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ONE MADISON 
AVENUE 

Patrice Derrington
Masters of Science in Real Estate Development

Capstone Project 
Spring 2018

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Question:

How do you create the most value out of the redevelopment of One Madison Avenue

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Drivers:

Existing Structure 
Market Analysis 
Competition 
Historical Relevance

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Drivers:

Public Plaza 
Open Retail Lobby 
Below Grade Retail
Direct Connection to the subway
Shared Office Amenities  
Historical Relevance 
Social Influences
Redeveloped Office Podium
New Office Tower 
Restaurant 
Food Hall 

 One Madison Avenue is a highly unique New York City Investment opportunity.  Directly adjacent to the recognizable Met Life Clock tower, this site amasses over 1.1 million sq ft of class A office space in the heart of the burgeoning Midtown South office district.  The almost full block site located between East 23rd street and East 24th street is flanked by the historic Madison Square Park to the west and the bustling Park Avenue South to the east. This unusual asset boasts 4 sides of street access, stellar views from its 14 stories and massive 75,000+ sq ft floor plates with 11’ slab-to-slab ceilings.  

 

With immediate access to several major transit lines, including direct access to the 6 subway, this site is easily accessible for commuters and tourist alike.  Under current zoning the site is able to add over 200,000 sq ft (as of right) to its bulk and is eligible for FAR increases through publicly minded renovations, such as public plazas and transit improvements.  Given the exceptional location, access to transportation, expansive floor plates and an existing billion dollar asset, One Madison Avenue is a perfectly positioned to become a major class A office hub in New York City. 

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