Multi-Housing News: Manhattan Luxury Condos Land $168M

Press - June 12, 2018

Skyscraper on Manhattan skyline The Continuum Co.'s Madison Square Park Tower recorded intense sales activity, with 58 out of 83 units already sold for a combined $400 million.

Madison Realty Capital (MRC) arranged $167.5 million in financing for Madison Square Park Tower, a recently completed luxury condo tower in Manhattan. The borrower, The Continuum Co., will use this first mortgage loan to continue the project’s sales process.

Located at 45 E. 22nd St. in the borough’s Flatiron District, adjacent to Madison Square Park, the tower overlooks East River, Hudson River, World Trade Center and the Statue of Liberty. Additionally, multiple skyscrapers surround the building, as well as eateries, retailers, banks and a wide array of transportation options.

The glass building spreads across 65 stories, or 777 feet, and comprises 83 units. The five-floor lifestyle amenities include a fitness center with boxing and private training suite, golf simulator, basketball court, children’s playroom, library, billiards, cards room and terrace with outdoor grill. The property also features Fifty Four, a 44th-floor lounge and catering kitchen.

Plaza Construction served as the property’s general contractor, Kohn Pederson Fox as design architect, HWA as executive architect and Douglas Elliman’s Eklund Gomes Team as residential brokerage team. Martin Brudnizki Design Studio delivered the building’s interior plans. The firm also handled Waterline Square’s design. Up until now, Madison Square Park Tower has sold 58 units for approximately $400 million.

“With this transaction, we have streamlined the capital stack and provided Continuum with the flexibility needed to maintain the current sales at this one-of-a-kind development,” MRC Co-Founder & Managing Principal Josh Zegen said in a prepared statement.