Schrager project ticking along.

The clock tower at One Madison will be ready for occupancy by as early as the end of 2007, according to Ian Schrager, who along with RFR Realty's Aby Rosen and SL Green, owns and plans to convert the Flatiron district landmark into luxury condominiums.

Schrager also revealed that he is in talks with a European hotel company to potentially open a high-end boutique hotel on one of the building's 50-stories. "If we have a floor that isn't the best layout for condos I think we'll look to put in a hotel there," Schrager told REW after speaking at a Young Men's and Women's Real Estate Association luncheon last week. "It would probably be around 30 rooms."

During his talk at the luncheon, Schrager said that he would likely have three different apartment types at One Madison, classically styled, modern and surreal. The latter, which would be the most aesthetically daring, would constitute roughly 20% of the project, Schrager estimated. Schrager said that the he is aiming to get between $2,500-$2,700 per s/f for the condos. "It's a particular thrill to be involved in an icon," Schrager said of One Madison after describing how he participates in projects not so much for their estimates of profitability as the level of passion and excitement they evoke.

"My strategy is that I have no strategy," Schrager said. "If I see a property and get excited, I want to do it. To think about money first is a perversion of the process."