PHOTOS: Milstein Properties unveils 335 Madison redevelopment

Company investing $100M to renovate the Midtown office building

New York /
Jun.June 14, 2018 06:00 PM

One Vanderbilt isn’t the only big development happening next to Grand Central Terminal. On Tuesday night, Milstein Properties unveiled its plans for a $100 million renovation of its office tower 335 Madison Avenue.

Rudin Management’s Bill Rudin, CBRE’s Stephen Siegel, Cushman & Wakefield’s Adam Doneger, Fried Frank’s Jonathan Mechanic, Shop Architects’ Corie Sharples and Milstein Properties Howard and Michael Milstein were among the attendees.

Company, an office-services venture run by Michael Milstein and Matt Harrigan, will manage the renovated property. Milstein Properties said it will invest $150 million into the venture, two-thirds of which will pay for the redevelopment.

Around 250,000 square feet will be set aside for 100 to 200 startups, some of which will pay subsidized rent, and 700,000 square feet will be available to larger tenants. Retail and amenities, including a library, a bar, a terrace overlooking Grand Central and a gym with a pool, will take up another 150,000 square feet. Company also plans to launch a tenant app.

Earlier this week, Milstein sold a large development site in the South Street Seaport area to Howard Hughes Corporation for $180 million.


Related Articles

arrow_forward_ios
Milstein plans $100M renovation of  335 Madison Ave.
Milstein plans $100M renovation of
335 Madison Ave.
Milstein plans $100M renovation of
335 Madison Ave.
Placeholder image
Michael Kors sews up 40,000 feet at 335 Madison
Michael Kors sews up 40,000 feet at 335 Madison
Developers make big resi bet on Mott Haven
Developers make big resi bet on Mott Haven
Developers make big resi bet on Mott Haven
Prologis Chairman and CEO Hamid Moghadam (Getty, Prologis)
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
State Sen. Jabari Brisport and a rendering of 840 Atlantic Avenue (Getty, IMC Architecture, iStock)
How a senator’s vampire politics hurt real estate — and NYC
How a senator’s vampire politics hurt real estate — and NYC
Tavros' Dov Barnett and a rendering of the current proposal at 44-54 Ninth Avenue and 351-355 West 14th Street (Tavros, Renderings via BKSK)
City orders Meatpacking office developer to dismantle, rebuild slouching façades
City orders Meatpacking office developer to dismantle, rebuild slouching façades
Peebles, Witkoff plan Hudson Yards supertall
Peebles, Witkoff plan Hudson Yards supertall
Peebles, Witkoff plan Hudson Yards supertall
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...