Stephen Ross & Related Companies Eye Multi-Billion Dollar Condo & Hotel Tower on 625 Madison Ave

Stephen Ross, through his company Related Companies, is set to realize Ben Ashkenazy's vision of a luxury condo tower on Madison Avenue. The project, located at 625 Madison Avenue, is poised to be a multi-billion dollar development comprising retail space, a hotel, and condominiums. Negotiations with luxury hotel and retail brands are already underway.

The Rise of High-End Investments in Midtown

The vicinity of Midtown Manhattan has witnessed a surge in high-end investments recently. Notable projects include Vlad Doronin’s Aman hotel and condo at the Crown Building on Fifth Avenue. This influx of investment reflects a growing confidence in the local retail sector, with major luxury brands like Prada and Gucci making significant acquisitions in the area.

Related Companies' Redevelopment Plan

While a spokesperson for Related declined to comment, the company's redevelopment of 625 Madison Avenue represents a significant chapter in the property's history. The site, previously owned by Ashkenazy, was acquired by SL Green under a long-term lease. Despite earlier estimations of its value as a residential development site, SL Green acquired the property from Ashkenazy via foreclosure and subsequently sold it to Related for $632.5 million.

Future Prospects

Related intends to demolish the existing building and embark on a ground-up redevelopment following the acquisition. With the Billionaires’ Row condo market heating up and the potential for a rent reset on the horizon, the completed project's price tag is expected to reach into the multi-billion dollar range.

Ross's ambitious plan to develop a luxury condo tower on Madison Avenue marks a significant milestone in the ongoing transformation of Midtown Manhattan's real estate landscape. As Related Companies prepares to breathe new life into 625 Madison Avenue, the project promises to be a cornerstone of upscale living and retail in the heart of New York City.