The Real Deal New York

Madison Jackson to go rental

December 12, 2012 11:30AM

Madison Jackson, the Lower East Side condominium that aimed to bring observant Jews back to the Lower East Side, will be turned into rentals, the New York Observer reported in a profile of Douglas Elliman’s Michael Bolla, the Madison Jackson co-developer.

This news comes in the wake of sales stalling at the building over the summer. Despite previous reports, a sale was never considered at the building, Bolla told The Real Deal (note: correction appended).

According to the Observer, Sung took the condos off the market in hopes of getting a more profitable deal from a buyer who would close on the entire property. Though a deal was close to being struck last week, it fell apart after Sung declined an offer in the $60 million range. Bolla told the Observer that Sung will now keep the building.

As previously reported, the condos hit the market in July. In an effort to lure Jewish residents, the building is slated to offer 24-hour kosher food service and a pool with single-gender swimming hours. [NYO]Zachary Kussin

  • Scrooged

    Not sure why this property did so poorly other than it was too far east. The prices per sf were some of the lowest in the city. The other problem was that it wasn’t marketed at all, other than just being on Elliman’s site. To be a property marketer, you have to market the property and one broker’s rolodex is not enough to sell out a building, unless that broker is…no one.

  • 3CPO

    broker has no clue what they are doing…..brokers gone wild is typical Elliman style…some day they will learn but of course not until its too late…too far east is an understatement… need a shuttle to the shuttle to the train to the plane…what joke….maybe get $25 psf as rental