Williams Equities’ 655 Madison Avenue Office Tower Officially Marked for Demolition
By Isabelle Durso August 20, 2024 12:56 pm
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Williams Equities’ 24-story office tower at 655 Madison Avenue will soon be no more, as more and more Manhattan developers attempt office-to-residential conversions.
The company submitted a demolition application with the New York City Department of Buildings on Aug. 16, calling for the full knockdown of the 233,323-square-foot building, according to city records. The developer appears to own the property with real estate firm Jamestown, according to Crain’s New York Business, which first reported the filing.
Williams is expected to pay an estimated $4 million for the demolition, which will be completed by Ancora Engineering, the records show.
Williams declined to comment. A spokesperson for Jamestown did not immediately respond to a request for comment.
While it’s unclear what the future holds for 655 Madison, Michael Cohen, managing principal at Williams and president of Colliers’ tri-state region, previously told Commercial Observer that the teardown “may result in more desirable office buildings, or hotels or hospitality.”
“We’ve emptied out a building in the Plaza District,” Cohen told CO in April. “SL Green had 625 Madison [Avenue], ours is a stone’s throw away at 655 Madison. We’re going to see those buildings get torn down and replaced probably by a mixture of retail, hospitality and residential. And I don’t have to tell you that all three of those uses are very desirable in the Plaza District.”
Williams’ office tower, which was built in 1951, underwent renovations in 2005 and has been home to tenants such as workspace provider Knotel and shoe store Schutz.
The nearly century-old firm owns more than a dozen properties in Manhattan, including 28-40 West 23rd Street in the Flatiron District, where it is planning a $23 million renovation, Crain’s reported.
And Williams might not be alone in tearing down an aging office property. As ambitious office-to-residential conversions prove difficult in pre-war buildings and tenants flee them for new, amenity-filled properties, more office landlords around the city are considering demolitions instead, Bisnow reported.
Other recent knockdowns in New York include 5 West 13th Street, where Victor Sigoura’s Legion Investment Group is demolishing a six-story office building it bought for $57.5 million, CO previously reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
