Situated between 55th and 56th Streets, 555 Madison Avenue can certainly be described as four-star prime New York City commercial real estate. The building faces the new Sony headquarters and is diagonally across from the striking black granite headquarters recently sold by IBM. Talk about good neighbors! Built in 1961, 555 Madison is near completion of a multi-million dollar renovation plan which includes new elevator and air-conditioning systems, new, double-story lobby/entrance area brought out to the property line, concierge desk, external signage and re-cladding, and a complete lobby re-design featuring resurfaced French limestone, a water wall and a high-relief sculpture by Robert Perless. Actually, the renovation of 555 Madison Avenue has been over 2 years in the making. That’s when Philip D. Restifo, executive director of Galbreath/Riverbank, was first brought in as a consultant to evaluate the re-positioning of this Class A property. Due to market conditions at the time, however, it was determined that the moment was not right to begin the renovation, but the Rodney Company proceeded with the development of the renovation plan and waited for the market to turn.
This major renovation plan includes: