Williams Equities has filed plans to demolish the 24-story office building at 655 Madison Avenue in Midtown Manhattan. Co-owned with Jamestown, the 200,000-sq-ft property, built in 1951 and renovated in 2005, has had office rents between $54 and $66 per square foot. The future of the site remains uncertain, but Williams principal Michael Cohen hinted at potential redevelopment involving retail, hospitality, and residential uses.
In related news, Williams recently secured a five-year, $155m refinancing from Citi Real Estate Funding for its century-old retail and office property at 28-40 West 23rd Street in the Flatiron District. This refinancing replaced a $140m CMBS loan and will be packaged into commercial mortgage-backed securities. Additionally, Williams plans a $23m renovation for the Flatiron property, which houses a Home Depot store.
