Madison Park says ciao to luxury condos

Real Estate Weekly, April 28, 2004

Samson Management has commenced the expansion of the five-story 50 Madison, a magnificent Italianate palazzo originally designed by Renwick, Aspinwall & Owen in 1896, into an 11-story, 9-unit, 30,000 s/f foot luxury condominium.

The property will offer the first full-floor residences constructed on Madison Square Park, one of the New York's original residential enclaves.

Occupancy at 50 Madison is scheduled for spring 2005. Louise Phillips Forbes, a senior vice president at Halstead Property Company, LLC, will serve as exclusive sales agent for the property. "It is a rare pleasure to help create a park-front residence for modern families embracing a classic Manhattan lifestyle," said Phillips Forbes. "There is no better way to experience the best of New York City than full-floor residences overlooking the newly renovated Madison Square Park."

The sales office, located at 24 W. 40th, overlooks Bryant Park in much the same manner that 50 Madison overlooks Madison Square Park.

"This will allow prospective buyers to experience what living over the park at 50 Madison will be like," said Phillips Forbes.

Construction on the late 19th Century property is under way and will be completed by spring 2005. Samson Management will add more than 20,000 s/f to the property, maintaining three stories of the century-old facade while adding eight additional floors.

"50 Madison has an incredible presence," said David M. Kershner, president of Samson Management. "The historical essence of the property, which overlooks Madison Square Park, will be preserved while we add state-of-the-art systems and amenities."

Renowned architecture firm Platt Byard Dovell White Architects LLP designed the transition and addition to 50 Madison.

Prices for the full-floor apartments are expected to be offered beginning at more than $2.5 million and the penthouse at approximately $5 million.

Sean Johnson, one of the country's leading interior designers, has orchestrated the design and selection of interior finishes for each residence.

The property is part of the 10-block area bounded by Broadway and Fifth Avenue that is experiencing significant residential development.

Halstead Property, LLC and Senior Vice President, Louise Phillips Forbes, have been named the exclusive sales and marketing agent for the luxury condominiums.

Halstead's Director of Project Marketing, Stephen G. Kliegerman, said the company was "very proud" to market what he described as "a new level of quality to this flourishing area."

Kliegerman added, "The Madison Park neighborhood has seen tremendous growth and beautification over the past five years, which has enabled buildings such as Madison Green to attain new heights in price per square foot over the past 2 years.

"Many neighboring properties have followed suit and have raised the level of renovations and services to a new plateau in order to attain similar prices. 50 Madison Avenue will be the crown jewel of the Madison Park/Flatiron neighborhood offering exquisite residences in a Park setting unique to the Downtown area."