Tuesday, April 5, 2016

47-Story Luxury Tower Planned for 126 Madison Avenue

Asian investors are going condo for Manhattan. Chinese conglomerate Fosun Group has partnered with JD Carlisle to co-develop a 47-story, 180-unit luxury condominium building at 126 Madison Avenue, in Midtown South, as it ramps up its overseas expansion. The 800-foot tall residential tower, currently in the pre-construction stage, will attract local and international buyers. Completion is expected by 2018.

126 Madison Avenue

The Shanghai-based real estate development and investment firm will own an 80% stake in the 800-foot condo tower that will rise near the Empire State Building. The tower is Fosun’s first ground-up development project in the U.S, and is a milestone in the company’s global investment initiative.

Handel Architects is designing the 350,000 square-foot residential tower, with Gachot Studios in charge of interior designs.

Amenities at 126 Madison will include a 75-foot swimming indoor pool, spa services, a fitness center as well as entertainment spaces.

The building will also boast 360-degree views, and its design offers corner living rooms in every unit.

The partnership owns multiple low-rise structures at 126 and 128 Madison Avenue, and 15 East 30th Street, which are slated to begin demolition at the end of September.

The bulk of the tower will sit just west of Madison between 30th and 31st streets, but there will be a small footprint on Madison Avenue, so that the address can be used.

JD Carlisle assembled the development sites between 30th and 31st streets in March for $102 million.

The firm is also building a new residential tower at nearby 160 Madison Avenue.

“Fosun is confident that this property will be viewed internationally as another iconic New York City tower,” said Alex Gong, executive president of Fosun Property, adding that Fosun is also open to partnering with other developers in the city.

"We have the ability to source building materials from China and also bring Chinese buyers to a development like this."

In 2013, Fosun Group bought One Chase Manhattan Plaza in downtown Manhattan for $725 million from J.P. Morgan Chase, and renamed the 60-story tower 28 Liberty. Earlier this year, Fosun signed on its first major tenant to the 60-story tower--Ironshore, a U.S. insurer in which it owns a 20% stake.

118 East 59th Street

Another Asian developer, Euro Properties, paid $49M for a building site on East 59th Street, between Park and Lexington Avenues, where it recently broke ground on a $210M tower luxury tower.

The Hong Kong-based investment firm is building a 38-story tower at 118 East 59th Street, with 29 full-floor residences starting on the eighth floor, topped off with a $30 million penthouse. The penthouse measures 4,869 square feet and has three bedrooms.

One-bedroom condos in the building will start at $2.9 million and two-bedrooms at $3.7 million. Two duplex condos, measuring 2,989 square feet, are asking $15.5 million and $16.5 million. Storage units in the building will go for $45,000.

The company razed the existing four- and six-story buildings on the site last year and is now constructing a new 76,586 square foot structure. 70,260 square feet would be residential space and 6,326 square feet would be commercial space.

SCDA Architects designed the new tower at 118 East 59th Street, not far from the high-end towers rising along Billionaire’s Row.

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