Madison-Jackson Will Now Be a Luxury Rental Building

371 Madison Street. Photo: Prudential Douglas Elliman.

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.

 

Madison-Jackson Owner Negotiating to Sell Building

371 Madison Street. Photo: Prudential Douglas Elliman.

There’s some news today about the Madison-Jackson, the former P.S. 12 building that was recently converted to condos.  We’re told by Michael Bolla, who teamed up with Chinatown banker Thomas Sung to develop and market the building, that apartment sales have been temporarily put on hold. The reason?  Sung, who bought the property at auction for scarcely more than a half million dollars three decades ago, is fielding multiple lucrative offers from potential buyers who want to purchase the entire building.

Bolla said there has been “overwhelming demand” from investors due in large part to the looming approval of the Seward Park redevelopment plan, a large mixed-use project on nine city parcels along Delancey Street.  The project has apparently prompted real estate developers to seize opportunities on the LES before prices become even more inflated.  Bolla said he is hopeful sales will resume soon after a deal is finalized.

Sales only got underway at 371 Madison Street last month.  The Madison-Jackson has some high-end features, such as an indoor swimming pool.  But the finishings were kept pretty modest and the prices set at around $500,000-$1,000,000.  Prospective investors could stay the course, turn the building into a very high end development or convert the Madison-Jackson to rentals.

Broker Michael Bolla Talks About the Madison Jackson

371 Madison Street. Photo: Prudential Douglas Elliman.

The other day we headed over to the Madison-Jackson, the new condo project near Corlears Hook Park, to check in with Michael Bolla, the high profile real estate broker handling sales.  There are 110 loft-like apartments in the 1908 school building, which has been vacant since the early 1980′s.  The units won’t be on the market for a few more weeks, but Bolla is all set-up in a ground floor apartment/office with a view of the Vladeck Houses.

As the Wall Street Journal reported a few weeks ago, the building, 371 Madison, was purchased by Chinatown banker Thomas Sung in 1983, but remained untouched until recently.  Bolla is known for handling an impressive roster of celebrity clients, including Hugh Jackman, Isabella Rossellini, Denzel Washington and Jennifer Aniston.  He’s no stranger to selling high-end apartments on the Lower East Side. In 2006, Bolla was the exclusive agent for The Forward Building.