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