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Old May 20th, 2013, 06:14 AM   #1
RobertWalpole
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NEW YORK | 650 Madison Ave | 260m | Pro

According to the 20 May 2013 WSJ, this office tower at 60th and Madison is being marketed as a tear down to be replaced by a roughly 260m residential tower.

If Ralph Lauren, which occupies the bulk of this tower, leaves for the HY, it will be delivered basically empty and ready for razing. Recall that just east of here on 60th is where Zeckendorf's new tower by Stern will rise.

I speculate that several smallish office towers in this area will be razed and replaced with condos over the next few years.

http://online.wsj.com/article/SB1000...FTThirdStories
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Old May 20th, 2013, 06:43 AM   #2
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You should provide a link to the article.
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Old May 20th, 2013, 06:47 AM   #3
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That's it, Funky. Thanks.
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Old May 20th, 2013, 06:48 AM   #4
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This it?

Quote:
Originally Posted by WSJ
Even some successful properties near Central Park are being eyed for a change to residential use. Consider 650 Madison Ave., a 27-story office tower, which has been put up for sale. Although it fetches top-tier office rents, the property's seller is highlighting in marketing material that a buyer would be able to tear it down and build a condo tower, with hotel and retail, in its place once the properties' leases expire.

An 800-foot residential tower could be built on the site at 60th Street, according to marketing material sent to potential buyers by advisory firm Eastdil Secured LLC. It's a "development opportunity without peers," the marketing material says.

http://online.wsj.com/article/SB1000...420710814.html
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Old May 22nd, 2013, 06:37 PM   #5
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http://therealdeal.com/blog/2013/05/...0-madison-ave/
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Old May 23rd, 2013, 12:24 AM   #6
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The guys on SSP have said this part of Midtown doesn't have a height restriction. Robert, do you have any idea where the 260m figure comes from? Given the location, you'd think whoever buys this lot will want to build as high as they feasibly can to compete with the 57th street ultraluxury condos.
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Old May 23rd, 2013, 12:39 AM   #7
RobertWalpole
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Quote:
Originally Posted by MarshallKnight View Post
The guys on SSP have said this part of Midtown doesn't have a height restriction. Robert, do you have any idea where the 260m figure comes from? Given the location, you'd think whoever buys this lot will want to build as high as they feasibly can to compete with the 57th street ultraluxury condos.
According to the WSJ article, it is being marketed as a site that could support an approximately "800 foot" residential tower.

It's amazing that a mediocre, 27 story tower is generated bids well-over $1billion.

Hopefully, Ralph Lauren leaves here and goes to the HY, in which case, it will be delivered basically empty.
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Old May 23rd, 2013, 02:13 AM   #8
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Quote:
Originally Posted by RobertWalpole View Post
According to the WSJ article, it is being marketed as a site that could support an approximately "800 foot" residential tower.

It's amazing that a mediocre, 27 story tower is generated bids well-over $1billion.

Hopefully, Ralph Lauren leaves here and goes to the HY, in which case, it will be delivered basically empty.
do you think this could possibly be over 300m or do you think it will most likely stay below 300m which is fine in itself
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Old May 23rd, 2013, 02:50 AM   #9
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I don't know. There may be plenty of air rights available though to add to the approximately 250m associated with the site.
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Old May 23rd, 2013, 03:21 AM   #10
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I saw that Ashkenazy was one of the potential buyers. It looks like they also have a sizeable building across the street (635 Madison I believe). But the air rights to that wouldn't be transferrable, would they?
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Old May 23rd, 2013, 03:33 AM   #11
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Not as of right. They would require a permit which probably would not be granted. Anyway, 635 Madsion is one of several post-War office buildings in this area that eventually will be razed and replaced with much taller residential towers.
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Old May 23rd, 2013, 04:29 AM   #12
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From the WSJ article:

http://online.wsj.com/article/SB1000...FTThirdStories

Quote:
NY REAL ESTATE COMMERCIAL May 19, 2013, 10:26 p.m. ET
Helmsley Hotel on Central Park South Is Set for Condos

---

Even some successful properties near Central Park are being eyed for a change to residential use. Consider 650 Madison Ave., a 27-story office tower, which has been put up for sale. Although it fetches top-tier office rents, the property's seller is highlighting in marketing material that a buyer would be able to tear it down and build a condo tower, with hotel and retail, in its place once the properties' leases expire.

An 800-foot residential tower could be built on the site at 60th Street, according to marketing material sent to potential buyers by advisory firm Eastdil Secured LLC.
It's a "development opportunity without peers," the marketing material says.

