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New York

Tishman Speyer snaps up Madison Avenue tower for $185M

Art deco building at 34th Street includes 20,000 square feet of retail space

From left: 183 Madison Avenue and Rob Speyer
From left: 183 Madison Avenue and Rob Speyer

Tishman Speyer Properties, together with the Cogswell-Lee Development Group, has reportedly bought 183 Madison Avenue for $185 million.

Argentinian investment company IRSA sold the art deco building on East 34th and Madison, according to the New York Post. The building is 19 stories and was designed by Warren & Wetmore in 1925. The building was originally designed for the silk industry, and multiple fashion tenants are still housed there.

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According to the Post, Tishman Speyer will be targeting tech, advertising, media and internet companies. Modern furniture store Domus Design occupies 20,000 square feet of retail space with a lease that ends in 2020.

Rock New York bought the building in 2007 for $107.5 million. In 2010, it was sold again, this time for $85.1 million, to Rigby Asset Management. [NYP, 2nd] — Claire Moses

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