New Broker Takes Over Rentals at 371 Madison St.

371 Madison Street. Photo: Prudential Douglas Elliman.

371 Madison Street. Photo: Prudential Douglas Elliman.

Remember the Madison Jackson project, the former school building that was destined to become a luxury residential complex? It’s been languishing for more than a year after owner/developer Thomas Sung put condo sales on hold.  Now Multi-Housing News reports there’s a new marketing push underway:

Queens-based brokerage firm Modern Spaces has been tapped as the exclusive rental and marketing agent for the building located at 371 Madison Street in Manhattan’s Lower East Side neighborhood. The building, which is owned by Thomas Sung, will be repurposed from luxury condos to rentals and will undergo a rebranding campaign.“Before, it was high-end luxury,” Eric Benaim, CEO and president of Modern Spaces tells MHN. “Now, we’re trying to target an artsty, trendy renter. It’s in the Lower East Side, a very edgy, trendy type area. It’s not really geared toward the finance kind of person.” … Benaim tells MHN that Modern Spaces was retained about “four or five months ago” and that efforts have already started on the redesign and rebranding. “We have big plans for this building, including redesigning, adding new amenities and marketing to young professionals in the area,” Benaim says. “We are confident that these new ideas and strategies will highlight the former school to renters looking to live in the Lower East Side.” Although Benaim did not reveal the building’s new name, he did mention that there are a host of redesigning efforts, both physically and virtually, in store for the property. These changes include working with the developer to create a new website, the creation of a 5,000-square-foot amenity lounge and two more amenities that have yet to be revealed.

Recently, we interviewed the previous real estate broker, Michael Bolla, about his experience marketing the building. We’ll bring you that story later this week.