Madison-Jackson Will Now Be a Luxury Rental Building
When last we spoke with Michael Bolla, real estate agent to the stars, he had pulled the Madison Jackson condo conversion from the market after receiving “multiple lucrative offers” from investors who wanted to buy the whole building. The former P.S. 12 building at 371 Madison Street is owned by Chinatown banker Thomas Sung. Bolla had only been selling apartments for a few weeks when the high profile marketing campaign was put on hold last summer. Now there’s a change of course, once again. The Observer reports:
Last week, Mr. Bolla said that the deal (to sell the building) was nearly closed, but a few days later a source told The Observer that it had fallen apart after the Sungs rejected an offer in the mid-$60 million range. On Monday morning, Mr. Bolla called to tell us that Mr. Sung had decided to keep the building. He and Mr. Sung had agreed to turn Madison Jackson into luxury rentals, which he would start selling at the beginning of the year.
The article is an entertaining read. You can see the full thing here.