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Clock Tower Conversion Could Finally Hit the Market Next Year

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Mention one new Madison Square Park-area condo building, turns out they all start coming out of the woodwork. Following yesterday's news that the old Plumbers Local 1 building at 21 East 26th Street is headed for condo conversion (on reality TV!), Real Estate Weekly drops a few updates on another conversion we haven't heard from in a while: the Clock Tower, also known as the old MetLife building. During the boom, the building was slated to become 55 Versace-designed condos, including one six-story penthouse. Last fall, we started to lower our expectations, and indeed, what's coming instead will be 99 condo units of about 2,000 square feet, with no Versace to be found.
The Mark Zef Design interiors will be geared toward "native New Yorkers," rather than high-end foreign buyers, and those interiors should be ready for move-ins in about two years. Prices will be at the "top of the realistic market" when sales start in 16 or 18 months, developer Africa Israel tells REW. A pool, fitness center, and high-end restaurant in the building might help push prices up, but can they replace those Versace friezes we never had a chance to know?
· Africa Israel turns back the clock at Madison Square Park [REW]
· Clock Tower coverage [Curbed]

5 Madison Avenue

5 Madison Avenue, New York, NY 10010