Witkoff to spend $300M on Toy Center building conversion

TRD New York /
May.May 31, 2013 10:00 AM

The Witkoff Group will shell out $300 million on its 10 Madison Square West condominium conversion project, the New York Times reported.

The developer paid $190 million at auction in 2011 for the 16-story 380,000-square-foot building at 1107 Broadway that was once part of the International Toy Center, CEO Steven Witkoff told the Times. The property will be converted into 125 luxury condominiums.

“We originally came in thinking we were going to look at it as an office property,” Witkoff said of the former Toy Building North, but he reconsidered after realizing the residential appeal of the location.

Douglas Elliman Development Marketing will handle sales at the building, set to hit the market in June. Prices will begin at roughly $1 million for a one-bedroom and inch north of $25 million for the five-bedroom penthouse.

Developers have previously tried condo conversions at the building, but have faced problems with long-standing business tenants. Witkoff has demolished a 40,000-square-foot portion of the building on the northwestern side of its horseshoe-shaped structure, and will use that square footage to add six stories to the top of the building. The demolished space will be turned into a private courtyard for residents.

Witkoff — who is also behind the condos at 150 Charles Street — was recently revealed by The Real Deal as having ties to indicted Russian mobster Anatoly Golubchik. [NYT]  – Hiten Samtani

Related Articles

From left: Colgate chairman Ian Cook and 1115 Fifth Avenue and 912 Fifth Avenue (Credit: Cuny, StreetEasy)

He sold enough toothpaste to buy this tony Carnegie Hill pad

Steve Witkoff and the property at 2805 Lake Avenue

Developer Steve Witkoff revealed as buyer of Sunset Islands home

10 Madison Square West (Credit: StreetEasy, iStock)

Lawsuit: Pet Smart’s animal excrement is stinking up this $11K-a-month apartment

Douglas Elliman's Howard Lorber, Fisher Brothers' Winston Fisher, and Steve Witkoff with 111 Murray (Credit: Getty Images)

Developers of 111 Murray “chilled” buyers into closing: lawsuit

Steve Witkoff and 150 Charles Street

Steven Witkoff gets $33M for his penthouse at a West Village building he developed

Manhattan hotel at center of 1MDB fraud case lands $615M refinancing

Manhattan hotel at center of 1MDB fraud case lands $615M refinancing

The fifth floor and exterior of 420 Fifth Avenue with Rudder Property Group's Michael Heller (left) and Michael Rudder (Credit: Rudder Property Group)

Witkoff sells two commercial condos at
420 Fifth for $52M

Schrager, Witkoff snag $173M refinancing of Public hotel

Schrager, Witkoff snag $173M refinancing
of Public hotel