[...]
This is pretty speculative stuff, unless and until a new owner decides to take advantage of the residential potential. Boutique office rents in this neighborhood exceed $100 per sq. ft. making this "lowly 27 story building" a real prize just as it is. The Park Lane Hotel site could be much more interesting although NIMBYs prefer to maintain the streetwall along CPS at a more modest height. Setbacks there could satisfy those people while allowing a much taller tower to rise towards the rear of the property. Both will be very much worth watching.
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Old May 29th, 2013, 10:07 PM   #13
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Manhattan Tower Said to Get Bids of Up to $1.4 Billion
By David M. Levitt and Hui-yong Yu
May 28, 2013 8:23 PM EDT

A midtown Manhattan office tower majority owned by Carlyle Group LP is attracting bids of as much as $1.4 billion in what may be the biggest U.S. real estate deal since 2010, two people familiar with the sale process said.

Final offers are due tomorrow for 650 Madison Ave., a 27-story building in the heart of Midtown’s upscale shopping district. Bidders include a venture of General Growth Properties Inc. (GGP) and Brookfield Office Properties Inc. (BPO); Vornado Realty Trust; HFZ Capital Group, a New York-based condominium and hotel owner; and Crown Acquisitions LLC, a retail and office landlord, said the people, who asked not to be named because the details of the transaction are private.

The sale is poised to surpass Chetrit Group’s $1.1 billion purchase of New York’s Sony Corp. tower as the largest in the U.S. this year, and be the biggest since Google Inc. (GOOG)’s $1.8 billion acquisition of its West Chelsea building in December 2010. The price, which may set a record on a per-square-foot basis, reflects the property’s lucrative retail space and investor demand for well-located trophy real estate, said Dan Fasulo, managing director at Real Capital Analytics Inc.

“We’re getting into some really big numbers,” Fasulo, whose New York-based firm tracks commercial-property sales, said in a telephone interview. “You have to hope everything stays good in the capital markets...”


A $1.4 billion deal for the 600,000-square-foot (55,700-square-meter) building would exceed $2,300 a square foot, easily surpassing the record among large office towers of $1,583 a square foot paid for 450 Park Ave. in October 2007. That was close to the peak of the real estate market, which crashed the following year when banks were too heavily invested in overvalued mortgage securities....

Part of the value of 650 Madison is being driven by its roughly 70,000 square feet of retail space, making it one of the largest selling floors in Manhattan’s high-end Plaza District, Fasulo said. Ground-floor retail in Midtown’s strongest shopping corridors typically have the highest value of any property type, he said....

Some of the bidders are planning to redevelop the tower into residences as prices for luxury condominiums surge....
For Chicago-based General Growth, the No. 2 U.S. mall owner, a deal for the property would mark its entrance into the Manhattan street retail market. Reuters reported General Growth’s partnership with Brookfield on the bid late last week. Brookfield (BPO)’s parent company, Brookfield Asset Management Inc. (BAM/A), is the mall landlord’s largest stockholder, with about 39 percent of its shares, according to data compiled by Bloomberg.

General Growth
Melissa Coley, a spokeswoman for Brookfield, and David Keating, a spokesman for General Growth, declined to comment on a possible bid.

Doug Harmon, the broker who is marketing the building with Adam Spies for Eastdil Secured LLC, didn’t respond to a phone call.

Mark Semer, a spokesman for New York-based Vornado, declined to comment, as did Harriet Weintraub, a spokeswoman for HFZ. Roxanne Donovan, a spokeswoman for Crown, confirmed the company is bidding on the tower and said she had no further details.

To contact the reporters on this story: David M. Levitt in New York at [email protected]; Hui-yong Yu in Seattle at [email protected]

To contact the editor responsible for this story: Kara Wetzel at [email protected]
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Old May 30th, 2013, 08:48 AM   #14
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Does this include the low-rise base and portion which existed before the tower was built in 1987? If so, then it's a lot of land and hopefully any redevelopment will be done right.

Last edited by RegentHouse; May 31st, 2013 at 11:56 PM.
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Old May 31st, 2013, 02:03 AM   #15
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Yes. I agree with you. I would like to see a classic limestone tower here. The amounts being bid do not support maintaining office space, particularly since the main tenant, Ralph Lauren is likely to leave. Also, high-end hedge funds will be drawn to the new Foster tower on Park and to 1 Vanderbilt -- not here.
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Old June 2nd, 2013, 05:43 PM   #16
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http://online.wsj.com/article/SB1000...TSecondStories

Now that the property has sold, it will be interesting to see what the new owner does with it. The main tenant Ralph Lauren is likely to relocate to the HY or elsewhere, leaving a largely empty tower, that will be competing against L&L's much better Foster tower for mega high-end tenants.

I did not realize that this site has 600,000 sf. I believe that 432 Park has around 700k. I envision a 300m, classical residential condo with $10k/sf apt
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Old June 2nd, 2013, 05:51 PM   #17
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The article isn't working for me, it says I need a subscription
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Old June 2nd, 2013, 06:23 PM   #18
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maybe another supertall
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Old June 2nd, 2013, 06:29 PM   #19
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Quite possibly. Of all of the megaluxury towers planned or u/c (One57, 432 Park, Verre, 105 W 57th, and 225 W 57th), this has the best location by far.
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Old June 3rd, 2013, 10:30 PM   #20
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Great, so if the height changes it will be in a good way.
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