Extell Development has acquired the office property at 655 Madison Avenue for nearly $160 million, with plans for demolition and a potential residential redevelopment. The 200,000-square-foot tower, built in 1951, is positioned between East 60th and East 61st streets, just a block from Central Park. This acquisition reflects a cost of about $800 per square foot, indicating that conversion to residential use is unlikely at that price. Financing for the deal comes from Tyko Capital, backed by Elliott Investment Management. The building has previously housed tenants like Knotel and was last renovated in 2005.
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