The Real Deal New York

Sales stall at Bolla’s Madison Jackson

August 27, 2012 02:30PM

Sales at Madison Jackson, the new Lower East Side condominium co-developed by Prudential Douglas Elliman agent Michael Bolla, have stalled, according to the Lo-Down NY. Bolla told the site that his partner, Thomas Sung, is pursuing a sale of the building.

Sung bought the former public school, at 371 Madison Street, for about $500,000 in the 1980s. He and Bolla converted it into 110 units that were priced between about $450,000 and $1.15 million. The apartments came online last month and Bolla had hoped they would lure observant Jews back to the Lower East Side. Streeteasy.com shows that four units have been taken off the market, indicating that they may have entered contract. No sales have been recorded in city records.

But Lo-Down said Sung is considering several offers from buyers interested in purchasing the property, and has thus put the sales effort on hold. It speculated that the new owners could upgrade the units and sell them as luxury ones with higher prices. [Lo-Down NY] — Adam Fusfeld