Gary Barnett’s Extell Development is pursuing a major rezoning at 655 Madison Avenue, filing plans for a 74-story, 1,162-foot-tall tower spanning 765,000 square feet. The proposed development includes 154 residential units across 476,000 square feet, and 233,000 square feet of commercial space, mostly office. Extell is negotiating with the city to obtain 130,000 additional square feet in exchange for subway upgrades at the Fifth Avenue/59th Street station and is seeking to transfer 135,000 square feet of air rights from the Metropolitan Club.
Without rezoning, Extell has an alternate plan for an 84-story tower with 600,000 square feet, including 158 residential units. Extell acquired the property in October for nearly $160 million from Williams Equities. The site currently holds a 24-story office building last renovated in 2005. Chanel has reportedly been in talks to buy the retail portion—65,000 square feet—for a price in the mid-$400 million range. The tower’s estimated completion date is 2031.
