650 Madison Avenue | TRD Research
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650 Madison Avenue

650 Madison Avenue
New York, NY 10022
(212) 894-7425
Website
Office, Residential, Leasing/Rental

This 27-story office and retail complex takes up the entire block of Madison Avenue from 59th to 60th Street, with about 523,000 square feet of office space and 71,000 square feet of retail. The office tower is home to the headquarters of Polo Ralph Lauren, with 274,000 square feet, while the retail space includes the 61,400-square-foot Manhattan flagship store of Crate & Barrel, and shoe and leather goods retailer Tods in a 7,900-square-foot space.

Vornado Realty Trust, Oxford Properties Group, Crown Acquisitions, Highgate Hotels and unnamed institutional investors bought the property from The Carlyle Group in October 2013 for $1.29 billion, financing the purchase with a new $800 million seven-year, 4.39% interest-only loan. Vornado, which has a 20.1 percent stake in the venture, co-manages and co-leases the office space with Oxford, and the retail space with Crown.

An eight-story building went up on the site in 1957, with an additional 19 stories added in the office tower in 1987. Carlyle renovated the building in 2012-2013.

-NE

  • Year Built 1957
  • square feet 449,876
  • block and lot 1-01374-0014
  • BIN 1040753
  • Event Office Leasing
  • Address 650 Madison Avenue
  • Neighborhood Upper East Side
  • Borough Manhattan
  • Square feet 38,000
notes
The tenant inked a lease for the Upper East Side space.
  • Event Office Leasing
  • Address 650 Madison Avenue
  • Neighborhood Lenox Hill
  • Borough Manhattan
  • Square feet 6,341
notes
The financial firm renewed its lease for 5 years for part of the 19th floor.
  • Event Office Leasing
  • Address 650 Madison Avenue
  • Neighborhood Lenox Hill
  • Borough Manhattan
  • Square feet 10,221
notes
The hedge fund signed a lease.
  • Event Office Leasing
  • Address 650 Madison Avenue
  • Neighborhood Lenox Hill
  • Borough Manhattan
  • Square feet 28,047
notes
The fashion house signed a new lease.
  • Event Office Leasing
  • Address 650 Madison Avenue
  • Neighborhood Lenox Hill
  • Borough Manhattan
  • Square feet 12,657
notes
The fashion house signed a lease.
  • Event Office Leasing
  • Address 650 Madison Avenue
  • Neighborhood Lenox Hill
  • Borough Manhattan
  • Square feet 200,000
notes
The fashion company renewed its lease.
  • Event Sales
  • Address 650 Madison Avenue
  • Neighborhood Lenox Hill
  • Borough Manhattan
  • Square feet 600,000
  • Price $ 695,000,000
  • Price per foot $ 1,158.33
notes
The building went into contract for $695 million, or $1,185 per square foot.

01/02/2015
Upon closing (no date was set at press time), the sale would be the priciest for a U.S. office building since the GM Building changed hands for $2.8 billion in 2008. In 2014, the $1.35 billion sale of 650 Madison Avenue was No...

12/01/2014
The priciest was the store space at the base of the St. Regis, a luxury hotel at 55th Street and Fifth Avenue, where Crown partnered with Vornado to pay $700 million. Farther south down the street, it bought a portion of the retail in the Olympic Tower at 645 through 653 Fifth Avenue. A block east and a few blocks uptown, it partnered with Vornado and others to buy the office and retail building 650 Madison Avenue between 60th and 61st streets, along with 450 Park Avenue at 57th Street...

03/01/2014
The New York sales group, led by Doug Harmon and Adam Spies, recorded $10.6 billion in sales, a significant 51 percent increase from the prior year. The duo represented the Carlyle Group and others in the $1.3 billion sale of 650 Madison Avenue to a joint venture that included Vornado Realty Trust and the hotel-focused investment firm Highgate Holdings...

01/01/2014
The growing value of New York retail can be seen in the Carlyle Group’s high-profile sale in June of 650 Madison Avenue to Crown Acquisitions and Highgate Holdings for $1.3 billion, or a record per-square-foot price of $2,166, according to CBRE...

09/01/2012
Real Estate Weekly reported that ColumbiaDoctors, which is leaving about 100,000 square feet at 650 Madison Avenue, would pay more than $200 per square foot to build out the space â€' on top of the about $60 per foot Vornado will pitch in...