Madison Square Park Tower
45 East 22nd Street
New York, NY
THE STORY:
Turned a 4-year assemblage of air rights from 5 different parcels into the most iconic 777 ft. building in Flatiron, Manhattan, and the tallest residential tower overlooking Madison Square Park.
82 RESIDENCES
65 STORIES
BUILT 2017
KEY DETAILS
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Total Cost: $240 Million
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Total Gross Sq. Ft: 257,574
USES:
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82 luxury condominium residences (studio, 1-bed, 2-bed, 3-bed, 4-bed)
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16-car, residents-only, automated parking garage
AMENITIES:
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Striking exteriors, crafted by the global architectural firm of Kohn Peterson Fox
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Timeless interiors created by Martin Brudzinski Design Studio
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Floor-to-ceiling windows with a dramatic cityscape that include the Empire State Building, World Trade Center, and Madison Square Park
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Custom-built robotic parking system that takes residents cars to a storage facility, rotates them and then delivers them facing the exit on demand.
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A comprehensive amenities program consists of a fitness center, basketball court, golf simulator, children’s playroom, library, casual living room for entertaining, an outdoor terrace with a grill, and The Upper Club on the 54th floor.
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PROJECT CHALLENGES
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There were no height restrictions on the block, but the economic feasibility of the development plan hinged on the ability to acquire air rights from 6 separate buildings, plus off-site air rights. Each of the air rights deals had its' own set of issues/challenges.
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Initially, the long-term lessor of the building to the east of the site wouldn't sell his lease and wanted to remain open during construction. He had 25 years left on the lease.
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The proposed glass building design wasn't contextual to the Flatiron district. Needed a contextual base to fit into the neighborhood.
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Premium $$/sq ft. warranted a 75-ft wide lobby, but the original parcel was only 50-ft wide.
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Slim dimensions of the sitemeant the building would would be susceptible to swaying in high winds.
OUR SOLUTION
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Spent 1 year assembling air rights from 6 different parcels of land, plus acquiring off-site floating air rights of 85,000 sq. ft. from inclusionary housing in order to build approx. 200,000 saleable sq. feet.
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Original building design assumed restaurant to the east would remain, only allowing for 50 ft. of property frontage, and requiring a cantilever to the East, as well as a cantilever to the West. Once construction began, the restaurant owner agreed to relocate, which allowed us to redesign the ground floor, increasing the property's frontage to 75 ft. and eliminating the need for the East cantilever.
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Found a stone for the contextual base and then kept the floor-to-ceiling glass window design to maximize views.
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To minimize building sway in high winds, a tuned mass damper of just under 550 tons was incorporated into the design and was installed at the top of the building.
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To maximize sales, an entertainment/lounge was placed on the 54th floor of the building, which allowed people at the bottom of the building to enjoy the same spectacular views as the people at the top.
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In total, the building generated approx. $600 million in sales, with preferred equity profits of approx. $100 million on a $90 million investment.
