From The Real Deal: Is the glass half full? Is a spade a spade? Is an alley just an alley or a red-hot amenity for the rich and famous? That’s the argument two building owners are having out in court over Great Jones Alley.
A boutique, 22-unit co-op building at 684 Broadway owns a piece of the small 20-foot wide, 137-foot alley between Bond and West 3rd streets. The other portion of the alley is owned by Madison Realty’s 1 Great Jones Alley, a fancy new condo that just sold its penthouse for $30 million.
Madison Realty has been promoting the alley as a luxe amenity that will function as a private entrance to the building and keep the paparazzi at bay. But the folks at 684 Broadway don’t see it that way, and they’ve filed a $10 million lawsuit against their neighbor in Manhattan Supreme Court. [more]