The Real Deal New York

Despite building foreclosure, One Mad. unit sees rent jump

November 23, 2011 03:26PM
By Leigh Kamping-Carder

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From top: Amy Herman, senior vice president of Halstead Property, Todd Lewin, managing director of Good Property, One Madison Park and the 10th floor unit

Construction at One Madison Park may be stalled, but that hasn’t stopped a pair of unit owners at the condominium tower from seeking tenants for their investment property.

One of two rentals available at the development, unit #10A is getting its second tenant Dec. 1, and he’ll pay $9,000, or $1,100 more per month than the previous occupant,according to the individual’s agent, Todd Lewin, managing director of real estate services firm Good Property.

Buyers Angela and Thomas Chen paid $2.04 million for the 1,328-square-foot two-bedroom apartment in September 2009, according to property records, shortly before the 50-story tower went into foreclosure and its developers, Ira Shapiro and Marc Jacobs, saw the property slide into bankruptcy.

Previously, the developers had closed 12 sales at the building, at 23 East 22nd Street between Broadway and Park Avenue. Developers Related and HFZ Capital recently
joined forces to bid for control of the tower through a bankruptcy auction.

The Chens first rented their unit for $7,900 a month in October 2010. A unit on the 33rd story listed at $11,500 in February, according to real estate listings service Streeteasy.com.

The new tenant, whom Lewin declined to name, will have to pass through a partial construction site en route to his finished 10th-story unit, as the previous tenant did. Building amenities including a gym, pool and rooftop space have yet to be completed, one of the elevators is “raw,” and the walls in the elevator waiting area are temporary, Lewin said.

Meanwhile, the listing boasts, “All you need to bring is your toothbrush.”

The owners first asked $8,500 per month for the unit in October, then the parties agreed to $8,300 per month, Lewin said, but later the owners bumped up the rent to $9,000 per month. “My client had his doubts, but… he had a very strict deadline, and he had to move out of his apartment now,” he said.

Amy Herman, a senior vice president at Halstead Property who handled the listing, declined to comment.

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