The Real Deal New York

PHOTOS: Milstein Properties unveils 335 Madison redevelopment

Company investing $100M to renovate the Midtown office building
By Konrad Putzier | June 14, 2018 06:00PM

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.