The Real Deal New York

Witkoff’s 10 Madison Square West has nearly 60 percent of units in contract

July 22, 2013 09:00AM

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Steve Witkoff and 10 Madison Square West

Steve Witkoff and 10 Madison Square West

Under a month after the Witkoff Group’s condominium conversion project at 10 Madison Square West launched sales, nearly 60 percent of its 125 units are already in contract, illustrating the frenzied demand for high-end residential properties, the Wall Street Journal reported.

“If you get lucky, a market makes you look smarter than you are,” developer Steven Witkoff told the Journal. Though Witkoff expected strong sales, the demand has well surpassed his expectations when he bought the property in 2011, he added.

Witkoff paid $191 million in 2011 to Lehman Brothers Holdings for the then-distressed 16-story property, formerly a marketplace for the toy industry. The developer beat out rival bids from L & L Holding as well as SL Green Realty, who were eyeing the property for commercial use, according to the Journal.

Though overall Manhattan apartment prices are still well below boom-time levels — $1,149 per square foot compared to $1,322 per square foot in the second quarter of 2008 – some high-end apartments at trophy buildings such as Gary Barnett’s One57 and Harry Macklowe’s 432 Park Avenue are commanding prices of well over $5,000 per square foot, according to Miller Samuel data seen by the Journal.

Another Witkoff project at 150 Charles Street has found buyers for all its 91 units after sales launched in February, with prices inching north of $3,000 per square foot. [WSJ]  – Hiten Samtani

  • Pat

    PATRICK • 3 days ago

    Question to De França: WTF is MSW?4

    Top 10 abbreviations of MSW: • 3 days ago

    Top 10 abbreviations of MSW:

    Male Sex Worker
    Murder She Wrote
    Men Seeking Women
    Multiple Stab Wounds
    Municipal Solid Waste
    Mental Services Worker
    Master of Social Welfare
    Maximum Shipping Weight
    Mammal Species of the World
    Modeling, Simulation and Wargaming3

    Helaine • 2 days ago

    Patrick, I think you are refering to 10msw. We also don’t understand the logic. To brand the area with one building – naive and good luck.
    Love the top 10 abbrevations.2

    Mrs. Summers • 11 hours ago

    This is L U D I C R O U S. To take one of the WORLDWIDE most recognizable address “BROADWAY” and replace is with “10MSW”???. (and what is the 10 for?). We are truly seriously looking to buy in the area facing the park and there are some very impressive buildings with very proper names that we are considering but waited to see this development as well. However, after reading the comments and spending the last couple of days studying the importance of proper Internet building identification concluded to cross MSW off our list. Not only now, but more so in the future when the public becomes more educated in this matters the initial price and resale value will definitely by discounted by some senseless MSW.
    Just some examples:
    23 East 22nd is OneMadisom not MSS
    5 East 22nd is MadisonGreen not MSS
    225 Fifth Ave is theGrandMadison not MSN
    21 East 26st is TheWhitman not MSN – TheWhitman, just for the name it’s worth 10% more.

  • Joan

    It could have been much, much worst, like 10MSWNY.com or 10MSWNYC.com

  • Joan

    It could have been much, much worst, like 10MSWNY.com or 10MSWNYC.com

    TYPO:

    It could have been much, much worsE, like 10MSWNY.com or 10MSWNYC.com

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