655 Madison Avenue (Google Maps, August 2024)
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Extell Development has closed on a $39.9 million air rights deal that will help make its planned skyscraper at 655 Madison Avenue the tallest building on the Upper East Side.
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The developer purchased approximately 135,000 square feet of development rights from the Metropolitan Club, the landmarked private club at 1 East 60th Street that was founded by J.P. Morgan in 1891. The deal closed on January 29 and was recorded earlier this week, according to PincusCo, which first reported the transaction.Extell is planning a 74-story mixed-use tower on the site between East 60th and 61st streets. The building, designed by Beyer Blinder Belle, would rise to 1,162 feet and span roughly 765,000 square feet, with 154 residential units on the upper floors and office and retail space below.
If completed, the tower would far surpass 520 Park Avenue, which became the neighborhood’s tallest building in 2018 at 781 feet.
Demolition of the existing structure at 655 Madison began last year. Construction on the new tower is expected to wrap up in 2031 if zoning is approved.
Fashion house Chanel has reportedly been in talks to purchase approximately 65,000 square feet of retail space at the base of the building for around $450 million, though no deal has been finalized.
Extell has also quietly assembled additional property nearby. Last year, the developer paid a combined $103 million for a row of low-rise buildings at 33, 35, 37, and 39 East 60th Street—formerly home to Philippe Chow and Il Mulino, both of which have since relocated to Midtown. Whether those properties factor into broader plans for the site remains unclear.
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