550 Madison is now a landmark

RXR and Olayan are planning a $300M renovation

New York /
Aug.August 01, 2018 03:30 PM

550 Madison Avenue

The Landmarks Preservation Commission designated the exterior of 550 Madison Avenue a landmark.

“This is the building that established postmodernism as a legitimate architectural movement,” LPC vice chair Frederick Bland told Curbed in a statement. “It deserves to be preserved for future generations.”

Philip Johnson and John Burgee designed the 37-story tower, which was completed in 1984.

The Chetrit Group and David Bistricer’s Clipper Equity purchased the property, then known as the Sony Building, from Sony for $1.1 billion in 2013. The developers had planned a $1.9 billion condominium conversion, but ultimately sold the building to Saudi Arabia’s Olayan Group for $1.4 billion in 2016. The new owners wanted to give the tower’s lower floors a new glass facade as part of a $300 million renovation, which led preservationists to campaign for a landmarks designation, Curbed reported.

RXR Realty bought a stake in the project in April. “Since acquiring the building, we have taken our role as stewards of this important building very seriously,” the owners said in a statement. “We look forward to an ongoing dialogue with the LPC and other stakeholders to preserve 550 Madison’s legacy as a commercial Class A destination in East Midtown.” [Curbed] — Konrad Putzier


Related Articles

arrow_forward_ios
The Strand Bookstore and store owner Nancy Bass Wyden (Credit: Getty Images)
Over owner’s protests, city landmarks Strand bookstore
Over owner’s protests, city landmarks Strand bookstore
Revamped design for 550 Madison receives Landmarks’ approval
Revamped design for 550 Madison receives Landmarks’ approval
Revamped design for 550 Madison receives Landmarks’ approval
The Top 10 preservation fights of 2018
The Top 10 preservation fights of 2018
The Top 10 preservation fights of 2018
Carpenter & Company's Richard Friedman and 2 Canal Street in New Orleans (Carpenter & Company, Google Maps)
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
New Orleans Four Seasons lands $315M loan from Madison Realty Capital
HUBB’s John McCarthy, Greystone's Thomas Ryan and 223-225 4th Avenue (Google Maps, Greystone, Getty)
HUBB NYC continues 421a spending spree, buying Park Slope building
HUBB NYC continues 421a spending spree, buying Park Slope building
120 East 39th Street (Hotels, Getty)
Short-term rental company taking over Midtown hotel
Short-term rental company taking over Midtown hotel
One Soho Square with Stellar Management’s Larry Gluck and Yotpo CEO Tomer Tagrin (LoopNet, Twitter, Gluck Family Foundation)
Yotpo inks 30K sf sublease at Stellar’s One Soho Square
Yotpo inks 30K sf sublease at Stellar’s One Soho Square
From left: Landlord Steve Croman and White Horse Tavern owner Eytan Sugarman along with the White Horse Tavern at 567 Hudson Street (Getty Images, Google Maps, Instagram/boyfromnewyorkcity)
Croman sues White Horse Tavern owner for $650K back rent
Croman sues White Horse Tavern owner for $650K back rent
arrow_forward_ios

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

Loading...