Overview

Trying to ‘contemporize’ a building on 76th and Madison is anything but a walk in the park.  Because of its status as a historic district, the Landmarks Commission joins the list of community leaders who must approve new building proposals.  In the case of 980 Madison, Aby Rosen had the vision of a 22-story curved glass tower to compliment the lovely Mark condop conversion across the street.  After that was nixed, he is now working on a scaled down design in the ballpark of 150,000 square feet which will more modestly add a few floors of residential space to the existing 5-story auction house. 

Among the recommendations made by the Committee was to tone down the design to fit with the original architectural style used when the auction house was constructed in the 1950s.  The new design is expected to consist of limestone intermixed with a veil of horizontal strips.  In addition, Rosen will build the building to LEED Gold Standards of Certification.

Floorplans and layouts for the residences haven’t been revealed yet.  We do know there are plans for a landscaped garden on the rooftop which will be situated above the penthouse floor.  Some residences will include balconies and outdoor space.  While Rosen’s vision hasn’t been met with total optimism from the neighborhood, we’re hopeful a middle ground will come about and we can get some interesting new residential space in the coveted Carnegie Hill area.

Investment Potential

It’s a little early to tell how this project will pan out.  What we do know is that the Mark condominium across the street has been charging prices per foot which rival The Plaza and 15 Central Park West.  Might this project do the same?  The location is perfect and its boutique nature should appeal to many.  We will keep you updated on this one.