Related Companies’ plans to kick its recently acquired Madison Avenue property into its next phase are coming into focus.
The developer’s plans at 625 Madison Avenue, which it picked up in December from SL Green for more than $600 million, will rise 1,200 feet, the New York Post reported.
The Real Deal previously reported the Manhattan high-rise will include retail, a hotel and condos, with luxury hotel and retail brands already in talks for the coming project.
Relate CEO Jeff Blau told the Post the property does not require zoning changes, but is facing “nine months of demolition ahead.”
Closing documents were not available yet on the New York City Finance Department’s website, according to the Post. TRD reported on Dec. 4 that Related entered into a contract for the purchase of the property from SL Green in December for $632 million, marking one of the year’s largest transactions.
The deal followed a decade-long saga that saw SL Green finally succeed in taking back control of the Madison Avenue property from billionaire investor Ben Ashkenazy.
Elsewhere in the city, Related has aired its plans with Wynn Resorts to build a 3 million-square-foot hotel and casino in Hudson Yards.
Blau told the Post the Wynn project includes a 2 million-square-foot office tower, one million-square-foot apartment tower with 324 affordable housing units, a new public school and a 6-acre public park “larger than Bryant Park.”
Related still has to get approval of the plans from the New York State Gaming Facility Location Board over other proposals. The proposals are not due until June 2025.
The new plans also come after Related’s Steve Ross took a step back from the company to focus on his Palm Beach County investments and developments.
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South Florida
BREAKING: Steve Ross launches firm focused on West Palm investments, steps back from Related
Ross founded the firm 52 years ago. In 2012, Ross stepped down as CEO and remained chairman as part of a long-term succession plan.
The 84-year-old founder is transitioning from chairman to nonexecutive chairman and still the single largest shareholder. Blau will continue to lead Related with President Bruce Beal Jr. and COO Kenneth Wong.
— Christina Previte