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

[NYguy]

https://www.bloomberg.com/news/artic...wer-for-condos

Billionaires’ Row Developer Buys NYC Office Tower for Condos
-Extell’s price for 655 Madison Ave. is more than $200 million
-Elliott-backed Tyko Capital provides financing for the deal


By Natalie Wong
October 16, 2024

Extell Development, the company behind some of Manhattan’s most expensive condo skyscrapers, bought a Madison Avenue office property with plans to build luxury housing and retail at the site.

The developer purchased 655 Madison Ave. — between 60th and 61st streets — from Williams Equities for more than $200 million, according to people familiar with the deal. Tyko Capital, which is backed by Elliott Investment Management, is financing the acquisition, one of the people said, asking not to be named discussing a private matter.

[ChiND]

I read that this likely will be about 500’ and might have a scale similar to 200 E 83rd. I’d be happy with that.



Www.ramsa.com

[SkyHigher]

Originally Posted by ChiND

I’d be happy with 700-800’ here.

Originally Posted by ChiND

I read that this likely will be about 500’ and might have a scale similar to 200 E 83rd. I’d be happy with that.

What happened in the space of nearly two hours between those posts.

[Crawford]

I hope it's a supertall, and a traditional-style design. It would be amazing to have three residential supertalls on this short stretch of Madison.

[ChiND]

https://therealdeal.com/new-york/202...strict-office/

Plaza District office slated for demolition
Williams Equities principal hinted 655 Madison’s retail, housing potential

[NYguy]

Originally Posted by Crawford

I hope it's a supertall, and a traditional-style design. It would be amazing to have three residential supertalls on this short stretch of Madison.

I'd be very surprised it a supertall got built on this site.

[Mulan]

According to the latest information in the DOB, the demolition has been authorised.

Hopefully there will be another supertall here, two supertalls could be created at the same time.

[ChiND]

I can’t wait to see this come down!

[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]

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?