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

[Mulan]

I guess the list of potential supertalls in New York is getting longer.

[NYguy]

^ This escalated quickly. More from the article...


https://therealdeal.com/new-york/2024/02/23/related-plans-condo-hotel-tower-at-625-madison-avenue/

Related plans condo, hotel tower at 625 Madison Ave
Developer bought SL Green office tower for $630M


FEB 23, 2024
By Rich Bockmann

Stephen Ross intends to build the Madison Avenue condo tower that Ben Ashkenazy dreamed of.

Ross’ Related Companies is planning to build a multi-billion dollar tower at 625 Madison Avenue that will include retail, a hotel and condos, according to people familiar with the project. Sources said the company is already in talks with several luxury hotel and retail brands.

That area of Midtown has seen a recent influx of high-end investments, including Vlad Doronin’s Aman hotel and condo at the Crown Building just a short walk over on Fifth Avenue.

Deals by big names in luxury goods have spurred confidence in a local retail resurgence. Prada spent more than $830 million in December for a pair of retail properties on Fifth Avenue and the parent company of Gucci bought the retail portion of a building on the shopping strip for $963 million.

A spokesperson for Related declined to comment.

Related’s redevelopment of the site will be the latest chapter for the storied property.

Ashkenazy paid $400 million in 2013 to buy the ground at the site, where the 17-story, 563,000-square-foot building was controlled by SL Green under a long-term lease. (The deal came years after Related owned a stake in the building through the 1990s and housed its offices there.)

With the Billionaires’ Row condo market heating up and the ground lease due for a rent reset in the coming years, Ashkenazy’s business partner Michael Alpert in 2016 said the property could be worth at least $1.4 billion as a residential development site.

SL Green eventually wrestled control of the property away from Ashkenazy via foreclosure and in December struck a deal to sell it to Related for much less than that: $632.5 million. Still, the price tag for the completed projected will likely reach into the multi-billion dollar area.

Related plans to demolish the current building and redevelop a new one from the ground up after it closes on the purchase.

[ChiND]

Originally Posted by NYguy

^ This escalated quickly. More from the article...


https://therealdeal.com/new-york/2024/02/23/related-plans-condo-hotel-tower-at-625-madison-avenue/

Related plans condo, hotel tower at 625 Madison Ave
Developer bought SL Green office tower for $630M


FEB 23, 2024
By Rich Bockmann

How tall do you think this is likely to be?

[NYguy]

Originally Posted by ChiND

How tall do you think this is likely to be?

Pretty tall. Should at least be a supertall tower with that price-tag and programming.

[ChiND]

Originally Posted by NYguy

Pretty tall. Should at least be a supertall tower with that price-tag and programming.

Thanks. I wasn’t sure since it has less than 600k sf.

[Crawford]

This has to be one of the best urban development sites on earth.

I cannot imagine the tower won't be extremely tall, given the A++ location and Central Park views. I expect something roughly the height of 432 Park.

Imagine a 1,400 ft. limestone tower on this site. That would be pretty amazing.

[jackster99]

I wonder where Canali will go when demo starts. Where is James Bond supposed to get his suits when he's in town??

[ChiND]

Given the unparalleled success of 220 CPS and 15 CPW, a classic limestone tower seems to be the recipe for success.

[NYguy]

Ross’ Related Companies is planning to build a multi-billion dollar tower at 625 Madison Avenue that will include retail, a hotel and condos, according to people familiar with the project. Sources said the company is already in talks with several luxury hotel and retail brands.

It will definitely be something tall, with the condos most likely taking the top portion of the building. It's also very close to the other luxury development we're watching, the LVMH Louis Vuitton development just up the block, on 5th. Both are prime locations...

[NYguy]

March 13, 2024

[NYguy]

https://commercialobserver.com/2024/04/colliers-michael-cohen-filling-space/

BY DAVID M. LEVITT
APRIL 16, 2024

Cohen
We’ve emptied out a building in the Plaza District. SL Green (SLG) had 625 Madison, ours is a stone’s throw away at 655 Madison.

We’re going to see those buildings get torn down and replaced probably by a mixture of retail, hospitality, and residential. And I don’t have to tell you that all three of those uses are very desirable in the Plaza District.

