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 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.