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Deals & Dealmakers

The Olayan Group Partners with Michelin-Starred Restaurateur Simon Kim
To Launch New Culinary Destination at 550 Madison Avenue

The Olayan Group today announced that Gracious Hospitality Management’s (GHM) founder and visionary restaurateur Simon Kim, who created New York City’s Michelin-starred COTE Korean Steakhouse, will bring a new, multi-faceted dining concept to 15,000 square feet of space across three levels at the base of Olayan’s 550 Madison Avenue, the landmarked office building in Midtown Manhattan.

Located on Madison Avenue between East 55th and 56th streets, the space offers a dynamic floorplan for the new dining concept. Gracious Hospitality and The Olayan Group will begin the design phase immediately to bring the team’s vision to life.

The restaurant will offer soaring 60-foot ceilings and similarly sized windows, with dramatic
views of Madison Avenue from the ground floor and mezzanine, and access to the building’s celebrated new half-acre garden from the ground floor. Designed by international landscape and architecture firm Snøhetta, the elegant garden is the largest new public green space in East Midtown.

In 2017, Kim founded Gracious Hospitality Management and opened COTE Korean
Steakhouse, the brand’s Flagship location in Manhattan’s Flatiron District. The restaurant’s
unprecedented concept married the experience of Korean barbeque with elements of the classic American steakhouse, earning its distinction as New York City’s first Korean steakhouse and the world’s only Michelin-starred Korean tabletop grill restaurant.

“The iconic design of 550 Madison offers the ideal location for Simon Kim to share his newest culinary vision,” said Erik Horvat, Head of Real Estate with Olayan America. “We are excited to work with such a pioneering restaurateur to reinvigorate East Midtown’s culinary scene by offering a dynamic, downtown vibe that delivers a unique experience to local workers, residents and visitors.”

Situated in the heart of Manhattan’s Plaza District, 550 Madison offers close proximity to notable retail, hospitality, arts and cultural offerings. The LEED-platinum building also offers extensive sustainability features, including a dedicated outdoor air system (DOAS), which infuses the building with abundant, fresh, purified outdoor air, improving both health and productivity. In addition to the garden and extensive amenities, building tenants will now have access to a superior dining experience.

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