Work begins on $2.3bn Madison Square tower in New York City

Construction has begun on One Madison Avenue, a $2.3bn mixed-use development located adjacent to Madison Square Park in Manhattan.

A team including engineer Aecom Tishman, Texas real estate agent Hines, and architect Kohn Pedersen Fox are working on the 27-storey tower.  

The building will contain 1.4 million sq ft of floor space, with construction involving building a 530,000 sq ft tower with column-free floors above a redeveloped nine-storey podium.

One Madison Avenue will contain retail space, two floors dedicated to gardens, an 800-person multi-purpose event space, 15,000 sq ft artisanal food market, 9,000 sq ft tenant lounge and fitness centre.

Some 3,000 jobs will be created during construction. Financing for the project will come from SL Green Realty, Manhattan’s largest office landlord, and banks such as Wells Fargo, TD Bank, Goldman Sachs, Bank of America, Deutsche Bank and Axos Bank.

The project was built in 1893 to a design by Napoleon Le Brun & Sons.

Marc Holliday, SL Green Realty’s chairman, said: "We are proud to be bringing an important new office development to Midtown South that we are confident will attract the top companies and talent.

"Despite the headwinds presented by current and temporary challenges, we remain focused on boosting the New York City economy by creating thousands of construction jobs and bringing a new, best-in-class office tower to the highly sought-after Flatiron/Midtown South submarket for the first time in a decade."

One Madison Avenue is due to be completed by 2024.

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