Developer Robert Gladstone of Madison Equities introduced his plan at last night’s Community Board 2 meeting to build an 18-story condominium building on a former car wash plot in Soho, Curbed reported. At the meeting, Gladstone’s land use counsel Margery Perlmutter argued that the proposal would not only save the site at 120 Sixth Avenue, but also by extension the neighborhood. [more]
Posts Tagged ‘madison equities’
Madison Equities and Property Markets Group are seeking a variance to build an 18-story condominium building on a former car wash plot in Soho, DNAinfo reported. [more]
The shiny glass building at 57 Irving Place topped out as long ago as 2009, and it was well on its way to being fully clad not long afterwards. But the finishing touches were only recently applied, which is why this seems like a fine moment to take its measure.
Designed by Audrey Matlock, this building was developed by Madison Equities, which pioneered the Galleria at 117 East 57th Street a generation ago and, more recently, the Chelsea Modern at 447 West 18th Street. Like 57 Irving Place, Chelsea Modern was designed by Matlock. The latter building is a far bolder structure than the one on Irving Place. It consists of four undulating strips in two tones of blue that buckle and clash across the surface of the building. This aggressive, classic style of design can also be seen in the architect’s work for the New York Aquarium. [more]
Real estate developer Madison Equities is facing a lawsuit from boutique advisory firm Hodes Weill & Associates for allegedly defaulting on a $12.1 million loan to refinance the Chelsea Modern condominium.
The suit, filed Monday in New York State Supreme Court, alleges Madison Equities, led by Robert Gladstone, took out the loan from Hodes Weill in February 2011 in order to refinance the 12-story property’s mortgage and buy out the other investors in the property. [more]
The car is waging a losing battle in New York City, the New York Times reported. And its main foe is luxury development.
As demand for luxury apartments spurs development, parking garages are often sites for new buildings, and due to zoning that discourages the inclusion of parking even in new residential developments, the amount of Manhattan parking overall is declining, the Times said. [more]
Madison 92nd Street Associates, an affiliate of Madison Equities and owner of the Upper East Side Courtyard by Marriott at 410 East 92nd Street, has filed for bankruptcy protection in an effort to prevent a foreclosure sale of the property and is working with Westport Capital Partners to line up refinancing, Bloomberg News reported. The corporation listed assets of as much as $500 million and debt of as much as $100 million, according to the filing.
The New York State Department of Taxation and Finance holds the biggest unsecured claim of $679,581, Bloomberg said, and lender General Electric Capital, owed $74 million, has scheduled a foreclosure sale for Aug. 24…. [more]
Amid the credit crunch, New York City’s large and growing inventory of stalled projects seem to have scared off even the wealthiest of new development apartment buyers. At pricey developments like 57 Irving Place, where the cheapest unit is a $6.75 million three-bedroom, buyers are still wary of committing to anything before the building is finished, Robert Gladstone, CEO of developer Madison Equities, told the New York Times. “There’s no market of people buying from plans,” he said. “Basically everyone is saying, we’d like to see a representation of how the lobby is going to look, we want to see the apartment a little further along.” Gladstone’s next project is 145 Perry Street, a bed-and-breakfast inn. He says New York has a dearth of hotels, and the outlook for those types of properties is “very, very strong.”
Marriott at 410 East 92nd Street is owned by an affiliate of Robert Gladstone’s Madison Equities (Gladstone photo source: GreenPearl)
An Upper East Side Marriott Courtyard hotel that is losing money fast is subject to its second lawsuit in less than two months.
Just eight weeks after the owner of the Marriott Courtyard New York Manhattan/Upper East Side hotel sued the hotel’s management for allegedly making secret deals that hurt the bottom line, the lender on the property has sued the owner to foreclose on a $62 million mortgage at the building.
The pair of lawsuits highlights the difficulties facing commercial building owners and borrowers in the weak economy, said Harvey Krasner, a real estate partner at Warshaw Burstein Cohen Schlesinger & Kuh, who was not involved in the litigation.
The Landmarks Preservation Commission has approved the construction of
two townhouses in the West Village. Madison Equities will develop the
two five-floor townhouses through ground-up construction, giving buyers a greater say in the look of their home. “The interiors will be a nearly blank canvas where buyers
are able to design a one-of-a-kind home,” Robert Gladstone, CEO of
Madison Equities, said in a statement released today. The two homes,
at 705 and 707 Washington Street, will be 7,437 square feet and 6,924
square feet, respectively, and will cost $23 million and $21 million.
The homes will feature garages with electric car capability, wine
cellars and artist’s studios. TRD