Extell Breaks Ground on $1.13B, 1,162-Foot Supertall on Madison

• Excavation is underway for a 74-story mixed-use supertall at 655 Madison Avenue on Manhattan's Upper East Side.
• The project will include 154 luxury condominium residences, approximately 233,000 square feet of office and retail space, and will rise 1,162 feet.
• Developed by Extell Development Company and designed by Beyer Blinder Belle, the tower is expected to be completed in spring 2030.

What Is Planned for 655 Madison Avenue

Construction has officially entered the excavation phase at 655 Madison Avenue, where one of New York City's next supertall skyscrapers is beginning to take shape. Located at the northeast corner of Madison Avenue and East 60th Street, the mixed-use development will stand 74 stories and reach 1,162 feet, making it one of the tallest residential buildings on the Upper East Side. Designed by Beyer Blinder Belle and developed by Extell Development Company, the tower will span approximately 764,698 square feet. Plans call for 154 luxury condominium residences averaging 3,091 square feet, along with approximately 233,000 square feet of office and retail space occupying the building's lower floors.

What Construction Looks Like Today

The former 24-story office building that once occupied the site has been completely demolished, allowing crews to begin excavation and foundation work. Workers are currently focused on below-grade excavation and piling operations, with substructure construction expected to continue through the end of the year. Although the project has advanced into construction, finalized architectural renderings have not yet been publicly released. Current construction signage and zoning diagrams provide the best look at the tower's overall massing and design.

What the Final Design Includes

The approved design features a sleek rectangular tower with a series of setbacks that reduce its visual bulk while creating separation from neighboring high-rise buildings. Most of the upper floors will contain luxury residences, while the lower levels will house office space and several floors of retail. Separate entrances are planned for the residential and office components along East 60th Street, creating distinct access points for residents and commercial tenants. The project also includes an extended retail footprint that stretches north toward East 61st Street, allowing for larger flagship storefronts. Earlier design alternatives would have produced a taller 1,279-foot tower, but the final approved version reflects zoning amendments approved by the New York City Planning Commission, resulting in the current 1,162-foot design.

What This Means for Manhattan's Luxury Market

Extell continues to expand its portfolio of luxury residential towers across Manhattan, and 655 Madison Avenue represents one of the company's most ambitious mixed-use developments to date. The project secured a $1.13 billion construction loan and has already attracted a major retail tenant before construction rises above street level. Luxury fashion house Chanel has committed to occupying approximately 65,000 square feet of retail space in a deal reportedly valued at $450 million, creating one of Manhattan's premier flagship shopping destinations once the building opens. With construction expected to continue through 2030, the project is poised to become another defining addition to the Upper East Side skyline while reinforcing Madison Avenue's reputation as one of the world's premier luxury retail corridors.