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
An aerial view of 134 Vanderbilt Avenue and renderings of the project (Google Maps, Tankhouse)
Tankhouse plans mixed-use project at Clinton Hill gas station site
Tankhouse plans mixed-use project at Clinton Hill gas station site
Queens Borough President Donovan Richards in front of Willets Point. (Office of Queens Borough President, WikiMedia / Jim.henderson)
Willets Point redevelopment finally moves ahead
Willets Point redevelopment finally moves ahead
Francis Greenburger of Time Equities (Greenburger via Michael McWeeney; iStock)
Rental-to-condo conversions drop 80% after 2019 rent law: report
Rental-to-condo conversions drop 80% after 2019 rent law: report
Klövern executive Peeter Kinnunen, GDSNY CEO Michael Kirchmann and 407 Park Avenue (Klövern, GDSNY, Google Maps)
GDSNY, Klövern add 407 Park Avenue to project footprint for $31M
GDSNY, Klövern add 407 Park Avenue to project footprint for $31M
City Council Majority Leader Laurie Cumbo and 840 Atlantic Avenue (Getty, Google Maps)
Atlantic Avenue project gets haircut — and is rejected anyway
Atlantic Avenue project gets haircut — and is rejected anyway
Close to 80 hotels with more than 13,000 rooms plan to open in 2021. (iStock)
Big year seen for hotel openings, despite few visitors
Big year seen for hotel openings, despite few visitors
arrow_forward_ios

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

Loading...