NYC skyscraper next to Trump Tower reaches turning point
The skyscraper at 590 Madison Ave. has reached a significant milestone following its recent purchase. RXR and Elliott Investment Management acquired the 42-story building for nearly $1.1 billion, marking the first Manhattan office property sale to exceed a billion dollars in three years. Extensive upgrades are underway to transform the tower into a modern office space with enhanced amenities.
- ▪590 Madison Ave. was purchased for nearly $1.1 billion by RXR and Elliott Investment Management.
- ▪The building features a new 25,000 square-foot tenants' amenity complex called the Madison Avenue Club.
- ▪Tenants of the tower include Apollo Global Management, Schoenfeld Strategic Partners, and LVMH.
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Steve Cuozzo Business NYC skyscraper next to Trump Tower reaches turning point By Steve Cuozzo Published May 25, 2026, 2:16 p.m. ET See more of our coverage in your search results. Add The New York Post on Google It’s a turning point for 590 Madison Ave., the black granite tower at East 57th Street with a bamboo-filled atrium that attaches to Trump Tower. RXR and Elliott Investment Management purchased the 42-story, 1 million square-foot tower last year from longtime owner State Teachers Retirement System of Ohio for nearly $1.1 billion — the first Manhattan office property to break the billion-dollar sale threshold in three years. Scott Rechler-led RXR, the managing partner, set about preparing the former IBM tower for the future with an extensive upgrading.
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