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New York

Y&R puts 285 Madison on the market

Deep in discussions for 350,000 square feet in Joseph Moinian’s renovated 3 Columbus Circle, advertising agency Y&R, formerly Young & Rubicam, has put its Midtown headquarters on the market.

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According to the New York Post, Y&R purchased its current headquarters at 285 Madison Avenue 28 years ago and has been looking for buyers for several months. The 28-story Building Near 40th Street has 407,127 square feet, including a 21,075-square-foot retail space on the bottom floor.

The Post speculated that a buyer would turn it into a hotel, as its lot size (21,825 square feet) and low ceilings make it a difficult sell for commercial tenants. However, its proximity to Grand Central Terminal renders it an attractive option for a hotelier. No listing brokers were identified as marketing the building. [Post]