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Yesterday Stephen Ross’s The Related Companies announced it had sold the top four floors of its newest New York condominium residence for the mega-rich, One Madison, for US$57 million.
Much of the building is already accounted for but the crown jewel, a 57th floor full floor apartment and the penthouse triplex above it were being held back and now they are sold to become one four floor unit, at a price of almost US$5, 500 per square foot.
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One Madison view from Madison Square Park
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The Related companies did not say who bought it, but the New York newspapers soon tracked down the new owner as none other than Rupert Murdoch himself. Fresh off of receiving a US$800 million tax rebate for his Australian newspaper properties, and perhaps in need of a refreshing new environment in the wake of his recent high-profile, but perfectly amicable, divorce from Wendi Deng, Murdoch has now picked Related’s One Madison building. His new residence is located at East 22nd Street right across the street from the lovely Madison Square Park.
Leslie Wilson, Senior Vice President of The Related Companies said with some udnerstatement, “The sale of the top four floors of the building is a milestone achievement for One Madison and the downtown market.”
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One Madison – the penthouse
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The 60-story bronze glass tower is exceptionally slender and was designed by architects Cetra/Ruddy. The interiors and large amenity spaces were curated by Yabu Pushelberg, . Exceptional city-wide views are available in all directions, from landmarks as close as Madison Square Park and the Empire State Building, to views as far as the Statue of Liberty and all of Manhattan’s surrounding waterways.
With Rupert Murdoch just the latest in a whole string of celebrities now buying there, hurry if you would like to join them – remaining units are on sale from a modest US$11.5 million to US$37.5 million.
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About Stephen Ross
Ross is Chairman and the founder of The Related Companies, one of the most prominent real estate developers in New York and, increasingly, internationally as well. The company is perhaps best known for its development of the Time Warner Center at Columbia Circle in New York, and of the proposed 26-acre Hudson Yards development currently under construction on Manhattan’s west side. Ross is also the owner of the Miami Dolphins.
One Madison – courtesy Related Companies
Stephen Ross grew up in Detroit and later graduated from Miami Beach Senior High School. He went to the University of Florida and then back to Michigan to the University of Michigan Business School, where he earned his Bachelors degree in accounting in 1962. He later received a Doctorate of Jurisprudence from the Wayne State School of Law in 1965, and a Master of Laws degree in taxation from the New York University School of Law in 1966.
He first started in business as a tax lawyer at Coopers & Lybrand in Detroit. Then, in 1968 bored with his chosen profession, he moved to New York where he worked as an Assistant Vice President in the real estate subsidiary of Laird Inc. and later in the Corporate Finance Department of Bear Stearns.
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One Madison – Living room
In 1972, sure in his mind that the real estate business was for him, he quit and borrowed US$10, 000 from his mother to start his own company. Forty years later it has worked out pretty well for him, though with some difficult hiccups along the way during some of the bad times.
He and his wife Kara, who is an entrepreneur in her own right and a jewelry designer, live in New York at the Time Warner Center on Columbus Circle, together with her two daughters from a previous marriage. Ross can get to work quite quickly as Related’s headquarters office is in the same Center. He also has two children from his own first marriage. When they have time to go south, they can also chill in their 11, 000 square foot home in Palm Beach, right on the Atlantic Ocean – and barely a short helicopter ride to his beloved Miami Dolphins in rush hour traffic, one can imagine.
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