Douglas Elliman launches sales for the Whitman at Eleven Madison Park fete

Penthouse includes air rights in $22.5 million asking price

Feb.February 13, 2013 05:30 PM

Douglas Elliman brokers gathered at the swanky Eleven Madison Park restaurant in the Flatiron District this afternoon to celebrate the launch of the Whitman, a boutique condominium conversion located at 21 East 26th Street between Madison and Fifth avenues. 

The four-unit property, overlooking Madison Square Park, went on the market today, with prices ranging from $10 million for a 4,967-square-foot four-bedroom to $22.5 million for the 6,540-square-foot four-bedroom duplex penthouse. The remaining two units also have four bedrooms. ArcLinea, an Italian kitchen designer, will be the building’s retail tenant.

“It’s four super luxurious homes. It’s not apartments – it’s homes,” David Mitchell of Mitchell Holdings, who developed the building, told The Real Deal. “It’s massive in scale; the materials are extraordinary.”

In an unusual move, the developer has packaged 66,000-square-feet of air rights along with the penthouse unit, allowing the future owner to add to the apartment.

The uncompleted project is set to be finished this summer. Elliman’s Melanie Lazenby and Dina Lewis are the exclusive brokers.

Elliman CEO Dottie Herman and Howard Margolis, an executive vice president at the firm, also mingled with brokers and guests at the event. Howard Lorber, chairman of Elliman, was also in attendance.

The Whitman secured a $26 million construction loan on the building in June from Joseph Merrill Capital, TRD previously reported. The building is also reportedly slated to be featured on “Million Dollar Listing New York.”

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