SL Green files permit for 1.5M-SF office tower across from Madison Square Park

By CityRealty Staff | From Future New York Friday, November 15, 2019

All renderings of One Madison Avenue courtesy of SL Green and Kohn Pedersen Fox

If developer SL Green has anything to say about it, condos will not be the only type of building clamoring for views of Madison Square Park. The neighborhoods of Gramercy and NoMad have been rife with residential activity with new development condos such as Madison Square Park Tower, 10 Madison Square West and 212 Fifth Avenue coming online. Now, the first major commercial office venture appears to be moving forward with a building permit application filed to significantly increase the size of One Madison Avenue at the northeast corner of 23rd Street.

According to The Real Deal, owner and developer SL Green will transform One Madison into a marquee office tower that will have nearly 1.5 million square feet of rentable space. Rumors have circled that Facebook is looking to lease space in the building, though the tech giant's just-announced agreement to take 1.5 million square feet of space in Hudson Yards may show a deal at One Madison is no longer in play. Nevertheless, SL Green's tower will help address a seemingly insatiable demand for office space in the area sometimes dubbed Silicon Alley.

One Madison's design by Kohn Pedersen Fox calls for a 13-floor addition atop the existing 14-floor limestone building. According to SL Green, there will be 18 column-free floors, terraces on the tenth and eleventh floors, and private tenant terraces at the top of the building. There will also be an upgraded lobby and new retail space down below. More details on the project can be found here.

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(Credit: SL Green and Kohn Pedersen Fox)

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The existing One Madison building served as an annex to the Metropolitan Life Tower next door. Modeled after the bell tower of St. Mark's Basilica in Venice, the early skyscraper was an international sensation when it went up as the world's tallest building in 1909. In 2015, the tower was converted into the New York Edition Hotel, a 273-room affair masterminded by hotelier Ian Schrager.

Back in the early 2000's One Madison's untapped development potential was proposed to be utilized for a 95-floor residential condo developed by Israeli developer Elad Properties and designed by World Trade Center master planner, Daniel Libeskind. Despite that project's foundering, the area has seen more than a dozen new condo developments in the last decade. Most recently, construction has topped out on a new condominium at 39 West 23rd Street. On the other side of 23rd Street is Celeste Gramercy where two-bedroom homes start at $1.795 million. Additionally, at 121 E 22nd, a newly-opened condo designed by Rem Koolhaas's OMA, remaining listings range from $1.31 million for a studio to $9.5 million for one of the penthouses.

The never-built design for One Madison Avenue by Elad Properties and Studio Daniel Libeskind (Rendering credit: DBOX)

Celeste Gramercy via Cantor-Pecorella

121 E 22nd via Toll Brothers City Living

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