Photo credit: Douglas Elliman.
As we mentioned last week, 110 new apartments in a 1908 school building at 371 Madison Street will officially hit the market in the next couple of weeks. But there’s already been quite a bit of activity inside the Madison Jackson building. The weekend before last, for example, a reunion was held in the former P.S. 12, which has not functioned as a school since the early 80’s.
Michael Bolla, the creative consultant and real estate broker responsible for the condo conversion, organized the reunion for around 50 graduates from the classes of 1958-1962. He got the idea after fielding phone calls from former students curious about the project. The school building was abandoned by the city decades ago and sold at auction to Chinatown banker Thomas Sung.
Earlier this month, we reported on the “Madison-Jackson,” a luxury condo development in an old school building across from the Vladeck Houses. The building includes many amenities, including a rotating art exhibition program in the ground-floor common area. Today there’s news of the first art opening in the converted space.
“Celebrity real estate guru and developer” Michael Bolla has put out a press release talking up the new building in general and the art happening in particular. There will be an opening preview of photographer R.L. Ireland’s “The Five Elements,” tomorrow evening from 6-8 at 371 Madison. A portion of the proceeds will benefit the Sylvia Center, which promotes healthy nutrition in children.
371 Madison Street. Photo: Prudential Douglas Elliman.
Here’s a story that tells you a lot about both the old and the new Lower East Side. In today’s Wall Street Journal, Chinatown banker and developer Thomas Sung details plans for luxury condos at 371 Madison Street, the gorgeous former public school building he bought at auction in 1983.
According to the story, the five story Renaissance revival building, constructed in 1908, has become a condo conversion with 110 “loft-like” apartments, a swimming pool, a spa and a “juice bar with room service.” Some of the smaller units on low floors start at $542,000. Larger apartments will cost millions. Ultimately, Mr. Sung intends to “turn some small rooftop penthouses, where the school’s basketball courts were, into a single, 7,000-square-foot penthouse with a 12,000-square-foot yard.”