Images: Modern Spaces
Forget the dormification of Manhattan — this Lower East Side rental project is going full juvenile.
Residential conversion 371 Madison Street has shunted its original name, The Madison Jackson, and rebranded itself as The School House.
The new moniker references the building’s former function as elementary school P.S. 12. Developer Thomas Sung acquired the 1908 property for $535,000 in 1983, with plans to convert the vacant school into luxury condos, Curbed reported. As marketed by broker-to-the-stars Michael Bolla, The Madison Jackson touted amenities such as an indoor swimming pool and spa, 24-hour organic room service and an organic juice bar, with pricing ranging from about $500,000 to $1 million, according to The Lo-Down.
However, apartment sales at the nearly-finished building were halted in 2012, and now the development has been reborn as approximately 117 loft-like rentals, many of them duplexes.
Modern Spaces is handling marketing and leasing at the building. “What we’re planning on doing is targeting an audience that is getting priced out of certain areas like Williamsburg or Dumbo or Long Island City or some areas downtown,” Modern Spaces CEO Eric Benaim told Curbed.
Pricing for apartments, which includes three-bedroom units, will start at $2,950 per month. Select units will have private outdoor space.
Here’s the project description from the Modern Spaces site: “Space, comfort, and location. If you can get all that in Manhattan, you’re way ahead of the curve. Introducing The School House — modern residences with above -average amenities. These loft-like apartments and unexpected extras break the rules on New York’s legendary Lower East Side where the restaurants, shops and nightlife are in a class by themselves. It’s possible to have it all.”
Amenities include a doorman, two private courtyards, a “near-Olympic size” pool and laundry facilities.