by Howard Morrel & Leslie Hirsch
57th Street Report
A Bold Vision from Extell Development
A dramatic new chapter in Manhattan’s skyline is on the horizon. Extell Development has revealed two striking design proposals for 655 Madison Avenue — a 74-story supertall skyscraper that promises to reshape the corner of Madison Avenue and East 60th Street. Rising to a height of up to 1,279 feet, the proposed mixed-use tower is designed by acclaimed firm Beyer Blinder Belle and will feature a mix of luxury condominium residences, Class A office space, and a dynamic retail podium.
Two Distinct Pathways to the Skyline
The development presents two massing scenarios, each depending on the City Planning Commission’s approval of proposed zoning modifications.
The first proposal, contingent on CPC approval, features a streamlined and elegant silhouette — a rectilinear form with three distinct setbacks. Notably, a 408-foot setback on the eastern face provides a buffer between the new tower and its 781-foot neighbor, 520 Park Avenue. This version would include 13 floors of premium office space, four levels of flagship retail, and a soaring residential tower above, accessed through separate entrances along East 60th Street.
Alternatively, if the CPC declines the zoning request, Extell has a refined as-of-right design in place. Taller and more intricately massed, this version would peak at 1,279 feet, surpassing the first by 117 feet. Its sculpted form would wrap the western façade of 520 Park Avenue, while stepping back on the northern and southern elevations to preserve light and air. In this iteration, the tower would feature 17 floors of office space and a more tapered residential profile above.
Minimal Impact, Maximum Ambition
While some windows of adjacent 520 Park Avenue may be impacted, the western face of the new tower is largely dedicated to its structural core — minimizing long-term visual or light obstruction. The base of the tower includes a thoughtfully designed retail layout, including a delivery access extension on East 61st Street.
Momentum Already Underway
Demolition of the existing building began in spring 2025, with completion anticipated by early 2026. Extell acquired the site in October 2024 for approximately $160 million, backed by Tyko Capital and Elliott Investment Management. According to recent reports, Chanel is exploring a $450 million deal to acquire nearly 65,000 square feet of the planned retail space — a testament to the project’s cachet and commercial appeal.
A New Icon in the Making
With convenient access to the N, R, W, F, and Q subway lines, 655 Madison Avenue is poised to become a prominent anchor in Midtown East — offering residents and tenants exceptional connectivity, luxury, and design. While a formal construction timeline is still pending, the vision is clear: a bold architectural statement that bridges prestige and progress.
Interested in learning more about the future of Manhattan’s skyline? Let’s talk.
All the best,
Howard Morrel & Leslie Hirsch
Christie’s International Real Estate Group
(212) 956-4823
mha@christiesrealestategroup.com
