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
The Economic Innovation Group identified 145 real estate investments in Opportunity Zones (iStock)

Real estate deals dominate Opportunity Zones. Is that bad?

Real estate deals dominate Opportunity Zones. Is that bad?
The Grand Hyatt Hotel at 109 East 42nd Street and and  RXR’s Scott Rechler (Wikipedia Commons; Getty)

Grand Hyatt redevelopment could be 1,600-foot supertall

Grand Hyatt redevelopment could be 1,600-foot supertall
A rendering of Gowanus Green and HPD commissioner Louise Carroll (Rendering via Jonathan Rose Companies)

Massive Gowanus development will be 100% affordable

Massive Gowanus development will be 100% affordable
Sheldon Solow (Getty)

Billionaire developer Sheldon Solow dies at 92

Billionaire developer Sheldon Solow dies at 92
Peter Koo and the Flushing waterfront (Facebook, Flushing Waterfront, rendering by Jeff Strikeman Architectural Art)

Flushing … another project down the toilet?

Flushing … another project down the toilet?
Photo-illustration (images via Getty)

Kiss the ring: City pols weigh heavy on development in these major markets

Kiss the ring: City pols weigh heavy on development in these major markets
arrow_forward_ios

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

Loading...