SL Green and Japan’s Mori Building Co., which announced a joint-venture partnership to develop a new Madison Avenue office tower, are wasting no time getting the 46-story project off the ground.
Demolition of the old Brooks Brothers building at 346 Madison Ave. and of next-door 11 E. 44th St. will start in the third quarter of this year, SL Green leasing director Steven Durels told Realty Check.
The 850,000 square-foot tower is projected to be finished in the third quarter of 2031, Durels said.
He added it will be “the most highly amenitized new building in the city,” with features to include nine floors with terraces, nine with loggias, a luxury wellness center, a 215-seat auditorium, indoor padel court, and a landscaped terrace overlooking the avenue.
The tower is to be designed by KPF. Neither the architectural firm nor SL Green has yet released renderings.
Superchef Daniel Boulud will operate an Epicerie fast-casual food spot in a tenants’ lounge. A “world-class restaurant” is planned for the ground floor. Given Boulud’s close relationship with SL Green at One Vanderbilt (home to Le Pavillon) and One Madison Avenue (La Tete d’Or), would he be in the running for that role as well?
“He’ll be in the running,” Durels chuckled.
The project is one of several major office developments and redevelopments on Madison in the East 40s, including BXP’s soon-to-rise 343 Madison and JP Morgan Chase’s redesign of 383 Madison.
Durels cited “proximity to [SL Green’s ] One Vanderbilt and the new JP Morgan Chase headquarters” as driving the Madison corridor boom.
“One Vanderbilt clearly transformed the west side of Grand Central and established it as a luxury location, reinforced by the Chase tower,” he said.
SL Green chairman Marc Holliday said his company would sell a 49 percent stake in the new project to Mori, Japan’s largest urban landscape developer. SL Green will be the project’s development and leasing manager.