Manhattan’s skyline is about to lose another piece of its mid-century charm.
Williams Equities is gearing up to demolish its 24-story office tower at 655 Madison Ave., according to a recent filing with the Department of Buildings, Crain’s reports.
The 310-foot-tall, 200,000-square-foot structure is expected to make way for something entirely new, though the exact plans remain under wraps.
Williams Equities, a near-century-old New York real-estate player, isn’t going at this alone. The firm is reportedly working with Jamestown to raze the building.
The future of the site? That’s still a mystery. But Michael Cohen, of Williams and Colliers New York tristate region, hinted at big changes in a chat with the Commercial Observer back in April.
“We’ve emptied out a building in the Plaza District,” Cohen said. “SL Green had 625 Madison; ours is a stone’s throw away at 655 Madison. We’re going to see those buildings get torn down and replaced probably by a mixture of retail, hospitality and residential.”
Neither Williams nor Jamestown is coughing up more details, leaving the city to speculate about what could rise in place of the 1950s-era office tower, which was spruced up in 2005.
The building, which once commanded office rents between $54 and $66 per foot, may soon become a relic of a bygone era.
This isn’t just about one building, though.
New York is facing a crisis of its own—too many office spaces, not enough homes.
The pandemic flipped the script, leading to a glut of empty desks and a desperate need for residential spaces. The state has even dangled a tax incentive to entice developers into converting office spaces into much-needed housing.
But for some, like Williams, demolition might be the quicker — and cheaper — route.
