Thursday, November 22, 2007

TriBeCa? Fifth Avenue? NO! Madison Square Park!

Only a couple of months ago I was marveling on this blog about the $5,000,000 condos being sold on our Park.

Well, you can forget $5,000,000.

The New York Times reported on Sunday that Paul Davies, a British interior designer and developer, has signed a contract to buy three upper floors at One Madison Park for a mind-boggling (at least for us MSPers)


Yes, residential real estate on our Park has moved well into eight-digit territory.

Wendy Maitland, a broker for the building, was quoted as saying this is a record price for a single condo below 59th Street.

Of course, if it turns out he doesn't combine them into a single residence (Maitland said he is presently planning to combine at least two), it will count as multiple sales and won't set a record.

But still!

Maitland also said in the Times that the building is 95% sold at an average price of about $2,500 per square foot.

Look down at the floor. Visualize a square foot. Now visualize $2,500. In 1986, I paid a paltry $314 for the square foot I'm looking at as I write.

Now I'm going to dust it. Tenderly.

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