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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
    For more info, click here
    • 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.
    For more info, click here
    • 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.
    For more info, click here
    • Event Office Leasing
    • Address 650 Madison Avenue
    • Neighborhood Lenox Hill
    • Borough Manhattan
    • Square feet 10,221
    notes
    The hedge fund signed a lease.
    For more info, click here
    • Event Office Leasing
    • Address 650 Madison Avenue
    • Neighborhood Lenox Hill
    • Borough Manhattan
    • Square feet 28,047
    • Publication Date 11/01/2010
    • Event Date 09/22/2010
    • Party 1 Carlyle Group
    • Party 1 Brokerage In-house
    • Party 2 Polo Ralph Lauren Corporation
    • Party 2 Brokerage Savills Studley
    • Party 2 Broker David Goldstein, Mitchell Steir, Michael Barlow
    notes
    The fashion house signed a new lease.
    For more info, click here
    • Event Office Leasing
    • Address 650 Madison Avenue
    • Neighborhood Lenox Hill
    • Borough Manhattan
    • Square feet 12,657
    notes
    The fashion house signed a lease.
    For more info, click here
    • Event Office Leasing
    • Address 650 Madison Avenue
    • Neighborhood Lenox Hill
    • Borough Manhattan
    • Square feet 200,000
    notes
    The fashion company renewed its lease.
    For more info, click here
    • 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.

    New buyers, one broker rule in 2014 building sales
    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...

    Ranking Manhattan’s biggest retail buyers
    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...

    The big broker boost
    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...

    Retail’s ‘crystal ceiling’
    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...

    Lucrative leasing
    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...