Stalled sales prompt developer to change course in Fulton Market condos

One of John Madonis' buildings in West Fulton Market

FULTON MARKET
FROM $1.25 million
TO $1.3 million

Plan A didn’t quite work out for his project in the 800 block of West Fulton Market, so now the developer John Madonis is pursuing plans B and C. Plan A—which Madonis carried over in 2007 from an earlier project at Lake and Morgan streets—was to erect a row of five buildings, each with retail space at the street level and a two-story, 3,000-square-foot home above. Every retail and living space was marketed as a package deal, an updated version of living above a store.

To date, Madonis has completed five buildings, but his original plan has stalled. Madonis lives in the upstairs component of one building, and he has rented another of the homes to a tenant with the option to buy. Plan B entails selling the retail and living spaces separately from one another, and Plan C calls for renting them out. The live-work combinations were originally priced at about $2.2 million. Madonis—whose own company, Madonis Development, is handling sales—is offering the residential spaces at $1.25 million to $1.3 million; the retail spaces downstairs are going for $800,000 each. At presstime, Madonis said that a prominent local chef was about to take two or more of the retail spaces.

Send tips about home sales to dennis@rodkin.com.

 

Photograph: Courtesy of Madonis Development

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