Carter's Review

The very handsome, 21-story, former office building at 212 Fifth Avenue facing Madison Square Park on the southeast corner at 26^th Street is being converted to 48 residential condominiums by Madison Equities, which is headed by Robert Gladstone, Building Land and Technology and Thor Equities, which is headed by Joseph Sitt. 

Madison and Thor bought the building in 2014 for $260 million from Extell Development, which is headed by Gary Barnett.  Extell had acquired the site and 12 other properties from Ring Management, which is headed by Frank and Michael Ring, in 2014 for $308 million.

The Neo-Gothic building was designed by Schwartz & Gross and erected in 1913.

Helpern Architects is the architect for the conversion.

The building has about 4,250 square feet of retail space.

It is in the Madison Square North Historic District so external changes to the building need to be approved by the city’s Landmarks Preservation Commission.

In March, 2015, the website of AJSNY displayed a rendering of a dramatic and flamboyant rooftop addition with receding bronze accents to the building that featured a very large Art Deco-style clock on the south façade flanked by two bays of bronze balconies, and a large two-tiered restaurant set back on its roof.

The AJSNY plan was not put forward by the building’s new owners, however, and most likely would not have passed muster with the landmarks commission.

In April, 2015, a much subdued plan was submitted by the developers to the commission by their architect for the project, Helpern Architects.

The commission approved restoration work on the building, enlargement of the penthouse, work on windows on the 3rd, 4^th and 21^st floors, the first and second storefronts, a modification of the south face of the building and the reconstruction of the building’s parapet.

A new residential entrance was approved for the middle of the building’ 26^th Street frontage.  Its entrance will be bronze while the retail entrance on Fifth Avenue will be in aluminum.

The commission also approved a reduction in the number of elevators from six to two.

Bottom Line

An elegant commercial building at the northwest corner of Madison Square Park by Schwartz & Gross is being converted into some very sumptuous and very large condominium apartments and some retail.

Description

An elegant. Neo-Gothic style office building overlooking Madison Square Park and designed by Schwartz & Gross, a prolific architectural firm that specialized in elegant apartment buildings is being converted to residential condominiums by Helpern Architects.

Apartments

Apartments A on the 14^th through the 19^th floors are four-bedroom  units with 22-foot-long entrance foyers that leads to a 22-foot-long gallery that leads to a 36-foot-long great room that opens onto a 20-foot-long dining room adjoining a very long kitchen with a large island.

Apartments B on the 14^th through the 19^th floors are three-bedroom units with a 15-foot-long entrance foyer that leads to a 29-foot-long angled great room with a large open kitchen with a large island.  The apartment also has a 24-foot-long gallery and a 21-foot-long, angled master corner bedroom with a very large bathroom with two separate sinks.