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Sep. 17, 2013

Related Cos. Kicks Off Condo Sales at NYC Multifamily Tower

Image credit: David Sundberg for Esto

Image credit: David Sundberg for Esto

By Dees Stribling, Contributing Editor

New York—Related Sales, a division of Related Cos., has started offering the condo units at One Madison, a 53-unit tower overlooking Madison Square Park in Manhattan. At 60 stories, the slender glass tower offers views of the city and its surrounding waterways.

One Madison is being co-developed by Related Cos. and HFZ Capital Group, in partnership with CIM Group and the Related Real Estate Recovery Fund. Cetra/Ruddy designed the tower, with interiors by Yabu Pushelberg.

Yabu Pushelberg is an international design firm founded in 1980 by Glenn Pushelberg and George Yabu. It’s best known for its hotel interiors—such as the W Hotel in Times Square and the Four Seasons in Toronto. The firm has also done other residential interiors.

Full-floor residences start at $10.5 million; a 6,000-square-foot unit on the 55th and 56th floors runs $37.5 million; and a three-story penthouse might fetch as much as $50 million.

One Madison will include 10,000 square feet of common amenities across two floors, where it will have a lounge and screening room, fitness center, a yoga room, a lap pool, and a private dining room. There will be a full-time doorman, but also a concierge service run by One Club.

The property, like so many others, originally began development (as One Madison Park) before the recession, which put the kibosh on it when it was nearly complete. The Related Cos. took over the project last year and finished work on the property, including the reconfiguration of some of the units.

Occupancy is slated for early 2014.

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