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Madison Square Shocker: Toy Building Condos Off?

The Next Great Neighborhood took somewhat of a hit today, as Steve Cuozzo drops the bombshell in the Post that the International Toy Center just off Madison Square Park may not be going condo after all. Joseph Chetrit, who bought 200 Fifth Avenue, 1107 Broadway and the eighth-floor footbridge that connects them, has contacted "several major commercial brokerages" to find office tenants for the buildings?a sudden about-face from his plan to convert the buildings into luxury condos right in the Shake Shack's backyard. Now, is this a commentary on the softening market, such as the aborted condo plans at 485 Fifth Avenue and Sutton East? It's dicey, because Chetrit is locked up in some serious litigation with the Toy Center, and some of the remaining tenants' leases go until 2014, so he could just be tossing in the towel. Plus, there's the whole surging office space market. Still, this was poised to be an absolute blockbuster.
· Not Toying With Condos [NYPost]
· Toy Building Not So Fun Right Now [Curbed]

[International Toy Center Photo courtesy of PropertyShark]