Yitzhak Tshuva’s private real estate arm Elad Properties is planning to build Manhattan’s tallest residential skyscraper, which will be one of the tallest buildings in the world. He is apparently taking to heart the words of the Leonard Cohen song, “I’ll Take Manhattan”.
Elad will invest $450 million in the One Madison Avenue building, fronting Madison Square Park and East 23rd Street, adding floors to the 17-story New York City landmark. The result will be a 74-story skyscraper that will by 900 feet (274 meters) tall. The building will top the 72-story 262 meter Trump World Tower. The 283-meter tall 70-storey Trump Building, an office building on Wall Street, will still be higher than Tshuva’s new development however. Only two residential skyscrapers in Australia - the Q1 Tower in Gold Coast, Queensland, and Melbourne’s Eureka Tower - will top One Madison Avenue.
Elad will add 480,000 square feet (44,500 square meters) of residential space to One Madison Avenue. Tshuva has picked Daniel Libeskind to design the building. Libeskind lived for a few years in Israel as a child. He is designing the 1,776-foot Freedom Tower, planned for Ground Zero at the ruins of the World Trade Center, which is due to be completed by 2010.
The revamped One Madison Avenue building will be New York City’s seventh tallest building and between the 70th and 80th tallest building in the world.
Published by Globes [online], Israel business news - www.globes.co.il - on September 20, 2007
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