{"id":664690,"date":"2026-05-25T20:24:10","date_gmt":"2026-05-25T20:24:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/664690\/"},"modified":"2026-05-25T20:24:10","modified_gmt":"2026-05-25T20:24:10","slug":"madison-avenue-tower-reaches-turning-point","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/664690\/","title":{"rendered":"Madison Avenue tower reaches turning point\u00a0"},"content":{"rendered":"<p>It\u2019s a turning point for 590 Madison Ave., the black granite tower at East 57th Street with a bamboo-filled atrium that attaches to Trump Tower.<\/p>\n<p>RXR and Elliott Investment Management<a href=\"https:\/\/nypost.com\/2026\/01\/19\/business\/investment-in-manhattan-real-estate-is-booming-with-union-square-storefronts-filling-up\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"> purchased the 42-story, 1 million square-foot tower <\/a>last year from longtime owner State Teachers Retirement System of Ohio for nearly $1.1 billion \u2014 the first Manhattan office property to break the billion-dollar sale threshold in three years.<\/p>\n<p>Scott Rechler-led RXR, the managing partner, set about preparing the former IBM tower for the future with an extensive upgrading. It included a new, 25,000 square-foot tenants\u2019 amenity complex on the third floor called the Madison Avenue Club.<\/p>\n<p><img style=\"aspect-ratio:1.34031414;display:block\" loading=\"lazy\" decoding=\"async\" data-modal-image=\"39481791\" width=\"791\" height=\"590\" src=\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/05\/590-madison-ave-turning-point-128713245.jpg\" alt=\"The 590 Madison Avenue skyscraper with a zig-zag glass atrium at its base, surrounded by other office buildings and trees.\" class=\"wp-image-39481791\"  \/>RXR and Elliott Investment Management purchased the 42-story, 1 million square-foot tower last year for nearly $1.1 billion  Scott Morris \/ RXR<\/p>\n<p>With design help from Gensler architects, RXR created a \u201csocial and wellness hub\u201d including a 2,800 square-foot outdoor terrace-lounge. The program also brought boardroom and conference room space and a cafe and bar.<\/p>\n<p>The redesign is programmed by the owner\u2019s RXO program, which sets a high hospitality standard. There\u2019s also a new public art installation.<\/p>\n<p><img style=\"aspect-ratio:1.49926794;display:block\" loading=\"lazy\" decoding=\"async\" data-modal-image=\"39481785\" width=\"885\" height=\"590\" src=\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/05\/590-madison-ave-turning-point-128713249.jpg\" alt=\"Interior of the newly renovated lobby at 590 Madison Avenue.\" class=\"wp-image-39481785\"  \/>RXR created a \u201csocial and wellness hub\u201d including a 2,800 square-foot outdoor terrace-lounge. Scott Morris \/ RXR<\/p>\n<p>Tenants include Apollo Global Management, Schoenfeld Strategic Partners and LVMH. About 100,000 square feet of office space remain available, according to RXR managing director Bill Elder, who let Realty Check tour the tower\u2019s vacant floors with spectacular Midtown views and column-free floors.<\/p>\n<p>Elder wouldn\u2019t comment on the future of the former <a href=\"https:\/\/nypost.com\/2024\/09\/08\/business\/two-new-tenants-at-famed-nyc-towers-bolster-luxury-retail-market\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Bonhams<\/a> ground-floor space which the auction house left for 111 W. 57th St. last year. We suspect it\u2019s because the space might be reconfigured as part of an overall retail-space reconfiguration.<\/p>\n","protected":false},"excerpt":{"rendered":"It\u2019s a turning point for 590 Madison Ave., the black granite tower at East 57th Street with a&hellip;\n","protected":false},"author":2,"featured_media":664691,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[228,226,227,28,2444,229,88,202237,42361,134750],"class_list":["post-664690","post","type-post","status-publish","format-standard","has-post-thumbnail","category-arts-and-design","tag-arts","tag-arts-and-design","tag-artsanddesign","tag-business","tag-commercial-real-estate","tag-design","tag-entertainment","tag-madison-avenue","tag-realty-check","tag-rxr-realty"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/664690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=664690"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/664690\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/664691"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=664690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=664690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=664690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}