Gary Barnett’s Extell Development plans to replace a 24-story office building at 655 Madison Avenue with a 37-story, 193,000 sq. ft. residential tower featuring 62 units and commercial space. Extell purchased the Midtown site for nearly 160 m, equating to about $1,000 per sq. ft., suggesting luxury redevelopment plans. The existing office building, built in 1951 and last renovated in 2005, charged rents of $54–$66 per sq. ft. The new development is a block from Central Park, potentially offering premium views to attract high-end buyers. Tyko Capital, backed by Elliott Investment Management, financed the acquisition.
Gary Barnett’s Extell
