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237 Madison Avenue in center (CItyRealty) 237 Madison Avenue in center (CItyRealty)
Boutique hotels have become an integral part of the modern hospitality landscape, but the concept of smaller hotels with upscale accommodation, in fashionable urban neighbourhoods only dates back to the 1980s, when the term was coined after an executive visiting the Morgans Hotel, located at 237 Madison Avenue in Murray Hill.

Under the vision of Ian Schrager with former business partner Steve Rubell, the renovation of the apartment building sparked a worldwide phenomenon when they renovated the building with French designer Andrée Putman at the helm. Rather than adhere to some all-encompassing corporate design, it incorporated creative decor, unconventional fixtures, and specially commissioned photos by Robert Mapplethorpe that cultivated a sense of place unlike anything else at the time. Ian Schrager turned into the world's first boutique hotel, has closed and will be converted into high-end micro apartments.
The hotel closed in 2018, and its next act would appear to be following future trends: Developers Shel Capital and Kash Group purchased the property for $41 million in 2017 and announced plans to turn it into a micro-unit condominium. According to The Real Deal, the units were said to average 300 to 325 square feet and be situated above a ground-floor restaurant and three floors of either hotel rooms or corporate housing.
237 Madison Avenue 237 Madison is just a short walk from Grand Central Terminal and Class A offices such as 1 Vanderbilt
237-Madison-Avenue-05 The restored triple-arcade entrance via Shel Capital
237-Madison-Avenue-02 Interior renderings via Shel Capital
A recent site visit showed that construction work appears to be winding down, and that, thankfully, none of the changes seem to have come at the expense of the prewar building’s distinctive details like its arched entrances and the owls and eagles on the upper levels. An offering plan has not been filed, but The Real Deal article notes that the micro-units were expected to average $700K to $750K in asking price. According to CityRealty listings, the median listing price of a studio condo in Murray Hill is $869,500. While we wait to see what this distinctive building will hold next, see local listings below.
237 Madison Avenue
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237 Madison Avenue
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237 Madison Avenue
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237 Madison Avenue
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Local sales listings in Murray Hill
Murray-Hill-01 Sales data via CityRealty

400-Fifth-Avenue-01 All images of 400 Fifth Avenue via Halstead
From the listing:
Situated on the 49th floor is this corner apartment, featuring exceptional city and river views and arched floor to ceiling windows throughout the apartment. The sun-drenched space has two wonderful bedrooms, a cook's dream kitchen with Mont Blanc stone countertops, Miele appliances including dishwasher, gas cooktop and oven, microwave, and Sub-Zero refrigerator. A video tour is available for this unit. See floor plan and full details here.

11-East-36th-Street-01 All images of Morgan Lofts via Halstead
From the listing:
With soaring 12' ceilings, an open kitchen that lends itself wonderfully to entertaining, and a massive living room, this is the perfect home to display an art collection. The space is large enough for a living area, formal dining space and plenty room to spare for decorating. This home comes complete with a stacked LG washer and dryer and central air. See floor plan and full details here.

220-Madison-Avenue-01 All images of The John Murray House via Compass
From the listing:
Meticulously renovated, thoughtfully planned, and custom crafted, residence 14/15-O is a two bedroom, two and a half bath duplex with a generously proportioned private terrace. A gracious foyer with a sculptural staircase sets the tone for this home. Beautiful oak chevron floors and custom millwork can be found throughout. See floor plan and full details here.

Additional Info About the Building