Approval Granted for 55 Story Midtown Office Tower

A major new office tower will soon find a home within Midtown's densely packed, yet rapidly expanding skyline. That's because a 1,050-foot tall skyscraper at 343 Madison Avenue has just been approved by the NYC Mayor's Office. For the better part of two years, developer, Boston Properties has been trying to secure special permits that would allow them to redevelop a 25,000 square foot lot in one of the city's hottest development districts. Now that the project has been greenlit, it looks as though the reward was well worth the wait.

Designed by Kohn Pedersen Fox, the new tower will stand 55-stories and contain approximately 750,000 square feet of office space. The property will also boast around 2,100 square feet of retail, taking advantage of its high-dollar frontage on Madison Avenue.

The existing 13-story building on the lot as well as the ground underneath is owned by the Metropolitan Transit Authority. The structure was built in 1921 and served as the MTA's headquarters for several decades. Having moved their offices, the MTA doesn't need the building anymore and it is currently set for demolition. They will however maintain ownership of the land itself, and the tower would be developed pursuant to a 99-year ground lease. With the East Side Access project at nearby Grand Central Terminal set to finish by the end of next year, the MTA plans to construct a station entrance for Long Island Railroad customers at the base of the new tower. Construction is expected to start on 343 Madison during this coming year, and will likely take 3-5 years to fully complete.

View 343 Madison Avenue >>