Did you know that the pre-war office building at 60 Madison Avenue was slated to go condo? Even though no official announcement was made by building owner the Moinian Group, the tenants of the 200,000-square-foot building between 26th and 27th Streets knew that their time was almost up, and luxury living was on the way. Holy crap, that's huge news! Or it would have been, if Joseph Moinian didn't decide to drop the conversion plans because of concerns over the Manhattan condo situation.
The Post's Steve Cuozzo has the scoop on 60 Madison, which is adding a new tenant?Weight Watchers?at a rent around $45/foot. Moinian Group VP Daniel Gohari pointed to other condo developments in the Madison Square area, but added "within the next four-to five months, we're going to see a big correction." Commence terror. Cuozzo also mentions other recent changes of heart, including Harry Macklowe's office tower at 510 Madison (originally slated to be a condo/hotel) and the sale of the International Toy Center (instead of a residential conversion). One he left out: the de-Somed 485 Fifth Avenue, which Curbed readers know is being Hyattized like a mofo.
· Migrating Moola [NYP/Cuozzo]
[60 Madison photo courtesy of Property Shark]