Summit Properties acquires 444 Madison Ave. for $41.7 million

Manhattan, NY Summit Properties has acquired 444 Madison Ave. tower, for a reported $41.7 million.

Originally completed in 1931, 444 Madison Ave. is a 500,000 s/f, 42-story building that occupies an entire blockfront between East 49th and 50th Sts., at the crossroads of Grand Central and the Plaza District. Recognized for its stepped crown, the property offers unobstructed views of Saint Patrick’s Cathedral and access to major transportation hubs.

JLL has been retained by Summit Properties as the exclusive office leasing agent for the repositioned Art Deco icon, which underwent a full gut renovation in 2010, followed by a 2023 refresh that enhanced its amenity offering, lobby and retail facade. 

Located on the 23^rd floor, the amenity center includes a hospitality infused tenant lounge and café, a modern conference center, and two landscaped terraces.

Zohar Levy, chairman of Summit Properties said, “We are excited to expand our Manhattan portfolio with the acquisition of this iconic tower. We intend to invest and turn the property to be a top tier building that attracts premier tenants who value location, prestige, and quality.”

The JLL leasing team includes vice chairmen Mitch Konsker and Ben Bass, executive vice president Kristen Morgan, vice president Thomas Swartz and associate Ali Sierra. A team led by Brian Reiver at Savanna has been retained as asset manager.

According to Konsker, 444 Madison Ave. is occupied by several leading tenants including law firm Schwartz, Sladkus, Reich, Greenberg, Atlas, charitable organization the Doris Duke Foundation, EOS Hospitality, financial firm Capital Dynamics and several boutique financial occupiers. 

The assignment comes as New York office leasing records its busiest month since the pandemic and pushed vacancy in trophy property to just 7.6%, according to JLL’s October NYC Market Snapshot. Direct vacancy in both Midtown and Hudson Yards has fallen below 9% across all building types.