The Upper East Side’s next skyline heavyweight has officially moved from demolition to dirt. Excavators and piling crews are now working at the northeast corner of Madison Avenue and East 60th Street, where a 1,162-foot tower is planned. It is the kind of construction update that looks modest at street level and enormous on paper.
The latest site update from New York YIMBY says Extell’s 74-story project is now in the early excavation and piling phase. Designed by Beyer Blinder Belle, the building is expected to span 764,698 square feet, with 154 condominium units and about 233,000 square feet of office and retail space. The former 24-story building on the site has been fully demolished, and substructure work is expected to take shape toward the end of 2026.
A New Upper East Side Height Record Is Taking Shape
If completed as planned, 655 Madison Avenue would become the Upper East Side’s first supertall tower and rise far above the neighborhood’s current height champion, 520 Park Avenue. CityRealty describes the development as a mixed-use condominium project with commercial space below and residences on the upper floors. The planned condos would average roughly 3,091 square feet, which is less “starter apartment” and more “entire floor, please.”
The Tower’s Shape Is Still A Zoning Story
Final renderings remain limited, but the latest construction-board silhouette points to a mostly rectangular tower with three setbacks, including one designed to create separation from 520 Park Avenue. New York YIMBY reports that the current concept would place office floors near the bottom, retail in a four-level podium and separate residential and office entrances along East 60th Street. The project’s earlier as-of-right alternative would have reached 1,279 feet, but the profile now displayed at the site appears to reflect the 1,162-foot plan.
A $1.13 Billion Loan And A Chanel Flagship
The tower is not merely a very tall sketch on a construction fence. Commercial Observer reported that Extell secured a $1.13 billion construction loan from Tyko Capital, giving the project substantial financial backing before the excavation began. Chanel has also agreed to occupy roughly 65,000 square feet for a flagship retail store and office space in a deal valued at about $450 million.
Air Rights Helped Clear The Way
The tower’s bulk also depends on a development-rights transfer from the nearby Metropolitan Club at 1 East 60th Street. Materials filed with the NYC Landmarks Preservation Commission identify 655 Madison Avenue as the receiving site for those rights, tying the supertall’s height to one of the Upper East Side’s most prominent landmark properties.
For now, 655 Madison Avenue is still mostly a cleared lot, a deepening excavation and a construction board promising an entirely different skyline. The project’s posted target calls for completion in spring 2030, when this stretch of Madison Avenue could have a new contender for the title of neighborhood showstopper.
