A couple of weeks ago, on the future of the long-stalled conversion of One Madison Avenue, Ian Schrager said this: "Well, we are going to make a hotel there, a very high-end hotel, more like a private club ?. I have my development plans, but I might sell [the building] if we have the right price. We have been getting unsolicited offers." We salivated at the prospect of a VIP clubhouse (would Shake Shack delivery service be included?), but it looks like, perhaps, it wasn't meant to be. According to these two websites that you need subscriptions to so we can't really get the full story, SL Green is dissolving the One Mad partnership and putting its stake up for sale. Breaking! A quick search of the interwebs turns up no other info so far. It's our understanding that SL Green owns 30% of the building, so this may not affect the grand plans, but hopefully we'll soon find out.
· Schrager on One Madison: Celebs Only, or Maybe I'll Sell [Curbed]
Filed under: