Posted by Leonard Steinberg on June 30th, 2011

The Witkoff Group won in the bidding for the Toy Building, the Madison Square Park landmark once slated to be condominiums by developer Yitzhak Tessler.

Supposedly the bidding was fierce with competitive bidders S.L. Green and Macklowe losing out on the purchase of this magnificent structure that boasts spectacular frontage onto Madison Park, not to mention Eataly as its next door neighbor. (The Mathematics Museum is coming too!) Architecturally it stands in sharp contrast to its neighbor across the way, One Madison Park, the all glass tower still suffering from the pains of the recent economic meltdown that left both buildings in trouble. If the Toy Building was a ‘troubled asset’, the market has certainly recovered very nicely considering its selling price rumored to be just under $ 200 million.

This building located at 1107 Broadway is exactly what the market is calling for now: elegant, well scaled apartments in a prime, convenient location, fronting a park, in an architecturally grounded, regal pre-war structure with large windows and strong ceiling heights.