NEW YORK | 655 Madison Ave | 1,162 FT | 74 FLOORS

[NYguy]

https://www.crainsnewyork.com/real-e...ropolitan-club

Extell inks $40M air rights deal for massive 655 Madison project


EDDIE SMALL
Feb 4, 2026

Extell Development has inked an air rights deal for the massive tower it hopes to build at 655 Madison Ave.

The prolific real estate firm, led by founder and chairman Gary Barnett, has paid roughly $39.9 million to the Metropolitan Club at nearby 790 Fifth Ave. for about 135,000 square feet of development rights, property records show. The deal closed on Jan. 29, according to the city register.

Extell purchased 655 Madison Ave., located at the corner of East 60th Street, for about $160 million in October 2024, part of an extremely active stretch of dealmaking for the company. It initially planned to construct a 37-story mixed-use tower on the site but is seeking to dramatically expand those plans. The developer now wants to rezone the site to build a 74-story tower that would span roughly 765,000 square feet with 154 residential units, according to its application with the Department of City Planning.

The filing noted that it planned to increase the size of the project by using development rights from the Metropolitan Club, and by improving the nearby Fifth Avenue/59th Street N/R/W subway station to add about 130,000 square feet.

The project would include about 233,000 square feet of commercial space in addition to the residential space, and Extell would aim to finish it by 2031.

Extell also recently went under contract to purchase 123,000 square feet of air rights from St. Thomas church at 678 Fifth Ave. in Midtown for $36 million, although the purpose of that deal is unclear. And the company is planning a similarly massive development at 871 Seventh Ave., the former Wellington Hotel site, that would stand 71 stories tall.