The Real Deal New York

Shoe in! Steve Madden forks over $15M for Trump Palace pad

Seller is real estate exec Richard Hadar

October 02, 2013 01:40PM
By Katherine Clarke

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Steve Madden and the apartment at 200 East 69th Street

Steve Madden and the apartment at 200 East 69th Street

Footwear guru Steve Madden has snapped up some square footage of his own, paying $15 million for a condominium at Trump Palace that belonged to real estate entrepreneur and multimillionaire Richard Hadar, according to public records filed with the city today.

Mary Fitzgibbons of Brown Harris Stevens had the listing for the apartment at 200 East 69th Street, which stomped onto the market for $16.95 million earlier this year. (Allied Partners, the real estate firm run by Hadar’s son, Eric, is an owner of Terra Holdings, the firm that owns Brown Harris Stevens.)

The founder of an eponymous chain of shoe stores, Madden scored a four-bedroom, three-bathroom pad totaling 4,000 square feet and comprised of two combined units. Architect Russell Piccione recently led a gut renovation and redesign of the home that included installing a 19th Century marble fireplace imported from Italy, according to the listing.

“It was a beautiful apartment with iconic views,” Fitzgibbons told The Real Deal. “The Maddens were lovely.”

Madden, a Queens native, acquired the property plus two storage units with his wife, Wendy, city records show. The duo has three children. Madden was not immediately available for comment.

It was not clear when Hadar purchased the Trump-branded apartment or what he paid though his name has appeared on public records for the pad since at least 2010. Why did he opt to sell the unit? “It was time,” Fitzgibbons said, declining to elaborate.

Eric Hadar, who struggled with his father over management of Allied following a stint in rehab in 2009 for drug problems, is now at the helm of the company once again. Richard Hadar could not be reached for comment.

Trump Palace, a 277-unit, 57-story tower, was developed by Donald Trump in 1991. Its residents have access to a gym and concierge. The property has also been home to Corcoran Group super broker Carrie Chiang, who worked out a special deal for her unit after selling the building’s apartments on behalf of Trump.

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