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RFR Snaps Up Madison Ave. Tower; Plans Repositioning
RFR has acquired 477 Madison Ave., a 325,000-square-foot, 24-story office building at the corner of 51st Street. Deal terms weren’t disclosed; the property reportedly traded for more than $260 million.
Built in 1953 and renovated in 2016, 477 Madison will undergo a further makeover. “477 Madison is a diamond in the rough ready to be polished,” said RFR principal Aby Rosen. “We look forward to seeing our repositioning plans complete and unlocking the inherent value of this ideally located asset.”
477 Madison will receive an upgraded façade, new windows and storefronts, enhanced landscaped terraces with glass balcony railings, increased retail visibility and new mechanical systems. The lobby will exhibit Jeff Koons’ Bicycle Rack sculpture and paintings by Katherine Bernhardt.
The property sits across from St. Patrick’s Cathedral and the Palace Hotel, and adjacent to the landmarked Villard House. It’s also within a five-block radius of five subway stations.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
