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.
Advertisement

“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

[NYguy]

Reason they are moving relatively quickly on this…


https://therealdeal.com/new-york/2026/07/23/sl-green-cashes-in-on-manhattan-office-rebound/


Elizabeth Cryan

With little new office construction on the horizon, tenants are scrambling for the city’s best buildings, and Manhattan’s biggest office landlord is reaping the benefits.

SL Green raised its full-year earnings guidance by $1.20 per share, a more than 26 percent increase. The bump was largely driven by strong Manhattan office leasing, particularly early renewals and tenants snapping up pre-built space, as well as faster tenant move-ins and tighter expense controls, CFO Matt DiLiberto said during a second-quarter earnings call.

“A growing scarcity of premier space in desirable Midtown districts has turned the tables in our favor,” CEO Marc Holliday said during the call. “We now know that we’ll exceed our leasing goals again this year. It’s just a question of whether it’ll be by a wide margin, or a really wide margin.”

“Our economy is in a league of its own compared to any other [Central Business District] in the country or indeed even the world, driven by the financial services sector performing as well as I’ve ever seen it,” he said.

[ChiND]

SLG has its eyes on sites further north on Madison too. It would be nice if they can acquire the eyesore to the east of 551 Madison (i.e., 55 East 55th Street), which is occupied by NYU Langone. I'll check ACRIS to see if they own it or just lease it.

https://www.pincusco.com/sl-green-buys-7...capital-office-building-in-midtown-east/

SL Green buys $78M note secured by Lexin Capital office building in Midtown East
August 7, 2026 8:58 am


Cyclomedia

[NYguy]

Rosen is such a clown. “I wanna team up, but let me kick you in the balls first”. LOL


https://therealdeal.com/new-york/2026/08/07/aby-rosen-tries-to-block-sl-green-air-rights-deal/

Gasping for air: Aby Rosen tries to kill SL Green’s air rights deal in latest round of Madison Ave power struggle

Rich Bockmann
Aug 7, 2026

Aby Rosen is ratcheting up his fight with SL Green.

Rosen’s RFR in December bought a $1 million apartment in the residential condo building at 5 East 44th Street.

What would Rosen — who basks in a lavish lifestyle of high-end art and a private yacht — want with such a modest home? As it turns out, the condo’s board was negotiating to sell its unused air rights to Marc Holliday’s SL Green — which has been the subject of Rosen’s scorn ever since the REIT outmaneuvered him last year to buy the prime office development site at 346 Madison Avenue.

The condo board’s bylaws require unanimous approval from all the owners to move ahead with any sale. Rosen believed his apartment purchase would allow him to thwart SL Green’s plans, while at the same time making his own competing offer for the air rights.

But the board has scheduled a special meeting for Aug. 13 where they plan to amend the bylaws to allow a supermajority of owners to approve the sale to SL Green, allowing them to bypass Rosen’s veto.

supreme court asking a judge to void the contract with SL Green and prevent the board from changing its bylaws.

“This action arises from a rogue board that is acting well beyond the bounds of its authority,” RFR’s lawyers wrote in their complaint. “[RFR] brings this action . . . to hold the board accountable to the condominium’s governing documents, and effectively right the ship.”

A representative for the condo board could not be immediately reached for comment.

A spokesperson for SL Green called the lawsuit frivolous and said it won’t impact 346 Madison Avenue, which will remain on track and on schedule.

“We view this as straight out of the Aby Rosen playbook — losing out on a deal and suing everyone in sight,” the spokesperson told The Real Deal.

Rosen, on the other hand, said it’s a matter of owners rights. And then threw out the idea of teaming up with SL Green.

“As a unit owner in the condominium, we believe in transparency from the board and will protect the best interests of every owner in the building,” Rosen told TRD. “Separately, while we are very excited about both SL Green’s development at 346 Madison Avenue and our project at 350 Madison Avenue next door, we believe it would be a great thing for the city for us to join forces and deliver one supertower that is of much greater scale and efficiency.”

In his lawsuit, Rosen said had offered the board $6.5 million for the air rights — $500,000 more than SL Green’s offer — and agreed to put down a 20 percent deposit (topping SL Green’s 10 percent), but the board rejected his offer.

The drama all ties back to 346 Madison Avenue — the former home of the Brooks Brothers flagship — which SL Green bought in November along with the adjacent building at 11 East 44th Street for $160 million. The REIT plans to build a roughly 850 million square foot office tower on the site. The 3,600 square feet of air rights it plans to buy from the 5 East 44th Street condo building could generate roughly 37,000 square feet of development rights through the Midtown East rezoning bonus.

Rosen owns a building next to the development site (350 Madison Avenue) and had tried to buy it when it went up for sale. But after SL Green closed the deal Rosen sued the seller — Luxottica heir and former Brooks Brothers CEO Claudio Del Vecchio — claiming they used RFR’s confidential information to help steer the deal to SL Green. That lawsuit is still ongoing.

[ChiND]

Rosen is a putz, but these parcels should be combined.

Does anyone know how full 350 Madison is? For example, could it be razed fairly soon?

[NYguy]

“Separately, while we are very excited about both SL Green’s development at 346 Madison Avenue and our project at 350 Madison Avenue next door, we believe it would be a great thing for the city for us to join forces and deliver one supertower that is of much greater scale and efficiency.”

Rosen was doing nothing with his site. He should just sale to the SL Green/Mori team, and use those proceeds to go towards the Tishman site on 42nd Street. That way, he could focus on emptying that tower out, and combining his parcels there. He would get a greater tower than anything the combined team could do here.