NEW YORK | 346 Madison | 962 FT | 46 FLOORS

[BuildThemTaller]

Originally Posted by NYguy

This has been reminding me a little of the Tower Fifth design…

This was also my first impression. It's a little bit of flair for the part of the tower that will have any sort of visibility on the skyline. It's hard to stand out when the neighbors are 1,400+ feet tall.

[NYguy]

Originally Posted by Busy Bee

I meant to chime in the other day... Does anyone think there's a chance they are designing this building in a way that could be expanded onto the current Aby Rosen's property and mirror what we see here in these renderings? Considering they're using a side core, it seems entirely doable from an engineering perspective, in theory of course.

I think it’s a possibility. If anything happens, it needs to happen before ULURP begins. As far as the design goes, I think that would open them up to more possibilities.

Originally Posted by BuildThemTaller

This was also my first impression. It's a little bit of flair for the part of the tower that will have any sort of visibility on the skyline. It's hard to stand out when the neighbors are 1,400+ feet tall.

I’m also curious as to whether that plannef public space at the top is still a thing. That would be another similarity with Tower Fifth.

[NYguy]

Demo permits were filed last week, so things are in motion.

[mrnyc]

i wish it had a crown of some sort, but otherwise its very handsome and stylish.

and then any rumor of public roof access is exciting.

[ChiND]

Originally Posted by mrnyc

i wish it had a crown of some sort, but otherwise its very handsome and stylish.

and then any rumor of public roof access is exciting.

The top is so sculpted that it’s essentially a crown in my opinion.

[NYguy]

This doesn’t surprise me at all…..


https://therealdeal.com/new-york/2026/06/23/sl-green-sues-rfr-over-madison-avenue-building-access/

Rosen roadblock? SL Green sues RFR over Madison Avenue building access
REIT claims Aby Rosen’s firm is delaying 346 Madison Avenue office project


JUN 23, 2026
By Elizabeth Cryan

Is Aby Rosen holding up SL Green’s latest office project?

Marc Holliday’s REIT is taking Rosen’s RFR Holding to court over access to an office building adjacent to its Madison Avenue development site. SL Green alleges RFR has ignored repeated requests for permission to enter its properties at 350 Madison Avenue and 10 East 45th Street, delaying progress on the developer’s planned office tower.

Now, SL Green is asking a judge to issue a two-year license to enter portions of RFR’s properties to complete demolition work and the below-grade phase of construction of its planned 850,000-square-foot property at 346 Madison Avenue.

In order to move ahead with the project, SL Green needs to demolish two existing buildings, but the company claims it cannot proceed without access to RFR’s adjacent buildings. In a new lawsuit in state Supreme Court, the REIT alleges RFR has “ignored” repeated requests for access and “continues to hold up the progress of the project without having proffered any legitimate reason.”

A representative for RFR did not immediately respond to a request for comment.

The dispute traces back to January, when SL Green notified RFR that it would need access to the neighboring properties. According to the filing, RFR was initially receptive and granted limited access in February so SL Green could conduct a preliminary survey while the parties negotiated a broader license agreement.

But then talks stalled. SL Green says it requested access in February to install temporary protections on RFR’s building and received no response. The developer renewed its request in April, prompting another round of negotiations. RFR provided comments on a proposed access agreement, and SL Green says it revised the document to address those concerns.

Then RFR once again allegedly went silent.

In May, SL Green proposed an “all-hands” meeting to finalize the agreement. On June 2, RFR indicated it was reviewing the document based on additional comments from one of its partners and would respond soon, according to the filing. Instead, the company allegedly requested several extensions without providing any substantive response.

SL Green warned that failure to secure access would cause “immediate and irreparable damages” by significantly impeding its ability to develop the site.

The project is one of Manhattan’s most closely watched office developments. SL Green first bought the site, home to the former Brooks Brothers’ building, last September for $160 million. In May, the REIT sold a 49 percent stake in the project to Japanese developer Mori Building, valuing it at $175 million.
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“As with any major development project, we contacted our neighbor to ensure the appropriate protections were in place prior to work beginning,” said SL Green attorney Aaron Abraham of Troutman Pepper Locke. “When our neighbor inexplicably stopped responding to our communications, we had no choice but to seek relief from the court.”

