21 East 26th Street
Completed: 2013
Size: 36,000 sq ft
Retail anchoring 4 Luxury Condos
Developer: Michael Yanko & David Mitchell

Being a part of the initial walk through with the developer, Crown immediately conducted a full due diligence and zoning study prior to purchase. Crown concluded that the asset could be converted from its existing drab commercial offices owned by a local union into luxury residential units with high-end ground floor retail. The opportunity was passed on by several developers prior due to lack of critical information and in depth understanding of the municipal codes and the vision to convert the use.

To maximize each floors footprint and light and air requirement, each floor was designed as single 5,000 sq ft units, with a penthouse. Crown designed a face-lift to the facade and the addition of a penthouse, which is no small feat to gain approval through the Landmarks Preservation Commission. Through the creative placement of new trees in Madison Square Park to ensure the line of sight from city property was not disturbed, and a thorough detailed presentation, the development received approval from the Landmarks Preservation Commission in our first presentation, something rarely achieved.

Now completed, Crown's spectacular design attracted Chelsea Clinton, Jeff Gordon and Jennifer Lopez in the penthouse as residents.

Case Study

Scenario

This Landmarked prewar piece of real estate on the north end of Madison Square Park was a commercial space with the utmost residential potential. The property had deteriorated from its former owners who were looking to sell as is. Accomplishing a full due diligence and zoning report, Crown would have to convert the property from commercial to residential use, obtain Landmark’s approval for the addition of a penthouse addition and file for a complete guy renovation.

Accomplished

Through the creative placement of trees in Madison Square Park to ensure the line of sight from city property was not disturbed, and a thorough detailed presentation, the development received approval from the Landmarks Preservation Commission in the first presentation
Converted the Certificate of Occupancy to mixed use
Consulted for the States Attorney General Condominium Apportionment Approval

Outcome

Receiving approval from the Landmarks Preservation Commission in your first presentation is no small feat. Having foresight on all the layers of this project allowed Crown to bring the property to its full potential while giving Madison Square Park a new piece of luxury real estate.