Olayan Group files plans for $15M rehab of sky lobby and fitness center at 550 Madison
Olayan Group, on June 9, filed two permit applications, totaling $15.1 million, for renovations of the sky lobby and fitness center at 550 Madison Avenue in the Plaza District.
The first plan calls for a $10.1 million rehab of the sky lobby of the 648-foot tall, 37-story, building.
The project is described in the filings as: interior renovation in the sky lobby as per plans filed herewith. No change to use, egress, or occupancy. The initial cost as reported in the DOB filing for the work described in this permit application is $10,145,000.
The second plan calls for a $5 million rehab of the fitness center in the building.
The project is described in the filings as: interior renovation in fitness center as per plans filed herewith. No change to use, egress, or occupancy. The initial cost as reported in the DOB filing for the work described in this permit application is $4,951,000.
Plans for the building have changed radically over several years. The Chetrit Group paid $1.1 billion for the office building in 2013 with plans to convert it to residential condominiums, however, the plans were abandoned when Olayan teamed with Chelsfield to purchase the property for $1.4 billion on May 26, 2016. RXR Realty joined as a third partner and the trio have been working to transform the property since then.
On December 7, 2017, Olayan filed plans for $25.3 million of work to the building, which were permitted January 2019. The plans were stated as: renovations to existing commercial office building and upgrade to base building infrastructure. Alt 1 application filed to document all proposed uses, egress and zoning floor area within the building. Dominant use or building remains commercial offices.
Those plans indicate that the fitness center is located in the sub-cellar of the building while the sky lobby spans to the fourth floor, according to amended plans.
The sky lobby has a 30-foot tall window and two large murals by Dorothea Rockburne, titled “Southern Sky” and “Northern Sky”,
Direct link to Acris document.LINK
Direct link to DOB document.LINK