NYC skyscraper next to Trump Tower reaches turning point

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Turning Point for 590 Madison Ave

590 Madison Ave, the iconic black granite tower at East 57th Street, is undergoing a significant transformation. Last year, RXR and Elliott Investment Management acquired the 42-story, 1 million square-foot tower for nearly $1.1 billion, marking the first billion-dollar sale of a Manhattan office property in three years.

Under the leadership of Scott Rechler, RXR embarked on an extensive renovation of the former IBM tower to prepare it for the future. One of the key enhancements was the creation of the Madison Avenue Club, a new 25,000 square-foot tenants’ amenity complex on the third floor.

RXR and Elliott Investment Management purchased the tower for $1.1 billion

With the help of Gensler architects, RXR established a “social and wellness hub” within the tower, featuring a 2,800 square-foot outdoor terrace-lounge. The renovation also introduced boardroom and conference room facilities, as well as a cafe and bar.

The redesign aligns with RXR’s commitment to high hospitality standards through its RXO program. Additionally, a new public art installation adds to the aesthetic appeal of the property.

Renovated lobby at 590 Madison Avenue — RXR created a “social and wellness hub” with an outdoor terrace-lounge

Tenants at 590 Madison Ave include prominent names such as Apollo Global Management, Schoenfeld Strategic Partners, and LVMH. While the majority of the office space is occupied, approximately 100,000 square feet are still available for lease.

During a tour of the tower’s vacant floors, RXR managing director Bill Elder hinted at potential retail space reconfigurations, including the former Bonhams ground-floor location. The auction house relocated to 111 W. 57th St. last year, leaving room for exciting developments in the building’s retail offerings.