[Building photo via Flickr/senatorpeter6]
It is the foreigners?those euro-, ruble- and oil-rich foreigners?that keep pushing our ultra-luxe condo market to new heights, so it is only natural that Lev Leviev's Africa-Israel company is courting them in the condo conversion of Madison Avenue's famed clocktower. Details on the old MetLife building, known as One Madison Avenue (though the address is technically 5 Madison Ave.) have been scarce since that incident over interior demolition work, but now Reuters reports that Italian luxury brand Versace will design 55 apartments and a spa in the building, with some hands-on planning work being done by Donatella Versace herself.
Will one of New York's most beloved landmarks become a gaudy, blinged-out palace? That remains to be seen, but what is known is that the $110 million renovation is expected to take around two years. Reuters also reports that the penthouse will be over 10,700 square feet, which means the price tag will certainly top the $45 million asking price for the penthouse at nearby One Madison Park, which is 7,500 square feet (but includes an 800sqft staff residence and a 580sqft terrace). Given the clocktower's pedigree, we're thinking $80-$100 million. And unlike what some people think about that 15 Central Park West penthouse, it'll get it. Barring any global financial catastrophes, of course.
· Versace to design interior of Clock Tower in NY [Reuters]
· CurbedWire Special Edition: One Madison Clocktower Busted! [Curbed]
· How Much For a Shattered Schrager Dream? $200 Million [Curbed]