550 Madison Avenue - Wikipedia

550 Madison Avenue - Wikipedia

  • 21 hours ago
  • en.wikipedia.org
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550 Madison Avenue is a 647-foot-tall office skyscraper in Manhattan, completed in 1984 by Simmons Architects. Its pink granite facade and modernist design earned it landmark status.

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Estimated market influence

Olayan America

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Analyst rating: N/A

Owning the building gives Olayan America a strong presence in Manhattan's office market.

Simmons Architects

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Analyst rating: N/A

Their design work on 550 Madison Avenue has cemented their reputation as leading architects.

Context

Analysis of 550 Madison Avenue: Business Insights and Market Implications

Key Facts and Figures

  • Location: Midtown Manhattan, New York City
  • Height: 647 ft (197 m)
  • Floor Count: 37 floors
  • Construction Cost: $200 million
  • Completion Year: 1984
  • Owner: Olayan America
  • Facade Material: Pink granite (60,000 pieces, each weighing up to 7,000 pounds)
  • Floor Area: 685,125 sq ft (63,650.2 m²)

Architectural Significance

  • Design Features:
    • Large entrance arch flanked by smaller flat arches
    • Pedestrian arcade replaced with a plaza in the 2020s
    • Broken pediment atop the building with a circular opening
  • Energy Efficiency: Pink granite facade chosen for aesthetic and energy efficiency over glass

Market Impact

  • Real Estate Value:
    • The building's iconic design and prime location in Midtown Manhattan make it a high-value asset.
    • Its status as an office skyscraper highlights the demand for premium commercial spaces in New York City.
  • Renovation Costs: Significant investment in renovation during the 2020s, including redesign of lobbies and plaza.

Competitive Landscape

  • Midtown Manhattan Market:
    • Competes with other high-profile buildings like Rockefeller Center and Empire State Building for tenant吸引力.
    • The use of durable materials (e.g., granite) positions it as a long-term investment.
  • Tenant Appeal: Features modern office spaces and amenities, making it attractive to corporate tenants.

Long-Term Considerations

  • Adaptability:
    • Structural innovations (e.g., shear tubes) ensure stability and longevity.
    • Renovations in the 2020s demonstrate adaptability to changing market demands.
  • Sustainability: Pink granite facade offers energy efficiency, aligning with modern green building trends.

Regulatory Environment

  • Landmark Designation:
    • Exterior designated as a landmark by NYC's Landmarks Preservation Commission (LPC) in 2018.
    • May impose restrictions on future modifications or expansions.

This analysis highlights the strategic importance of 550 Madison Avenue in New York City's real estate market, its architectural significance, and its long-term viability as a commercial asset.