Job well done at 15 Madison

August 18, 2010

Corcoran Group Marketing, a division of Corcoran Sunshine Marketing Group, announced the sellout of Fifteen Madison Square North, the condo conversion of a 1912 building overlooking Madison Square Park.

The condominium has 69 residences and ultimately achieved an average sales price of $3.59 million, one of the highest averages for a development in the Madison Square Park neighborhood to-date.

The average price-per-square foot was $1,497. The property was developed by Walter &Samuels, Inc. in conjunction with RREEF s Opportunity Funds Group.

The building is now 100% sold and closed. Activity over the past 12 months was brisk, with 17 contracts signed and 23 closings, according to Corcoran.

Sales were completed in two phases as the office-to-residential conversion progressed. Phase 1 launched In June 2006 and was sold out in April 2007. Phase 2 launched in November 2007. Closings began in July 2008.

The highest price achieved in the building was residence 16BC, which closed for $12.16 million in April 2009, or $2,356 psf. Unit 17AB was named Corcoran Sunshine's Deal of the Year, having closed for $12 million in January 2010 - an amount that was more than $2 million above the last asking price.

The Corcoran Sunshine marketing and sales team for the building was comprised of Tricia Hayes Cole, executive managing director; Jim Brawders, senior vice president; William Bish, sales associate; and Lynne Brown, sales associate.