RFR announced the acquisition of 477 Madison Avenue, a 325,000 s/f, 24-story office building with 11,000 s/f street-level retail located on the northeast corner of 51st Street and Madison Avenue in Midtown.
RFR has launched a reinvention of the building featuring 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, and offer direct access to a new tenant amenity space that will enhance the workplace experience.
“477 Madison is a diamond in the rough ready to be polished,” said Aby Rosen, Co-Founder and Principal of RFR. “We look forward to seeing our repositioning plans complete and unlocking the inherent value of this ideally located asset.”
Built in 1953 and renovated in 2016, 477 Madison sits across from St. Patrick’s Cathedral and the Palace Hotel, and adjacent to the landmarked Villard House. Multiple terrace setbacks and landmarked neighboring buildings ensure that every floor offers exceptional protected views and abundant natural light.
Floors range from 5,000 to 18,000 s/f. 477 Madison is also within a five-block radius of five subway stations and will benefit from the LIRR East Side Access and associated transit improvements. Leasing will be handled by RFR’s in-house team, headed by AJ Camhi.