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.

Michael Bolla, LES Conservancy Host “Shabbaton” This Coming Weekend

The LES Jewish Conservancy is teaming up with real estate guru Michael Bolla for a big event this coming weekend — a 24 hour immersion on the Lower East Side.  The Jewish Adventure or “Shabbaton,” includes performances from MODI and Mo Kiss,  prayer sessions in several LES shuls, talks from local rabbis, guided tours of the neighborhood and special kosher meals.

Bolla has made no secret of his desire to attract Jews back to the Lower East Side. It’s part of his marketing strategy at the Madison Jackson, the condo conversion that will (apparently) hit the open market sometime soon.  Click here for more information.


P.S. 12 Alums Attend Reunion at Repurposed School Building

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.


BOFFO Show House Opens at Madison Jackson Building Next Week

In a couple of weeks,  prospective buyers will get their first crack at the new apartments inside the Madison Jackson building, the Lower East Side’s newest condo conversion.  But even before sales begin, there have been several interesting events at the former school building at 371 Madison Street.  On Tuesday, an especially ambitious project opens to the public — the 2012 BOFFO Show House.

BOFFO is an arts organization founded four years ago to promote collaboration among young designers and architects.  Its co-creators, Faris Al-Shathir and Gregory Sparks, turned to up-and-coming designer Andrew Yes to curate the interiors of four duplex condominium units at the Madison Jackson.