Gary Barnett Doubles Down at 655 Madison

11 July 2025

It’s not double or nothing, but Gary Barnett clearly has bigger plans in mind for 655 Madison Avenue.

Barnett’s Extell Development filed a rezoning application with the Department of City Planning eyeing a 74-story property at the Midtown Manhattan site, Crain’s reported. That’s double the number of stories Barnett plotted for when he first filed plans for the site in the fall.

The rezoning application details a 765,000-square-foot project that would stand 1,162 feet tall and include 154 residential units. The residential space would span 476,000 square feet, while the 233,000 square feet of commercial space would be split between office and retail, a majority dedicated to the former.

Barnett is bargaining with the city on the rezoning application, offering improvements to the Fifth Avenue/59th Street N/R/W subway station in exchange for 130,000 square feet of space. Extell also wants to transfer 135,000 square feet of development rights from the Metropolitan Club at 790 Fifth Avenue.

The estimated completion date would be in 2031.

Without rezoning, Extell still has big ambitions for 655 Madison. It would plan for an even taller, 84-story property, though it would have less residential and office space. The overall project would span 600,000 square feet with 158 residential units, though that could be adjusted in either direction depending on desired unit size.

The benefit of the rezoning would be a tower that is wider and shorter by permitting more floor area lower in the building.

In November, Extell proposed a 193,000-square-foot building to include 62 residential units and commercial space, according to property filings. It would demolish the existing 200,000-square-foot office building.

Extell bought the property between East 60th and East 61st streets in October for nearly $160 million from Williams Equities. The 24-story building was last renovated in 2005 and charged office rents between $54 and $66 per square foot, according to CoStar estimates.

In the spring, luxury fashion brand Chanel was said to be in discussions to purchase the retail space at the Midtown Manhattan development, the Commercial Observer reported, potentially set to pay in the mid-$400 million range for 65,000 square feet.

— Holden Walter-Warner