- Developers like Extell and Related are investing heavily in just five blocks of Madison Avenue, signaling a transformation of the Plaza District into a new luxury and financial hub.
- A mix of luxury condos, flagship retail, and high-end offices are in the pipeline, with major players including Prada, Kering, Chanel, and JPMorgan staking their claims nearby.
- New developments are commanding top-tier prices—some condos hitting over $8K PSF—making this corridor a magnet for the ultra-wealthy.
Luxury in a Tight Radius
In just a five-block stretch of Madison Avenue—from 57th to 61st streets—a high-stakes development surge is underway, per Bisnow.
Anchored by ultra-luxury condo and retail projects from Extell Development and Related Cos., this strip may soon rival or even surpass Billionaires’ Row in cachet and price PSF.
The influx of new investment is helping fuel a $15B to $20B transformation of the broader Plaza District, long regarded as a corporate and retail epicenter. The neighborhood’s tight geography, flanked by Central Park and luxury retail along Fifth Avenue, is now attracting a new wave of ultra-wealthy residents and global retailers.
The Projects Taking Shape
- 655 Madison Ave: Extell has begun demolishing a 200K SF tower and four adjacent buildings for a potential 37-story mixed-use tower. While the plans include hotel, retail, office, and residential, insiders suggest a larger supertall may be on the table.
- 625 Madison Ave: Related is replacing its former headquarters with a 68-story supertall offering 101 luxury condos, amenities, and flagship retail. Completion is projected by 2032.
- 660 Madison Ave: The former Barneys building remains vacant, but owner Ashkenazy Acquisition is sitting tight, hoping to land a major luxury retail tenant—or perhaps make a play to compete with Extell and Related across the street.
A New Luxury Nexus
Luxury retail has helped ignite the development frenzy. In late 2023, Prada and Kering dropped nearly $2B on adjacent Fifth Avenue properties, while Chanel and LVMH compete for nearby sites. Rolex is building a 28-story headquarters, and Dior is rolling out a seven-floor flagship with a spa inside LVMH’s 21 E. 57th St. tower.
Add in a tight office market on Park Avenue—where firms like Citadel, JPMorgan, and private equity players are locking in space at $150+ PSF—and this small area has become a magnet for the highest-income earners in New York.
What’s Next
As supply tightens and prices soar, competition is heating up—not just among developers, but among tenants and buyers looking to secure their piece of the corridor. With landmark properties changing hands and buildings being razed or repositioned, the stakes are higher than ever.
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