mad numbers as toy plans switch off Madison Square / 1107 Broadway to condo (again)

how many more rounds?
The Real Deal ran a story on line last night that one of the two International Toy Center Buildings off Madison Square Park is back to being a planned condominium.

1107 Broadway is the more northern Toy building (the other being 200 Fifth Avenue). Hold on to your hats as we walk through the history here.

Chetrit Group bought both Toy buildings in 2005 for $350mm and announced plans to convert both to condominiums. They ran into a lot of trouble with the commercial tenants (particularly of 200 Fifth Av) and sold 200 Fifth Av earlier this year for $450mm. That building is (for now) expected to be leased as office space.

crunch go the numbers
Chetrit sold 1107 Broadway 3 months ago for $235mm and The Real Deal news is that that new developer plans to add 8 stories to the 16 story building and build 187 condominiums that will sell for $2,300 to $2,500 per foot. (Chetrit undoubtedly had many expenses in the 2 years since buying the two buildings for $350mm, but the $450mm + $235mm should cover those nicely, don’t you think?)

Perhaps this time the plans announced will be plans built. This is definitely the least charming side of Madison Square.

I don’t think there is another (legally) residential building on Broadway from 23 Street to Herald Square except for the Gilsey House at 1200 Broadway. (All the streets west of Broadway have loft buildings, of course, but Broadway itself is one commercial building after another.) In fact, there are probably no residential buildings on Broadway until above Times Square.

© Sandy Mattingly 2007