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Now Without Rem, One Madison Park Soldiers On

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Though we already stuck a fork in Dutch starchitect Rem Koolhaas's cantilevering 22nd Street sister building to One Madison Park, we were still sad to happen upon the Soho showroom's final moments. The Mercer Street sales office, which, we remind you, was absolutely insane, recently found itself owing over $80k in rent and other fess. That was then. Now, some of the final contents (yards of flourescent tubes!) have been carted away in a beat-up old van. Not the send-off for Rem's first NYC building that the developer had in mind, we bet. Meanwhile, the 60-story glass behemoth that is One Madison Park is facing some tough questions. We have answers!

When we toured the blockbuster building's epic triplex penthouse (still on the market for $45M, btw), we were told that buyers in the lower floors of the building would be able to close in the spring. That didn't happen, and rumors have been flying that the building missed its "outside date," meaning buyers would be able to rescind their contracts and get their deposits back. And in a building that represents the excesses of the boom more than any other new development this side 15 Central Park West, it's a safe bet many buyers would exercise that right. This is not the case. The outside date, we're told, is August 31. And according to the chatter on the StreetEasy message boards, One Madison Park recently received its Temporary Certificate of Occupancy (TCO), meaning some closings should sneak in under the wire.

Which isn't to say it's smooth sailing ahead for the titan of 23rd Street. One source sent us an update on some amendments to the offering plan filed by the developers. It states that Rem Koolhaas's lobby and screening room design will be carried out, but there's no mention of his south tower, aka 23 East 22nd Street. No surprise there, but about that screening room. A heavily-promoted partnership with talent agency Creative Artists Agency, the 40-seat theater may not be in residents' hands for long:

Resident Unit Owners shall have the right to use the Screening Room for private film showings by appointment at such times when Commercial Unit 2 is not being used by the Commercial Unit Owner or its user. Sponsor agrees that the right of the Residential Unit Owners to use the Screening Room for private use shall remain available until the second anniversary of the First Closing. Thereafter, Sponsor may terminate this right in its sole discretion. Sponsor makes no representations or warranties as to whether Commercial Unit 2 wil be available for use by the Residential Unit Owners after the second anniversary of the First Closing.In short: No promises after year two, movie fans! But will anybody care? One Madison Park buyers probably have enough cash buried in their couch cushions to hire the actors to reenact the movie live in their living rooms.
· One Madison Park coverage [Curbed]
· One Madison Park [Official Site]

One Madison Park

One Madison Park, New York, NY 10010