Rentals at 371 Madison St. Range From $2900-$4500
In May, it was reported that a new brokerage firm had been hired to market 371 Madison St., a former school building, as a rental building. A previous effort to sell the 110 units as condominiums was scuttled by building owner Thomas Sung.
Now Modern Spaces, a Queens-based broker, has begun listing the rentals. A total of 22 apartments popped up on their website in the past couple of days. Prices range from $2900 for a 1 bedroom/1 bath unit all the way up to $4500 for a 2 bed/2 bath unit measuring 1300 square feet. New photos are not yet available. Among the amenities: a doorman and an indoor swimming pool.
In the spring, Eric Benaim, CEO and president of Modern Spaces told Multi-Housing News. “We’re trying to target an artsy, trendy renter” and that the company would be “marketing to young professionals in the area. ”
Earlier this year, the previous broker, Michael Bolla of Douglas Elliman, spoke with us about his experience trying to position the historic building as a high-end condo property. Previously called the Madison Jackson, the Modern Spaces site indicates the property will now be known as the “School House.”
Mr. Sung purchased 371 Madison St. in 1983 for $535,000. It has remained vacant ever since.