Madison-Jackson, former P.S. 12 before being converted to condos, is now up for sale in its entirety, reports The Lo Down. The building was developed into apartments within the last 30 years, but sales of these apartments have been put on hold, as the current building owner has received many offers from buyers looking to purchase the entire building.
Michael Bolla, who worked with the the building owner to develop and market Madison-Jackson, attributes the high demand to pending plans to redevelop the Lower East Side area. The Madison-Jackson itself, for which sales only recently began and are now on hold, has an indoor swimming pool and apartments currently ranging from $500,000 to $1,000,000. The Lo Down reports “Prospective investors could stay the course, turn the building into a very high end development or convert the Madison-Jackson to rentals.”
Other schools around the City have “graduated” to residences in recent years as well. Former P.S. 90, now P.S. 90 Condos, in Harlem now boasts luxury condominiums, which its website says were “over 98 percent sold” as of last fall. Former P.S. 109 in East Harlem is under renovation to become a living space for artists, which should be ready to lease in 2014.
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