Related files plans for 1,220-foot skyscraper with 101 resi units in Midtown East
625 Madison Avenue (Credit: Google)
Related Companies through the entity 625 Mad Realty LLC submitted a new building construction project for a 101-unit, 1,220-foot-tall mixed use (R-2) building at 625 Madison Avenue in Midtown East, Manhattan. The plan was filed with the New York City Department of Buildings on November 26, 2024 under job number M01145329. It calls for the construction of a 68-story, 496,704 square-foot building on a parcel spanning Madison Avenue from 58th Street to 59th Street. The project is described in the filing as: construction of a new building as per plans filed herewith. Andrew Orchulli submitted the plans. The architect is SLCE Architects.
Just over a week earlier, Gary Barnett’s Extell Development on November 20 filed plans at 655 Madison Avenue on the northeast corner of 60th Street, for a 37-story tower with 62 residential units. This summer, Ashkenazy Acquisition lost the leasehold to 635 Madison Avenue to its lender.
Related’s plans call for retail on the first and second floors and the lower level, a restaurant and private dining on the fourth floor, a gym including pickleball and squash courts on the fifth, screening and meeting rooms on the sixth, a pool on the seventh and a “sky garden, loggia” on the ninth. The building has two residential units per floor from the 12th to the 66th, excluding several mechanical floors. There is a rooftop terrace planned that will hold 130 people.
The New York Post reported in July that Related planned a supertall, but the exact plans were not clear at the time with hotel units being considered. There are no hotel units in the plans submitted this week.
SL Green Realty submitted plans in April 2024, M01032680, to demolish the building.
625 Madison Avenue
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Sub-Cellar - 2 | TENANT STORAGE, STORAGE ROOMS | Storage of non combustible Materials | 27 | Storage | ||
| 2 | Sub-Cellar - 2 | BIKE ROOM, LAUNDRY ROOM, PET WASH ROOM, | Apartment | 66 | Residential | ||
| 3 | Sub-Cellar - 2 | Parking Garage | 44 | Storage | |||
| 4 | Sub-Cellar - 2 | FUEL OIL TANK, EJECTOR PIT ROOMS, | Mechanical and/or electrical equipment room | 9 | Factory and Industrial | ||
| 5 | Sub-Cellar - 1 | RECEPTION, SECURITY MONITORING ROOM, DELIVERY ROOM, MANAGERS ROOM, PACKAGE ROOM | Apartment | 157 | Residential | ||
| 6 | Sub-Cellar - 1 | SERVICE SWBD | Mechanical and/or electrical equipment room | 10 | Factory and Industrial | ||
| 7 | Sub-Cellar - 1 | STORAGE ROOMS, WOMEN'S LOCKER ROOM, MEN'S LOCKER ROOM, BREAK ROOM, CLUB BACK OF HOUSE, COMPACTOR ROOMS | Storage of non combustible Materials | 45 | Storage | ||
| 8 | Cellar | NET PROT, EQUIPMENT ROOM | Storage of non combustible Materials | 13 | Storage | ||
| 9 | Cellar | TANK ROOM, FIRE PUMP ROOM, GAS METER ROOM, ARCS ROOM, PLUMBING DOMESTIC WATER POE ROOM | Mechanical and/or electrical equipment room | 11 | Factory and Industrial | ||
| 10 | Cellar | RETAIL 1, RETAIL 2 | Retail Sale | 57 | Mercantile |
The existing property
The office building in Midtown East has 535,344 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 200 feet deep with a total lot size of 35,146 square feet. The lot is irregular. The zoning is C5-3 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $275.6 million.
Prior sales and revenue
This property was sold by SL Green Realty for $634.6 million to Related Companies on July 25, 2024.
The 535,344-square-foot property generated revenue of $57.6 million or $108 per square foot, according to the most recent income and expense figures.
Development
Andrew Orchulli of 625 Mad Realty LLC submitted a new building construction project for a 101-unit, 496,704 square-foot residential (R-2) building at 613 Madison Avenue. The plan was filed on November 26, 2024. It calls for the construction of a 1,220-foot tall, 68-story building and was filed with the New York City Department of Buildings under job number M01145329. The architect is Slce Architects. The project is described in the filing as: construction of a new building as per plans filed herewith.
For the tax lot building, it received its initial certificate of occupancy on April 14, 2017.
Violations and lawsuits
According to city public data, the property has received $6,250 in ECB penalties and $7,450 in OATH penalties in the last year.
The property was involved in at least four lawsuits over the past four years.
The neighborhood
In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 3rd highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Midtown East is the 2nd most active neighborhood among other neighborhoods. It had 18.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 30 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of two of the four commercial properties representing 2,360,164 square feet of the 2,463,342 square feet. The two identified owners are Boston Properties and Related Companies. On the tax block, there was one new building construction project filed totaling 496,704 square feet. It is a 101-unit, 496,704 square-foot residential (R-2) building submitted by Andrew Orchulli with plans filed November 26, 2024 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Related Companies owned at least 169 commercial properties with 9,465 residential units in New York City with 21,625,755 square feet and a city-determined market value of $6.2 billion. (Market value is typically about 50% of actual value.) The portfolio has $6.2 billion in debt, with top three lenders as Wells Fargo, Carlyle Group, and Bank of America respectively. Within the portfolio, the bulk, or 44 percent of the 21,625,755 square feet of built space are elevator properties, with office properties next occupying 32 percent of the space. The bulk, or 62 percent of the built space, is in Manhattan, with Bronx next at 23 percent of the space.
The surrounding
Within a 400-foot radius of 41 East 58 Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. One of those four items was a sale which Series 2014-C24 and JPMBB 2014-C24 MADISON AVENUE acquired the 149,881-square-foot, 33-unit office building (O6) on 635 Madison Avenue for $18.7 million from Ashkenazy Acquisition on July 1, 2024. Of those four items, three were loans above $5 million totaling $81 million. The most recent of the three was Buchbinder & Warren in which borrowed $46.4 million from Apple Bank secured by the 25,000-square-foot, one-unit mixed-use building (K2) on 44 East 58th Street and two other properties on May 30, 2024.
Direct link to the property’s ACRIS page and link to DOB NOW portal.