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

[Hudson11]

hmmm not sure I trust Extell to put up anything iconic. They're self competing pretty hard at the moment with One 57, Central Park Tower, One manhattan square and 138 Willoughby in Brooklyn.

[NYguy]

Originally Posted by Hudson11

hmmm not sure I trust Extell to put up anything iconic. They're self competing pretty hard at the moment with One 57, Central Park Tower, One manhattan square and 138 Willoughby in Brooklyn.

Extell is the one developer you can count on putting up something as tall as possible, or as what makes sense for the site. Of any of the developers, if anyone is going to stretch it, its Extell. Of course, that doesn't mean it will be a supertall tower. The site is what it is.

[NYguy]

https://commercialobserver.com/2024/...ooked-so-good/

By The Editors
October 20, 2024

All this activity might explain why developers such as the legendary Gary Barnett are starting to roll up their sleeves and build in Manhattan again.

Barnett’s Extell Development just purchased the 24-story office tower at 655 Madison Avenue (which was ready to tear down) from Williams Equities for $160 million, with plans to “build something spectacular” on the site — which is a vague enough promise to pique our interest.

From the earlier article...


https://commercialobserver.com/2024/...adison-avenue/

The sale comes after Williams Equities filed plans in August to tear down the property.

While Extell’s plans for the property aren’t clear, the source said the developer plans to continue with the demolition and “build something spectacular” in its place.

[NYguy]

https://therealdeal.com/new-york/202...-avenue-tower/

Extell plans 37-story Madison Avenue tower
Gary Barnett will demolish office building to erect 193K sf of residential


NOV 20, 2024

The firm is proposing a 193,000-square-foot building at 655 Madison Avenue that will include 62 residential units and commercial space, according to property filings. Maxwell Pau of Beyer Blinder Belle is the architect. The existing 200,000-square-foot office building would be demolished.

Barnett, in a brief phone call, declined to comment except to say he plans to build “the usual stuff.” Barnett is known for developing luxury condominiums, such as Central Park Tower.

….. It is a block from the southeast corner of Central Park, offering Barnett a chance to build apartments with commanding views of the park. It’s a formula that Extell and others have employed to sell units for tens of millions of dollars.

[ChiND]

I’d like to see a classic stone tower. BBB designed the Kent for Extell.

https://www.beyerblinderbelle.com/pr...=residential-1

[NYguy]

Gary must be excited.


https://therealdeal.com/new-york/202...sells-for-79m/

Zeckendorfs’ final penthouse at 520 Park Avenue sells for $79M
Duplex traded in all-cash deal, marking NYC’s fourth-priciest deal in 2024

[ChiND]

Originally Posted by NYguy

Gary must be excited.


https://therealdeal.com/new-york/202...sells-for-79m/

Zeckendorfs’ final penthouse at 520 Park Avenue sells for $79M
Duplex traded in all-cash deal, marking NYC’s fourth-priciest deal in 2024

I agree, I’m really curious about Soloviev. I really hope that he does not squander what’s presently the most magnificent residential site under development in NY.

[NYguy]

https://www.pincusco.com/extell-file...ught-for-159m/

[ChiND]

The shape is utterly lame. Hopefully, it’s not a glass box. Extell lately doesn’t aim high.

[Crawford]

Another article on the development, but paywalled:

https://www.uppereastsite.com/mega-d...-retail-space/

Mega-Developer Plans 55-Story-Tall UES Luxury Tower with Hotel & Retail Space
by Upper East Site Staff

The mega-developer behind some of Manhattan's priciest projects plans to construct a massive 55-story-tall tower featuring a mix of luxury apartments, hotel rooms and retail space on an Upper East Side lot already hosting a high-rise building.

[NYguy]

Originally Posted by Crawford

Another article on the development, but paywalled:

https://www.uppereastsite.com/mega-d...-retail-space/

I can't read it.

[Mulan]

Is it still possible to cancel the plans to build a 37-storey building here? Even if it gets an interesting façade, it will be in the shadow of a supertall. I still hope that a skyscraper at least 700 feet high will be built here.

[NYguy]

Originally Posted by Ahoi

Is it still possible to cancel the plans to build a 37-storey building here? Even if it gets an interesting façade, it will be in the shadow of a supertall. I still hope that a skyscraper at least 700 feet high will be built here.

They can build according to the allowable square footage (FAR).

[Mulan]

Fine, and what does FAR mean in general? What does it mean?
Are there already activities on site?

[NYguy]

Originally Posted by Ahoi

Fine, and what does FAR mean in general? What does it mean?
Are there already activities on site?

FAR = Floor Area Ratio, which means you can build to the size of the lot multiple times, depending on the FAR. That means if your lot is 10,000 sf, and your FAR is 15, you can build to 150,000 sf (10,000 x 15). Current residential FAR in the city (minus the new Midtown South districts) is 12. Which is why most of these residential developments include some type of commercial space at varying sizes. (Hotel, retail, etc.)

How it works out for this proposal:

[Mulan]

Old construction pic

https://digitalcollections.nypl.org/...f-58d385a7b928

[Mulan]

I found this on Yimby
https://655madisonave.com/mobile/floorplans.shtml

[Mulan]

If I read the information correctly, the new building could be around 500 feet high.

[Mulan]

On YIMBY (JC_Heights): https://forum.newyorkyimby.com/t/new...loors/23652/26

[ChiND]

I walked by here yesterday. Scaffolding is going up.