Madison Equities tops out office, hotel tower on Upper East Side

Real Estate Weekly, June 1, 2005

Madison Equities is developing a 15-story, mixed-use property containing a 226 room Courtyard by Marriott hotel on floors 5 through 15, and 40,000 s/f of office space on the first through fourth floors, which recently topped out.

The first two floors of the building are already under contract and will be occupied by a private school.

Vijay Kale Architects PC is responsible for designing the 21st century property. Pavarini McGovern Construction Co. Inc, is overseeing the work on behalf of the owners, Robert Gladstone, CEO, Madison Equities and Louis Taic, CEO, NYRE Associates.

"We are thrilled to be able to make such a lasting contribution to the fabric of the Upper East Side," said Robert Gladstone, chief executive officer, Madison Equities, LLC.

"We like the culture and lifestyle that this location affords. It is highly desirable to have such a property here, because of the number of medical facilities and universities in the area.

"More over, the friends and family of the enormous Upper East Side community will be well served by our hotel.

"Over the last 35 years the vast majority of apartments built in the Upper East Side have been small studios and one and two bedrooms, leaving the occupants of these apartments with minimal space for visitors.

"Additionally, this location provides a convenient temporary residence for local residents who wish to refurbish their kitchens, repaint their apartments, sand their floors, or perform more comprehensive work."

The Courtyard by Marriott will be the first branded and moderately-priced hotel to be located on the Upper East Side.

The 40,000 s/f office space is the largest block of contiguous new office space on the Upper East Side and will be operated independently of the hotel, with a separate entrance and around-the-clock operation.

The remaining office space with over 23,000 s/f, on the third and fourth floors is being marketed to potential medical-related tenants.