[ChiND]

This could be Rosen’s way of extracting better terms to partner in a development deal with SLG.

[HappyCapSlapper]

Originally Posted by ChiND

This could be Rosen’s way of extracting better terms to partner in a development deal with SLG.

ding ding ding

[NYguy]

[ChiND]

Originally Posted by HappyCapSlapper

ding ding ding

So we could be getting a much bigger building?

HCS: Have you heard anything more about 175 Park?

Also, is Rudin trying to acquire 425 Madison or at least enter a partnership with ABS (or whoever owns it these days)? I can't think of any other reason why nothing is happening at 415 Madison.

[NYguy]

July 23, 2026


Preparing for demo...

[NYguy]

From SL Green earnings call...


https://finance.yahoo.com/quote/SLG/earnings/SLG-Q2-2026-earnings_call-650312.html

Nicholas Yulico
Analyst

Okay, thanks. Second question is just going back to One Vanderbilt, 100% leased. As we think about it, I know you've said before there's a significant mark-to-market embedded in that asset. Is there any opportunity to perhaps move an existing tenant to 346 Madison, your new development project, and unlock some of that mark-to-market in One Vanderbilt through that process?


Steve Durels
EVP and Director of Leasing and Real Property

Well, it's a little early to talk about 346 Madison since it's five years away. There are opportunities that we're pursuing for tenants that have either outgrown their space, and we're recapturing some of those spaces and then accommodating tenants that need expansion space in the building. We've got several pending transactions, and you'll see those leases, I expect, to sign this quarter, and the rents will be up to really, I think, illuminate the fact that the building's in-place rents are well below current market.

Blaine Heck
Analyst

Great. Thanks, Steve. Then second question, just a follow-up for Harry or Marc. Can you just walk us through the thought process you all went through kind of on 346 Madison? Was there any consideration of either selling a smaller stake or waiting for some leasing activity to potentially push the valuation a little higher? Did you just see this as something you wanted to do for timing or relationship reasons?


Marc Holliday
Chairman and CEO

Well, we did it first and foremost for business reasons. I love fully capitalized deals, development deals. You never want to take for granted a moment in the market. We do have very special relationships with many of our JV partners, Mori Building on 346 Madison, certainly among them. We've gotten to a point with many of our co-investors where it's a symbiotic relationship where we count on their partnership, and they count on our delivery of opportunities in this city, which the good ones are few and far between. We were able to get our standard package, if you will, of JV enhancements, for being the ones to source, and execute the deal.

In the case of Mori Building, they're also a really good co-developer. These are folks that have built as much as anybody in Tokyo, Azabudai Hills, Toranomon Hills, Roppongi Hills. These are fabulous investments. I think there'll be opportunities for us each ways, both opportunities for us and for them. We had their commitment early on. There's a lot of planning that needs to happen and happen early, having a good partner like Mori together with us at the early stage makes the entire development go much easier. We reserved enough that we plan in the future to probably syndicate equity further down the line. Maybe when we sign our first leases or maybe when the project's completed or maybe when it's recapitalized. That'll be for a later date.

Anthony Paolone
Analyst

Okay. Just my other question. On 750 Third and 346 Madison, you obviously had the incident with the other conversion close by on 750 Third, there's some press on 346 Madison that maybe a neighboring property's delaying you or something. Can you comment on just the progress on those two deals and whether anything gets interrupted on either of those in terms of timeline or plans?


Marc Holliday
Chairman and CEO

.....As to, I think the question was on 346, the litigation you're referring to is for some access across the adjoining building. That's fairly I hate to say routine in New York City development. There should be a lot of neighborly love and access, but you often have to make a visit downtown to lay out the parameters of exactly what level of access, monitoring, building protection, et cetera. We did it on OVA, we've done it on other buildings, we did it here. When people build next to us, we're on the other side of that, and I think that'll all be sorted out next month in August. Ahead of our demolition, we anticipate no adverse outcome and no adverse impact on timeline.

[ChiND]

That ambiguous answer may be indicative of a deal with Aby.

[NYguy]

https://www.pincusco.com/sl-green-signs-...r-rights-for-346-madison-office-project/

SL Green signs contract to buy resi condo’s air rights for 346 Madison office project





July 23, 2026