NEW YORK | 625 Madison Ave | FT | FLOORS

[NYguy]

Ross’ Related Companies is planning to build a multi-billion dollar tower at 625 Madison Avenue that will include retail, a hotel and condos, according to people familiar with the project. Sources said the company is already in talks with several luxury hotel and retail brands.

It will definitely be something tall, with the condos most likely taking the top portion of the building. It's also very close to the other luxury development we're watching, the LVMH Louis Vuitton development just up the block, on 5th. Both are prime locations...

[jackster99]

Originally Posted by ChiND

Given the unparalleled success of 220 CPS and 15 CPW, a classic limestone tower seems to be the recipe for success.

Related uses Robert Stern often, so if I had to bet, I think that's who they will opt for here too.

[Busy Bee]

Sooooooooooooooooooooooooooooooooooo.............. This should be amazing.

Made my day.

This is not a wimpy footprint. This will have some beef. Plus it rids us of that awful 80s tech and gloss re-clad turd pile.

Here's what it looked like before:


___

[NYguy]

The lot area is 35,146 sf. It's currently zoned as C5-3.


https://fontanarchitecture.com/c5-3-zoning-nyc/

The C5-3 Zoning District is a sub district of C5 Zoning in NYC. C5 is a central zoning district with generally large buildings having retail, offices, hotels, and residential uses. C5-3 Zoning is mapped in Midtown Manhattan and the Flatiron District. The zoning district C5-3 has the highest floor areas available in NYC and will result in some of the largest buildings in New York.

Most Commercial Zoning districts have a Residential Equivalent. This means you can develop a residential building within the commercial zoning district. You follow the residential equivalent zoning requirements in the case of a residential development. The residential equivalent for C5-3 is R10 Zoning.

You can develop a mixed use building with commercial and residential zoning. In this case you would apply the requirements of C5-3 and R10 in designing the building.

They will have a little over half a million square feet to work with, as-of-right. About 20% more than 432 Park Avenue, with a wider footprint.

[Busy Bee]

Any chance they push for bigger through a ULURP? A site like this would easily be worth the trouble if it meant a 30-50% increase in BSF.

[BuildThemTaller]

Hotels and condos makes it sound like it will be a tall and slender tower.

[BanBrokenChatBots]

Wouldn't mind seeing another 432 Park clone built here to give a twin towers vibe

[NYguy]

Originally Posted by Busy Bee

Any chance they push for bigger through a ULURP? A site like this would easily be worth the trouble if it meant a 30-50% increase in BSF.

They'll have to go through ULURP anyway, as all hotels now have to. So as long as they have to do that, they should utilize all avenues to maximize profits from this multi-billion dollar tower. Maybe they can transfer some landmark development rights, or do a transit improvement bonus. But the tower still seems to be in developmental stages...


(landmarks)





https://www.crainsnewyork.com/real-e...ground%20floor.

Related planning retail, hotel and condos for 625 Madison





EDDIE SMALL
February 23, 2023

The Related Cos. is planning to construct a retail, hotel and condo development at 625 Madison Ave., the site of the Midtown office tower it went under contract to buy from SL Green late last year, according to a source familiar with the deal.

The retail portion of the project will be on the ground floor. The company is still determining how many hotel rooms and condos the project will have, and it is speaking with multiple high-end luxury brands about occupying the hotel and retail spaces, the source said.

...The current tower, located between East 58th and East 59th streets, dates back to the 1950s and has struggled with high office vacancy rates. Manhattan's retail, hospitality and residential markets have all enjoyed much stronger recoveries from the pandemic than its office market, which may help explain Related's plans for the property.

[NYguy]

Ross’ Related Companies is planning to build a multi-billion dollar tower at 625 Madison Avenue

When Related bought the site for more than $600 million (which is more than what 80 South St was going for, with more than double the air rights), it was a sign.

A sign that this would be a super, high end, residential development. It's all about the location.

A comparison to some recent high end residential towers in that corridor...


Central Park Tower - $3 billion
Steinway Tower - $2 billion
432 Park Avenue - $1.2 billion
220 CPS - $1.3 billion.



This tower, and the planned LVMH development would sandwhich the GM Building in this photo...





Bohbrus



As for another possible Stern Tower, we're just a skip away from 520 Park, the 220 CPS of the East Side...




https://www.ramsa.com/projects/project/520-park-avenue

[ChiND]

I think that 36 CPS will also be developed. The Qataris paid roughly the same amount for the Park Lane that Related paid for 625 Madison. Further, 36 CPS is arguably the best development site in the world.

I’m really curious about Solow’s 57th St site, which is also incredibly prime. I’d be shocked if that banal black box by SOM is what’s actually built there.

[NYguy]

Originally Posted by ChiND

I think that 36 CPS will also be developed. The Qataris paid roughly the same amount for the Park Lane that Related paid for 625 Madison. Further, 36 CPS is arguably the best development site in the world.

I’m really curious about Solow’s 57th St site, which is also incredibly prime. I’d be shocked if that banal black box by SOM is what’s actually built there.

Yeah, the Park Lane will definitely be redeveloped.


https://traded.co/blog/stephen-ross-...5-madison-ave/

Stephen Ross & Related Companies Eye Multi-Billion Dollar Condo & Hotel Tower on 625 Madison Ave





February 26, 2024

Stephen Ross, through his company Related Companies, is set to realize Ben Ashkenazy's vision of a luxury condo tower on Madison Avenue. The project, located at 625 Madison Avenue, is poised to be a multi-billion dollar development comprising retail space, a hotel, and condominiums. Negotiations with luxury hotel and retail brands are already underway.

The vicinity of Midtown Manhattan has witnessed a surge in high-end investments recently. Notable projects include Vlad Doronin’s Aman hotel and condo at the Crown Building on Fifth Avenue. This influx of investment reflects a growing confidence in the local retail sector, with major luxury brands like Prada and Gucci making significant acquisitions in the area.

Related intends to demolish the existing building and embark on a ground-up redevelopment following the acquisition. With the Billionaires’ Row condo market heating up and the potential for a rent reset on the horizon, the completed project's price tag is expected to reach into the multi-billion dollar range.

Ross's ambitious plan to develop a luxury condo tower on Madison Avenue marks a significant milestone in the ongoing transformation of Midtown Manhattan's real estate landscape. As Related Companies prepares to breathe new life into 625 Madison Avenue, the project promises to be a cornerstone of upscale living and retail in the heart of New York City.

[NYguy]

March 13, 2024