655 Madison Avenue
655 Madison Avenue, New York, NY 10065
BBL 1013750021 · BIN 1091953
- Type
- Condominium
- Landmark
- No
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A Private Pricing Opinion — what your apartment at 655 Madison Avenue would likely sell for today, what it costs to sell, and what you’d walk away with — reviewed personally against condition, exposures, renovation quality, and the competition actually on the market.
655 Madison Avenue is a planned 1,162-foot mixed-use supertall on a through-block site between East 60th and East 61st Streets, east of Fifth Avenue and beside 520 Park Avenue, which is 781 feet tall. Extell bought the site in October 2024 for nearly $160 million and closed $1.13 billion in construction financing in December 2025, reported as the largest construction financing package in New York City that year.
The tower combines a retail and office base with residences above. Published reporting describes four retail floors in the podium and 13 office floors at the base of the tower, with separate residential and office entrances on East 60th Street. Chanel was reported to have agreed to take 65,000 square feet for a flagship in a deal valued at about $450 million.
What's planned
Plans call for 154 condominium residences with an average size of about 3,090 square feet, according to published construction reporting. The residential component is reported at 476,000 square feet in the rezoning application Extell filed in July 2025.
No finalized renderings have been published since the start of 2026. The closest depiction is a zoning diagram: a rectangular tower with three setbacks, one at 408 feet on the east elevation that opens space between the tower and 520 Park Avenue. Published reporting notes the design depended on zoning amendments from the City Planning Commission, and that the as-of-right alternative would have reached 1,279 feet with a different massing. A first-floor plan shows a long retail panhandle extending north along East 61st Street.
The DOB filing differs from the press figures: 75 stories and 126 dwelling units against 74 stories and 154 residences. Confirm the residential count in the offering plan once filed.
Timeline and filings
- October 2024: Extell buys 655 Madison Avenue for nearly $160 million.
- November 18, 2024: DOB application filed for full demolition of the 24-story building and a new 75-story commercial mixed-use building.
- July 2025: Extell files a rezoning application with City Planning for a 765,000-square-foot, 1,162-foot project with 154 residential units.
- December 15, 2025: $1.13 billion construction financing closes: a JPMorgan mortgage and a Tyko Capital mezzanine loan.
- April 20, 2026: Superstructure application filed with DOB.
- July 30, 2026: Published construction reporting confirms the old building is fully demolished and excavation and piling are under way.
- August 2026: Foundation and support-of-excavation applications reach permit status.
Offering and pricing
No condominium offering plan has been accepted by the New York State Attorney General as of October 2026, and no pricing has been published.
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Buying here? Condo closing costs with a mortgage typically run 3 to 6% of the price. See NYC co-op and condo closing costs, line by line.
What to know if you’re buying
Reservations before plan acceptance are non-binding. A reservation holds a place in line and does not commit the buyer or the sponsor. Terms can change before the plan is accepted.
The plan must be accepted before contracts. The plan will set the residential unit count, prices, budget and closing conditions. With 233,000 square feet of commercial space reported in the same building, the plan should also describe how residential and commercial owners share costs, entrances, elevators and building systems.
Deposits are held in escrow. Sponsor deposits on new-development condominiums typically run 10 to 20 percent of the price, held in escrow until closing.
The buyer customarily pays transfer taxes. In sponsor sales the buyer pays New York State and New York City transfer taxes. The mansion tax applies at $1 million and above and rises in tiers from $2 million.
Closings take place on a temporary certificate of occupancy. A temporary certificate of occupancy (TCO) lets residents move in while final sign-offs are pending. In a tower this tall, TCOs are sometimes issued in stages; ask how the plan handles phased closings.
Budget, common charges and any abatement are set in the plan. No abatement has been announced. Budget lines for the shared mechanical systems and the commercial base will matter at this height.
Timeline risk. Completion is reported for spring 2030, with one published estimate of 2031. The tower is early in construction and the design depends on the zoning approvals described above.
Comparable buildings
- 520 Park Avenue — Robert A.M. Stern's 2018 condominium tower adjoining the site
- 520 Fifth Avenue — KPF-designed supertall condominium of 100 residences above a members' club
- 656 Lexington Avenue — 31 full-floor residences in Midtown East
- 126 East 57th Street — Malabar Residences, a 145-home condominium near Billionaires' Row
More Midtown East buildings
- Beekman, 401 East 51st Street — condominium by SLCE Architects
- 425 East 51st Street (Beekman Hill House) — 1930 co-op
- 641 Fifth Avenue (Olympic Tower) — 1976 condominium by Skidmore, Owings & Merrill
- 656 Lexington Avenue — condominium
- 667 Lexington Avenue (140 East 56th Street) — 1956 condominium
- 685 Fifth Avenue — 1926 condominium
The neighborhood
For the full corridor — architecture, transit, and pricing across Midtown East — read The Roebling Team Guide to Midtown East.
How to read the facts on this page. Items attributed to an offering plan describe the building as it was offered at that filing — unit mix, square footage, the amenity program as planned. They are not a statement about how the building operates today. Tax and compliance figures are sourced separately to current City records and carry their own dates. House rules, staffing and fee policy can change by board resolution without any public filing: treat every policy line here as a starting point for diligence and confirm it with the managing agent. Where this page compares one building or neighborhood to another, that is our analysis of the recorded record — it names the measure, the period and the sample it rests on, and it is an observation about medians rather than a prediction about any particular apartment.
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