to retain two dining establishments on the ground floor, hopefully keeping Sarabeth’s and Paola’s in their current place. The two local favorites add cachet to the local culinary scene and charm to the 92nd Street streetscape with Paola’s sidewalk seating. Hotel Wales closed in January 2020 with a bittersweet “curtain call closing” that offered discounted room rates, complimentary cookies from Sarabeth’s, and memorabilia Hotel Wales coasters.
It is a bit soon to speculate about the prices of the future condos, but the local area may offer some hints. As of this writing, CityRealty data shows that the average price of a Carnegie Hill condo is $1,787 per square foot. For comparison, the two current listings at the nearby Carnegie Hill Tower range from $2.4 million for a three-bedroom unit to nearly $4 million for a four-bedroom combination unit.
1295-Madison-Avenue-04 Google Earth aerial showing location of 1295 Madison Avenue (CityRealty)
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Additional Info About the Building

 
Spacious 1 Bedrooms with outdoor space and in-residence w/d View Property
Luxury Homes in Midtown | Newly Renovated Studio-2BR Homes View Property
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