One Madison Park

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23 East 22nd Street, New York City

One Madison Park
OneMadisonParkNYC.jpg

The small land footprint is easy to see at One Madison Park
Building Information
Developer Slazy Development
Architect Cetra/Ruddy
Number of Units 91
Number of Floors 50
Year Built 2012
Construction Method Concrete
Type of Roof Tuned Liquid Column Dampers
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23 East 22nd Street, New York City
Distance to Public Transit Less than one block
Region New York City
Municipality New York City
Zoning C6 - 4M
Title of Land Condominium


Contents

Background

One Madison Park has had a tumultuous life, much like the area in which its located. The Flatiron District itself, is a relatively new residential enclave, that has developed since the mid-1980s. Madison Square Park, across the street from the building was a run-down, generally unpleasant place until 2001, when the area was completely renewed after the city's Parks Department and the City Parks Foundation, a non-profit, were able to raise funds to do so.

The park now stands, once again as meeting place for the area's residents and an iconic piece of New York's early history with a wonderful view for north-facing units, and easily accessible to residents of One Madison Park. The building itself, has struggled through several bankruptcies and its developers numerous lawsuits. But, under new management, One Madison Park looks ready to, finally, live up to its billing, as a status-symbol residence. The building's sleek design has been well received by architecture critics and its high-end finishes, amazing vistas and unique location, make One Madison Park an up and coming player on the high-end luxury condo market.

Location

The Flatiron District, home to One Madison Park, is a comparatively new residential neighborhood in Manhattan. Now named after the iconic Flatiron building, the area used to be a commercial center, often called the Toy District. That, of course, is not to say that there is no longer commerce in the area. The Flatiron District remains a hub of publishers and has dabbled with internet start-ups over the last decade.

Two iconic streets are at the core of the District, as Broadway bisects it and Madison Avenue starts near its northern bounds. The area is rich in history, as Madison Square Park, across the Street from One Madison Park, was once a central meeting place for New Yorkers. It has recently been renewed, to once again reclaim its place as a meeting place that anchors the neighborhood. While no longer located in the area, Madison Square has also lent its name to one of New York's most iconic building, Madison Square Gardens.

Those that appreciate unique architecture will enjoy this location, as not only is One Madison Park its own architectural landmark, but the Flatiron and Met Life buildings are just a few hundred feet away and the Empire State Building is just over a half mile away. There are a number of local cultural amenities, the closest, though, is located in Madison Square Park itself, where there are rotating public art displays by both up-and-coming, as well as established artists and live music in the summer and fall.

There are numerous restaurants, coffee shops and markets in the area, including the Farmer's Market at Madison Square Park. Numerous shopping and entertainment venues are located in the area. Schools are nearby and transit is easily accessible, as both bus and subway are less than five hundred feet from the building.

Construction

This concrete structure, with glass curtain wall, designed by Cetra/Ruddy is constructed in the modern style. The construction of the building is unique, as the primary structure of the building is at its core, and its rooftop Tuned Liquid Column Dampers, or slosh tanks, have allowed the building significantly more height than what would normally be expected on a site of this size.[1]

The central braces of the building (usually located on the outside of a building) and cantilever construction, means that views around the outside of the building are virtually unobstructed.[2]

Layout and Features

Units in One Madison Park range from 1-4 bedrooms. As there are only 91 units spread out over the 51 floors of the building, there are very few units per floor, even at the lower levels. During construction of this building (and the subsequent fallout from its messy legal troubles), the high-end finishes and features of this building made headlines.

The building incorporated top-of-the-line appliances, rose-wood cabinets and white-oak floors. Floor to ceiling windows have been fitted with automatic blinds. One Madison Park offers views, in all directions, of New York City landmarks, like the Brooklyn Bridge and the Empire State building.

Floor Plans

There are 40 floor plans in One Madison Park. Here are some samples:

Amenities

One Madison Park features a range of amenities including:

  • Doorman
  • Concierge
  • Fitness center
  • Pool
  • Garage

Bylaws

One Madison Park Bylaws
Rentals Yes
Pets Yes
Age No


  • One Madison Park allows pets
  • Rentals are allowed in the building
  • There is no age restrictions for ownership

Sustainability

The greenest components of One Madison Park are due to its location. Located across the street from a cultural icon, Madison Square Park, residents are offered art and entertainment, steps from their front door. More importantly, the Madison Square Park Farmers market is easily accessible to residents, offering sustainable food options as convenient as any. Public transit, too, is at the finger tips of residents of One Madison Park as both bus and subway are less than 500 feet away.

Trivia

  • While the One Madison Park's new ownership group is aiming for a 2013 relaunch, with the building finally in top-flight form, it has been a long and winding road for One Madison Park to finally reach its peak form.
  • Personal and corporate bankruptcies, as well as numerous (estimated in the dozens) lawsuits, plagued the early life of this building. According to the New York Times, the initial developers, who had had real, albeit modest, success in previous developments, likely would not have qualified for financing, for a development of this scale and place, at any other time in history. Whereas the early story of this building saw the developers benefit from the housing bubble of the mid-late 2000s, they soon became victims of it. Money was in short supply, as the developers incorporated just about every piece of luxury available into the building's units. Financing from banks became harder to access which led to some allegedly questionable financing deals with private investors.
  • Despite rumors of incredibly heavy sales, involving numerous famous names, sales were not brisk, or at least not brisk enough to maintain financing the debt on the site. When the bubble burst in 2008, sales dropped precipitously and the developers paid the price. In a short time, construction would be halted and while people were able to move into the building, many floors were virtually empty due to lack of sales, while others were empty because the units weren't completed. When the building was forced into bankruptcy in 2010, sales in the building were completely halted.
  • While there have been no reports of concerns under current ownership, at different points in the building's life, residents have been issued access cards to maintenance entrances, because the doormen weren't being paid and repairs on malfunctioning equipment could not be undertaken because the company responsible for maintenance was suing the former ownership of the building over unpaid bills. At its height, the debacle around this building reached bizarre proportions, as a deal by the developers to buy the neighboring building went sideways after they knocked two floors off the top of the building before having actually purchased it.[3]
  • Despite these troubles, many of the issues, specifically related to the building have disappeared since the building's acquisition by a conglomerate of developers. This is only to the benefit of current and potential residents, as the building has been described as "private town houses in the sky".[4]

References

  1. Architect Magazine
  2. Council of Tall Building and Urban Habitat
  3. The Real Deal - Lawsuit
  4. City Realty

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