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1107 broadway

Walking around the neighborhood, you may have noticed the scaffolding up and construction in progress at 1107 Broadway (between 24th and 25th Street) after several years of vacancy.

The 16-story building, for years known as the International Toy Center as an addition to neighboring 200 5th Avenue, is in prime location on the west side of Madison Square Park. It is one building up (and connected by a pedestrian sky bridge) from the successful 200 5th Avenue building that houses Eataly and the headquarters of both Tiffany & Co. and Grey Group among others.

The Witkoff Group bought the building last year, and reportedly will convert the old commercial space into between 127 and 145 luxury condo residences. Douglas Elliman Development Marketing is slated to manage unit sales.

Other condo conversions and developments that face Madison Square Park have fared very well , with park view units currently hovering around $2000+/square foot in the Grand Madison (225 5th Avenue), Madison Square North (15 East 26th Street), and One Madison Park (23 East 22nd Street).

Madison Square Park view condo units still trade at a substantial discount to Central Park facing units, but they have appreciated quickly as the Madison Square Park and Flatiron neighborhoods continue to become a center for the city’s best restaurants (Eleven Madison Park, Craft, Gramercy Tavern, Eataly), an epicenter for tech startups, a magnet for fashion design houses like Vera Wang, as well as interactive ad agencies and the headquarters of many prestigious companies such as the Whitney museum, Tiffany & Co., Chipotle, and Grey Group.

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