[ChiND]

The Demo permit was filed on July 9th! Hopefully, Related releases renderings in a few months — if not sooner. I think that this will be at least 1,000 feet and maybe more.

https://a810-dobnow.nyc.gov/publish/Index.html#!/search

P.S.: NY Guy — the DOB seems to have changed the format of its website. NB permits are no longer listed in the drop down. Do you know where to find them?

[jackster99]

Originally Posted by ChiND

Given the unparalleled success of 220 CPS and 15 CPW, a classic limestone tower seems to be the recipe for success.

Related uses Robert Stern often, so if I had to bet, I think that's who they will opt for here too.

[Busy Bee]

Sooooooooooooooooooooooooooooooooooo.............. This should be amazing.

Made my day.

This is not a wimpy footprint. This will have some beef. Plus it rids us of that awful 80s tech and gloss re-clad turd pile.

Here's what it looked like before:


___

[NYguy]

The lot area is 35,146 sf. It's currently zoned as C5-3.


https://fontanarchitecture.com/c5-3-zoning-nyc/

The C5-3 Zoning District is a sub district of C5 Zoning in NYC. C5 is a central zoning district with generally large buildings having retail, offices, hotels, and residential uses. C5-3 Zoning is mapped in Midtown Manhattan and the Flatiron District. The zoning district C5-3 has the highest floor areas available in NYC and will result in some of the largest buildings in New York.

Most Commercial Zoning districts have a Residential Equivalent. This means you can develop a residential building within the commercial zoning district. You follow the residential equivalent zoning requirements in the case of a residential development. The residential equivalent for C5-3 is R10 Zoning.

You can develop a mixed use building with commercial and residential zoning. In this case you would apply the requirements of C5-3 and R10 in designing the building.

They will have a little over half a million square feet to work with, as-of-right. About 20% more than 432 Park Avenue, with a wider footprint.

[Busy Bee]

Any chance they push for bigger through a ULURP? A site like this would easily be worth the trouble if it meant a 30-50% increase in BSF.

[BuildThemTaller]

Hotels and condos makes it sound like it will be a tall and slender tower.

[BanBrokenChatBots]

Wouldn't mind seeing another 432 Park clone built here to give a twin towers vibe

[NYguy]

Originally Posted by Busy Bee

Any chance they push for bigger through a ULURP? A site like this would easily be worth the trouble if it meant a 30-50% increase in BSF.

They'll have to go through ULURP anyway, as all hotels now have to. So as long as they have to do that, they should utilize all avenues to maximize profits from this multi-billion dollar tower. Maybe they can transfer some landmark development rights, or do a transit improvement bonus. But the tower still seems to be in developmental stages...


(landmarks)





https://www.crainsnewyork.com/real-estat...0planning,be%20on%20the%20ground%20floor.

Related planning retail, hotel and condos for 625 Madison





EDDIE SMALL
February 23, 2023

The Related Cos. is planning to construct a retail, hotel and condo development at 625 Madison Ave., the site of the Midtown office tower it went under contract to buy from SL Green late last year, according to a source familiar with the deal.

The retail portion of the project will be on the ground floor. The company is still determining how many hotel rooms and condos the project will have, and it is speaking with multiple high-end luxury brands about occupying the hotel and retail spaces, the source said.

...The current tower, located between East 58th and East 59th streets, dates back to the 1950s and has struggled with high office vacancy rates. Manhattan's retail, hospitality and residential markets have all enjoyed much stronger recoveries from the pandemic than its office market, which may help explain Related's plans for the property.

[NYguy]

Ross’ Related Companies is planning to build a multi-billion dollar tower at 625 Madison Avenue

When Related bought the site for more than $600 million (which is more than what 80 South St was going for, with more than double the air rights), it was a sign.

A sign that this would be a super, high end, residential development. It's all about the location.

A comparison to some recent high end residential towers in that corridor...


Central Park Tower - $3 billion
Steinway Tower - $2 billion
432 Park Avenue - $1.2 billion
220 CPS - $1.3 billion.



This tower, and the planned LVMH development would sandwhich the GM Building in this photo...





Bohbrus



As for another possible Stern Tower, we're just a skip away from 520 Park, the 220 CPS of the East Side...




https://www.ramsa.com/projects/project/520-park-avenue