News
MULTIFAMILY MONDAY: Turn Back Time
November 22, 2010
| The NoMad market (for those behind on acronyms, that's north of Madison Square Park) has been garnering a lot of attention, particularly its residential market. That's why Africa Israel USA is moving forward with the 100-unit condo conversion of The Clock Tower, MetLife's former HQ at 24th and Madison. |
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| We sat down with the firm's managing director of development Peter Rosenberg, who tells us that designs are being finalized for the iconic building, which will offer a wide range of condo sizes, from full-floor to studios. The anticipated $300/SF renovations for the adaptive re-use project will include high-end finishes and fixtures. AFI USA is planning only minor repairs and restoration to the building's landmarked façade, which Peter says is in great shape. One unique aspect of the project is that the developer found the original construction documents from 1906, which will give them design cues from “the gilded age of glamour,†Peter says. |
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| He tells us the building's traditional conversion will stand out among nearby residential buildings like the contemporary One Madison Park, but will still have the modern amenities of new condo buildings, including a swimming pool and residents' lounge. The lounge will preserve many of the original early 1900s details, including the original mahogany crotch burl paneling and Vermont verde antique marble fireplace. This is one of Peter's first major projects with AFI USA—he was hired nearly four months ago, and comes from a development and construction history that includes Columbus Square, Chelsea Central, and Chelsea Mercantile. |
