1 Madison Avenue Goes Condo

The beautiful Metropolitan Life Co. building at 1 Madison Avenue has been sold for just under $1 billion. Impressive deal, sure, but it turns out that the building, across the street from Madison Square Park, will be turned into condos. Credit Suisse First Boston, which has offices in the south part of the complex, will still have a lease there, but the 41-story tower, plus the air rights to build a new building on 23rd Street, are what made it so expensive. The NY Times notes:

In many respects, the north tower of One Madison Avenue has long been a conversion waiting to happen. Its floors are small and command sweeping views of Lower Manhattan. Its ceilings are high at 12 to 17 feet, and its location near Chelsea, the Flatiron district and Greenwich Village is considered choice by most apartment seekers.

But the article was forgetting one key thing that might have made this deal a blockbuster: The Shake Shack is ~~opening tomorrow~~ opening on April 4th (thanks, cityrag, for checking again and letting us know0! And the Big Apple Barbecue is coming back for a third stand this summer. Maybe real estate agents really will be able to call this the Madison Square Park area!

Great Gridlock on the Metropolitan Life Insurance Co. Tower and its history. And we're sure there will be breathless coverage on Curbed later.

Contact the author of this article or email tips@gothamist.com with further questions, comments or tips.

By Jen Chung in News on March 31, 2005 9:09 AM

Comments [rss]

Captain Midnight

Dibs on the penthouse!

meme

I live in the murray hill area and have a dog (thus necessitating early morn and late night walks) and the hos are definitely still there, although not consistently. Have actually seen some negotiations take place, and a friend (unfortunately) saw a transaction in the entryway to a brownstone. yuk. The girls are nice, and always smile at the dog.

Captain Obvious

It's not just more "housing for the wealthy" Homer. It's the slow cooption of buildings never intended for residence towards residence status. First One Hanson Place in Brooklyn (aka the Williamsburg Bank Building) and now this.

It's as if every damned space in this city is just being developed for luxury co-op purposes. But people forget that if all this city becomes is a bunch of conversions and residencies, this city slowly looses it's soul and character and the reasons that make people want to live here dwindle to nothing.

I'm all for housing, but this is getting ridiculous. If you're middle class and have children, good luck trying to live in this city anymore.

CityRag

Peter's correct. the Shake Shack's site had listed the open date as tomorrow, but it looks like they've changed the date to this coming Monday, April 4th! can't wait.

Qfwfq

That's not true at all, Keith. I've lived in the neighborhood for about 8 years now, and the prostitution in that area is certainly not a myth. It definitely has a cycle to it -- you may not see one for a couple of months, but then, one night, the street is filled with them -- and it is more common late night/early morning weekends than weekdays. But it is there, as recently as Friday night. And it stretches further back in time than 10-15 years. I've talked to neighbors who have lived in the area for 30+ years, and the streetwalking was an issue back in the 70's as well. Perhaps that's why La Trapeze and the Museum of Sex are located so near the epicenter? I don't know.

I can't say if the recent luxury developments (there are luxury condos being built on 29th and Lex as well) will be a boon or bane for the oldest profession, I just hope they won't destroy what makes little "Curry Hill" such a fascinating place.

peter

I worked at that building for over 2 years, talk about a drop in commute time. But the Shake Shack, you've got to be kidding. This is NYC, and they expect people to wait 45+ minutes for a hotdog? I can find you 5 central park vendors that will work 10 times faster for the same money. They are the model of inefficiency. The only reason they have any success is people are looking for reason not to go back to work when it's nice out, and "ooh sorry, there was a line" is passing the buck.

KeithS

I worked at 27th and Lex for 3 years and spent plenty of time around there at night, and never once saw what looked like prostitution. That may have been accurate 10 or 15 years ago, but I think that claim now is approaching 'urban myth' status.

Oh, and I sure hope the BBQ is better organized than last year's event, which had a very "1973 Soviet Breadline" feel about it.

Brian Van Nieuwenhoven

I don't think there's a happier event coming up than the reopening of the Shake Shack. Surely Danny Meyer sprinkles crack on the Shack Burgers and in the concretes; there is no other rational explanation why I am looking forward to this reopening more than summer itself.

The lines are going to SUCK. But I don't care.

BTW, I love the Met Life building; I'm a total sucker for cliched snapshots taken from 23rd and 5th around 3:00pm, when the building is spectacularly frontlit and the background sky is so blue you want to swim in it. I might have to consider robbing a bank or seducing an old rich widow to get the money for a condo there.

Bob

28th and Lex you say? And what time do they show up?

Peter

I love shake shack! i can't wait until it opens. but i think it opens April 4th Monday if you check the website. It was going to open tomorrow, but i guess not!

citizen

I'm sure the influx of ultra-wealthy residents will be a boon to the prostitution businesses that center around 28th and Lexington. Good news for the hookers and pimps!