1 MAD. AVE. A TALL ORDER
COULD BECOME 900-FOOT TOWER September 26, 2007 -- A new residential tower being considered for 1 Madison Ave. could become the city's tallest apartment building.
We've learned that Elad Properties, which is redeveloping the Plaza Hotel and residences, has an agreement with SL Green Realty Corp. to use SLG's more than 400,000 feet of air rights to construct a 74-story tower on top of the 1.2 million-foot, 14-story building in which investment bank Credit Suisse both has an interest and its offices. Daniel Liebeskind is the architect.
But don't get Elad's development plans confused with the 41-story adjacent building to its north. Though that tower, which is better known as the landmarked Clock Tower, once had the address 1 Madison Ave., it was renamed 5 Madison Ave. after it was sold to Africa-Israel for $200 million, with plans to develop the site into residential units.
We're sure right now that Africa-Israel's Lev Leviev is steaming that his rival, Yitzhak Tshuva, and Tshuva's local boss, Micki Naftali, will be dwarfing his own scheme.
The two buildings, together known as the Met Life Building, comprise 1.93 acres and take up the entire block bounded by 23rd and 24th streets and Madison and Park Avenue South, but the Clock Tower itself takes up just the corner of Madison and 24th Street.
Israeli press reports said that Elad would spend $450 million to create the new 900-foot-tall building overlooking Madison Square Park.
Elad issued a statement clarifying other erroneous reports that claimed city approvals were in place. "Any discussion of a potential development at 1 Madison Avenue is highly premature. It is in its earliest concept phase and no decisions have been made about any aspect of the potential development," the company said in its statement.