Related Companies, CIM Group and HFZ Capital have acquired the commercial piece of their One Madison, the condominium at 23 East 22nd Street formerly called One Madison Park.
At a foreclosure auction held this afternoon at the State Supreme Court building at 60 Centre Street, the three companies submitted the winning $3 million bid for the lone commercial unit in the building, which is between Broadway and Park Avenue South. There were no competing bids.
In the world of real estate, as in life, perception is in the eye of the beholder.
The retail market in the West Village and Greenwich Village is no exception, as neighborhood staples close due to rising rents, leaving spaces vacant and landlords searching for high-rent-paying tenants. While neighbors may find the shuttered shops to be eyesores and longtime retail tenants may find the skyrocketing rents unfair, many brokers leasing those spaces are saying it’s due to a hot market and the changing nature of the neighborhood.
Trendy designer Marc Jacobs invited pop culture and freebie-seeking fashionistas to a pop-up shop in Soho for Mercedes-Benz Fashion Week. The 1,746-square-foot Daisy by Marc Jacobs store at 462 West Broadway is what the company called a “tweet” shop. The location was created as a place where customers could take photos, tweet and post messages on social media about the brand. In exchange for promoting the company to friends, visitors were rewarded with free items including new fragrance samples and prizes as well as a raffle for other rewards.
Pride and Prejudice
With more than 50 million tourists running amok each year, consumers feeling recharged, and throngs of foreign retailers streaming in, Manhattan’s prime retail corridors are not only booming—they’re expanding.
High rents and low vacancies in prime corridors are changing the invisible boundary lines that once separated high- and low-end sections of Fifth Avenue, Madison Avenue, Greenwich Village and other retail corridors throughout the city, analysts and real estate brokers claim.
“When these big names and huge chains move into these areas, people just love to follow them,” said Jeffrey Roseman, an executive vice president and principal with Newmark Grubb Knight Frank’s retail division. “They become anchors and magnets to pull others.”
Just as the earlier success of Urban Outfitters and H&M sparked further expansion below 49th Street on Fifth Avenue, and Alfred Dunhill and watchmaker Panerai boosted retail appeal below 57th Street on Madison when they emerged in 2009, aspirational clothing retailers are now doing the same in Greenwich Village.
So we already know that the most powerful (business)woman in the city, Mary Ann Tighe, works in real estate. What about the city’s most powerful homosexuals, both female and male? That was the subject of the latest issue of The Observer, “New York’s New Power Gays,” and a good many of those on the list work in our beloved industry, including, arguably, our city’s No. 1 gay, City Council Speaker Christine Quinn.
All is not lost for would-be buyers of ultra-luxe condos at the skyscraper-cum-recession symbol that is One Madison Park.
A judge on Thursday ordered the appointment of a receiver and the resumption of sales at the 23rd Street condominium tower, a 60-story monument to the reckless hubris of the run-up to the Great Recession.
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