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ummit Properties, which manages 2.66 million square feet of residential units across 90 New York City buildings, has entered the Manhattan office market with an unexpected move. The company acquired the leasehold of the 42‑story, Art Deco tower at 444 Madison Ave., situated between East 49th and 50th Streets, for $41.7 million, according to public filings. Earlier reports had suggested that the developer Savanna was the buyer or that the two firms had partnered; insiders reveal that the deal was originally intended as a joint purchase but ultimately closed solely with Summit. The seller, Westbrook Partners, had defaulted on a $120 million mortgage.
Zohar Levy, Summit’s chairman and principal shareholder, said the firm plans to invest heavily to elevate the landmark building into a premium office destination for tenants who value location, prestige and quality. The purchase price was lower than the $50 million figure that circulated last month, and the tower carries no debt.
Summit’s decision followed a thorough market review, noting that post‑pandemic demand for office space is accelerating and that fears of remote work have largely dissipated. The company immediately appointed Savanna as the building’s asset manager—a relationship it has maintained amicably—and engaged JLL as the exclusive leasing agent.
444 Madison Ave. spans 500,000 square feet, with a 135,000‑square‑foot contiguous block currently available, a rare commodity in the tight Manhattan market. The tower also offers 5,300 square feet of retail space and the possibility of prominent rooftop signage, a feature previously utilized by Burberry, New York Magazine and Newsweek. The primary tenant is the law firm Schwartz, Sladkus, Reich, Greenberg, while other occupants include the Doris Duke Foundation, EOS Hospitality and Capital Dynamics. Office rents are projected to range from $80 to $100 per square foot.
Beyond its residential portfolio, Summit owns a $700 million retail‑mall portfolio nationwide and holds stakes in two Manhattan hotels. The Madison Avenue address places the tower just north of Grand Central, adjacent to the new JPMorgan Chase headquarters, Munich Re’s 330 Madison, and BXP’s 343 Madison development site, underscoring its strategic location.
