NEW YORK CITY | Highrise Compilation and Directory 2026 Version

[NYguy]

https://therealdeal.com/new-york/2025/06/11/rxr-puts-50-million-deposit-on-590-madison-avenue/

RXR puts down $50M deposit on billion-dollar 590 Madison deal
Rechler’s firm has July 30th deadline to close deal


By Rich Bockmann
June 11, 2025

Scott Rechler has taken one step closer to owning his coveted Madison Avenue trophy.

Rechler’s RXR signed a hard contract for 590 Madison Avenue and put a $50 million deposit down on the Plaza District skyscraper, sources familiar with the sale told The Real Deal.

The company signed a letter of intent about three and a half weeks ago to purchase the building from the STRS Ohio state teachers’ pension fund for close to $1.1 billion. The contract signing is the next step toward finalizing the purchase. The deal is scheduled to close by July 30, though one source said it’s likely to close sometime in the middle of next month.

Once the deal closes, Rechler will finally have his hands on a property he’s been eyeing for quite some time. RXR made a previous offer to buy the former IBM Building, according to sources, though the timing wasn’t clear.

It’s the first New York City office sale to crack the $1 billion mark since Google bought its Hudson Square headquarters in 2022 for $2.1 billion.

[ChiND]

Given Rechler’s ambitions with 175 Park, I can’t even imagine the icon that he would build here. I suspect that he’d need to buy a lot moRe air rights though.

[NYguy]

Originally Posted by ChiND

Given Rechler’s ambitions with 175 Park, I can’t even imagine the icon that he would build here. I suspect that he’d need to buy a lot moRe air rights though.

It’s possible, but doubtful they would do a full ground up rebuild here. At leadt not for office. Mixed-use of office/hotel/residential would make a lot more sense, because they wouldn’t need a huge office component. But the location offers the best of both worlds. Anything that happens would be in the long term.

[ChiND]

It will be interesting to see what happens here.

[chris08876]

Construction Update: 321 West 38th Street



Credit: NYY

[Busy Bee]

What a joke. How does someone not lose their license for something like this? How does a competent designer come up with that ridiculous "preservation" as some sort of solution?

[NYguy]

Hot property, hot location...

[chris08876]

Project: 1655 First Avenue

Renderings showcase 1655 First Avenue, a forthcoming pair of 23-story residential buildings on Manhattan’s Upper East Side. Designed by S. Wieder Architect for Cheskel Schwimmer of Chess Builders LLC, the 235-foot-tall structure will collectively span 193,000 square feet and yield 198 rental units with an average scope of 725 square feet. The mixed-use project will also include ground-floor commercial space, a cellar level, and a 30-foot-long rear yard. The 12,000-square-foot property is alternately addressed as 355 East 86th Street and located at the northern corner of First Avenue and East 86th Street.

The main rendering above is a street-level perspective that looks north at the entire building, highlighting its prominent position and relatively tall height for the surrounding area.

Below is a look at the southern elevation and a more direct look at the facade, which is comprised of a mixture of dark cladding for the bottom two-thirds of the superstructure, while the upper levels above the cascading set of setbacks and outdoor terraces are enclosed with a light-colored envelope. Both sections feature a uniform grid of floor-to-ceiling windows that come in large square outlines and a handful of narrow rectangular windows.

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NYY

[chris08876]

Construction Update: 1026 Third Avenue (The Remi)


Credit: NYY

[chris08876]

Construction Update: SoMA at 25 Water Street



Credit: FC

[chris08876]

Construction Update: 45-40 Vernon Boulevard


Credit: ramvid01

[chris08876]

Construction Update: The East at 644 East 14th Street


Credit: FC

[Busy Bee]

^ Didn't news get out that the end walk-up was destabilized during excavation and will have to be demoed? It might actually help if it's removal doesn't highlight the nasty setback here - a setback I don't even understand considering I would have thought 14 St here would be considered a wide street.

[chris08876]

Construction Update: 1303-1309 Third Avenue (200 East 75th)


Credit: https://www.instagram.com/tectonicphoto/#

[chris08876]

Project: 59 Franklin Street

Permits have been filed for a 20-story mixed-use building at 59 Franklin Street in Tribeca, Manhattan. Located between Broadway and Benson Place, the lot is a short walk from the Canal Street subway station, served by the J, Z, and 6 trains. Moshe Neiman of Sky Equity Group LLC is listed as the owner behind the applications.

The proposed 235-foot-tall development will yield 171,684 square feet, with 106,346 square feet designated for residential space and 11,338 square feet for commercial space. The building will have 89 residences, most likely condos based on the average unit scope of 1,194 square feet. The concrete-based structure will also have a cellar but no accessory parking.

Hamish Whitefield Architects is listed as the architect of record.

Demolition permits will likely not be needed as the lot is vacant. An estimated completion date has not been announced.

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NYY

[chris08876]

Project Update: 2035 Fifth Avenue (Harlem) - Wrapping up



Credit: Michael Young via NYY

[DCReid]

TF Cornerstone has closed on the acquisition of Tower 57, a Billionaires' Row office tower it plans to turn into mixed-income housing. TF Cornerstone, led by Tom and Fred Elghanayan, signed a ground lease for the 32-story building at 135 E. 57th St. on Monday night, company principal Jeremy Shell told Bisnow Wednesday. The firm plans to turn the roughly 430K SF building on the east side of Billionaires' Row into 350 mixed-income apartments by leveraging the state's new residential conversion tax incentive program.

https://www.bisnow.com/new-york/news/con...s-row-office-tower-to-residential-130454

[chris08876]

Construction Update: 326 Rockaway Avenue



Credit: Michael Young via NYY

[chris08876]

Pic by me. Taken this morning. 622 11th Avenue.

[chris08876]

Construction Update: 1387 University Avenue


Credit: Nickfloyo