Plaza District Building Slated for Demolition Trades

About two months following reports of demolition permit applications being filed for 655 Madison Avenue by longtime owner Williams Equities, the 200,000-square-foot tower located on the northeast corner of East 60th Street has traded for roughly $159.433 million. Back in April, Michael Cohen, a principal at Williams Equities reportedly stated in an interview that “the firm had emptied out 655 Madison and indicated they would use it for something besides offices.” The purchase by Extell was financed by Midtown-based lender Tyko Capital, which assumed an existing $100 million debt provided by John Hancock Life Insurance in 2013 and consolidated it with a new $50 million loan. Although plans have yet to be announced by Extell, sources familiar with the deal indicated that luxury residential condominiums are the most likely option.

Source:    https://www.crainsnewyork.com/real-estate/extell-development-buys-655-madison-ave-160-million