Demolition work is gearing up at 655 Madison Avenue, the site of a 37-story mixed-use tower on Manhattan’s Upper East Side. Designed by Beyer Blinder Belle and developed by Extell, the 193,000-square-foot structure will yield 62 condominium units and ground-floor retail space. The property is located at the corner of Madison Avenue and East 60th Street.
Extell also purchased three abutting low-rise buildings at 35, 37, and 39 East 60th Street from Solil Management for $103.3 million. The combined assemblage will measure around 28,000 square feet and come with 99,000 square feet of air rights. All three structures will eventually be demolished for the new building.
The 24-story occupant of 655 Madison Avenue currently stands shrouded in a dense network scaffolding and netting as crews get ready to gut and demolish the structure. The glass façade is still visible but will gradually be removed over the coming months.
Photo by Michael Young.
Photo by Michael Young.
Photo by Michael Young.
Photo by Michael Young.
Photo by Michael Young.
Photo by Michael Young.
Photo by Michael Young.
Fashion brand Chanel is contemplating a $450 million purchase of the nearly 65,000 square feet of upcoming retail space in the new 655 Madison Avenue. The deal, which remains to be finalized, would give the retailer space on the ground floor, cellar, and potentially additional levels above grade.
The current structure a 655 Madison Avenue last underwent a renovation in 2005. Gary Barnett purchased the building from William Equities for around $160 million in October 2024. Tyko Capital, which is backed by Elliott Investment Management, financed the acquisition.
The nearest subways from the development are the N, R, and W trains at the 5th Avenue-59th Street and Lexington Avenue-59th Street stations, as well as the F and Q trains at the Lexington Avenue-63rd Street station.
Demolition could likely wrap up by the end of the year. A construction timeline for the new tower at 655 Madison Avenue has yet to be announced.
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Interesting how Extell never releases details or even basic renderings until well into the process. Is Gary scared of even the slightest criticism?
So is NY YIMBY suggesting that this building will abut to 520 Park Ave and that the structures that currently house Il Mulino and Philippe Chow will be raised? Or, maybe they just purchased those structures for the air rights?
Not suggesting, but actually stating, plus other news outlets that reported the same facts.
“All three structures will eventually be demolished for the new building.”
What a shame. Wonder what the owners of the luxurious condos at 520 Park Ave are thinking right now. Ouch.
Interestingly, a purchaser of a condo at 520 Park Ave is suing the developer for misrepresenting the prospects of any future construction that would block his park view
The article said those three buildings will be demolished in the future.
Gary Barnett would knock down every building in Manhattan if he could so he could own everything and turn Manhattan into one giant sterile glass structure.
Is verry interesting
Oh boy, it’s Extell so the best we can hope for is weird.
What was wrong with the existing building?
Doubt much. This is so even richer can frolic.
I hope Extell doesn’t put up an all glass tower here. Do something more creative to complement 520 Park Avenue
yes , build something awesome here. The buyers and us New Yorkers just walking by will appreciate really great architecture. thank you.
I remember when they reclad the bland 1950s building to this purplish reflective glass – For Ron Pearlman and Revlon ? in the 80s? it was just ok. the retail here was always nice. A Gucci cousin or something leased the 2nd floor retail but never opened.