The Real Deal New York

Milstein mulls plans to build new skyscraper at 335 Madison

Developer would take advantage of Midtown East rezoning and add a hotel component

March 04, 2015 09:10AM

From left: 335 Madison Avenue, Howard Milstein and a rendering of One Vanderbilt

From left: 335 Madison Avenue, Howard Milstein and a rendering of One Vanderbilt

Howard Milstein is looking to build a new skyscraper to replace his current tower at 335 Madison Avenue.

Milstein, taking advantage of the Midtown East rezoning, would be able to build a taller, larger tower at the location where he currently owns a roughly 1.1 million-square-foot property that he built in 1984, according to the New York Post. The developer is reportedly looking to add a luxury hotel component to the new tower.

The rezoning plans are currently making their way through City Council. SL Green Realty is planning a 1.8 million-square-foot office building next to 335 Madison Avenue at One Vanderbilt, where TD Bank has signed on to be the anchor tenant.

The location used to house a hotel — the Biltmore Hotel from the 1910s – that had Turkish baths in the basement, restaurants and its own corridor from Grand Central, according to the newspaper.

Milstein could try to obtain the majority, or all, of the roughly 1.2 million square feet of transferable development rights that are currently in the hands of Grand Central owner Andrew Penson. [NYP, 1st] — Claire Moses 

 

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