Milstein plans $100M renovation of 335 Madison Ave.

Developer abandons plans of building new tower

335 Madison Avenue
335 Madison Avenue

Howard Milstein abandoned the idea of tearing down office tower 335 Madison Avenue and now wants to spend $100 million renovating it instead.

The developer plans to expand the building’s so-called Urban Tech Hub, which offers free incubator space and below-market rents to technology firms, from 100,000 to 250,000 square feet. The New York Post reported renovation plans also call for a new lobby, lower facade and 150,000 square feet of new retail space and amenities.

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The Post reported on Milstein’s plans to tear down the property in 2015. The 1.1-million-square-foot tower is connected to Grand Central Terminal and sits next to SL Green Realty’s office development One Vanderbilt.

SL Green recently reported that it won’t start leasing until 2018, leading to concern among some analysts.

Milstein made headlines in 2015 when animal rights activists protested outside his home after the New York Blood Center, which Milstein chaired, withdrew funds from a chimpanzee facility. [NYP]Konrad Putzier