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10 Madison Square West is a 125-unit residential condominium conversion and expansion of the former Toy Building North in the Flatiron section of Manhattan, part of a group of buildings known as the Toy Center. In 2011, Witkoff Group paid $190 million at auction for the former 16-story commercial building, located at 1107 Broadway on the west side of Madison Square Park at 24th Street, and formerly connected to the southern half of the Toy Building via a pedestrian sky bridge.

The developer spent roughly $300 million on the conversion project, which included demolishing a 40,000-square-foot portion of the building and adding a new six-story component that will house 14 large units called “Tower Residences," many of which have terraces. The building will also feature enlarged windows, a new lobby, concierge desk and a 10,000-square-foot lower-level amenity space that will house a 60-foot swimming pool, hot tub, locker rooms, steam room/saunas, 2,000-square-foot fitness center and Pilates Studio programmed by Wright Fit, as well as children’s play-and-party space with kitchen and spa treatment room.

The architectural firm Goldstein, Hill & West was in charge of conversion; Alan Wazenberg was the interior designer and Signe Nielsen Mathews Nielsen Landscape Architects designed the courtyard.

Built in 1916, 10 Madison Square West, which sits on the site of the former Abermarle Hotel, was designed by William Van Alen, best known for his design of the Chrysler Building, at a time when the character of the neighborhood was shifting from a place of grand hotels to bustling commerce. In 1967, the 300,000-square-foot building was purchased by Helmsley-Spear and joined with 200 Fifth Avenue via a sky bridge to become the International Toy Center. Developer Yitzchak Tessler first attempted to convert the property into luxury condos, paying $235 million to Chetrit Group in October 2007. But, he lost the building after he failed to repay his $136.8 million loan to Lehman Brothers one year later.

Scheduled for completion in 2015, the development contains units ranging from one to five bedrooms. The 23rd-floor penthouse went into contract for $36.5 million, almost immediately after the project was announced in July 2014. Based on that successful transaction, the 22nd-floor penthouse, originally designed as two units, was reconfigured as a single, full-floor penthouse with 6,515 square feet of space and 1,736 square feet of outdoor space split between two terraces. The five-bedroom, 6 ½-bathroom apartment is on the market for $35 million.

The Witkoff Group sold the building’s 20,676-square-foot retail space to private equity and asset management firm Savanna for $60 million.

10 Madison is one of several new developments that have made the once sleepy Flatiron area into a top-selling neighborhood. Other notable developments include One Madison, where Rupert Murdoch bought the triplex penthouse and extra full-floor apartment for $57.25 million and the Whitman, whose residents include Chelsea Clinton and NASCAR’s Jeff Gordon.