NEW YORK | 625 Madison Ave | ~800 FT | 34 FLOORS

[NYguy]

There is still speculation that an office tower might rise here, but so far, filings for the residential tower continue.


https://therealdeal.com/magazine/october-2025/tales-from-new-yorks-cautious-office-comeback/


By Keith Larsen
Oct 1, 2025

Related Companies might build a new office at 625 Madison Avenue, where it had planned a 1,220-foot, 68-story supertall with residential, hotel and retail. The pivot would be to an “AA-class office tower.”

With new construction virtually stopped and the trophy towers of One Vanderbilt, Hudson Yards and Manhattan West filled up, companies searching for space looked elsewhere.

They first turned to Park Avenue because of its close proximity to Grand Central, which seemed more convenient than ever for employees returning to the office, especially from the Northern suburbs. With its historic reputation as the premier office address, vacancy rates for Park Avenue declined to less than 10 percent in 2024, far below the city’s average, according to CoStar.

Aby Rosen’s RFR Holdings put about $30 million into the Seagram Building, considered the Rolls-Royce of buildings when it was built in the late ’50s. It’s now fully occupied, averaging leases in the mid-$200s per square foot. Some tenants at Seagram are making forward commitments for 2027 and 2028, son Gaby Rosen noted, because of concerns about finding space in the area.

“Even though the overall market availability rate is still relatively very high, there is a lack of supply of big block space,” Gaby Rosen of RFR said. “And there happen to be 30 to 40 tenants right now in the market looking for big block space in and around Grand Central and Midtown East.”