What Madison Equities does

Madison Equities is a privately held, family-controlled Manhattan real estate development company founded in 1947 by Kenneth and Lucille Gladstone as a construction contractor, transitioning to development in the 1950s and executing its first major Manhattan project, The Excelsior, in 1965. Under CEO Robert Gladstone since 1990, the firm has developed a portfolio of luxury residential condominiums (212 Fifth Avenue, Chelsea Modern, 10 Sullivan Street, 57 Irving Place, The Waterford), mixed-use towers (The Excelsior, The Galleria), Class A office buildings (875 Third Avenue, 135 East 57th Street, 245 East 50th Street), and hotels (The W Times Square, Marriott Courtyard) — collectively representing millions of square feet of landmark Manhattan real estate.

The company generates revenue through one-time development sales of completed luxury residential units, commercial properties, and hotels, supplemented by recurring rental income from held properties. It sells via luxury real estate broker partnerships and co-develops with institutional partners such as Boston Properties, Property Markets Group, UBS, and Starwood Hotels. Pricing is market-based and not publicly disclosed; notable transactions include a $58 million penthouse at 212 Fifth Avenue and the 100% sellout of that 48-unit development by June 2019.

Recent activity signals a deliberate contraction of the development pipeline: Madison Equities has sold its interests in the 45 Broad Street supertall (on hold since 2022) and 250 West 55th Street projects, and in October 2025 divested the Alliance Bank Center in St. Paul, Minnesota. The firm operates with 1-10 employees from its headquarters at 105 Madison Avenue, New York, and has no disclosed institutional investors or parent company, functioning as a lean family office executing large-scale developments via partner networks rather than internal scale.

Name

Madison Equities

Legal name

Madison Equities, LLC

Website

https://madisonequities.com

Company type

Private

Founded year

1960

Operating status

Operating

Headcount range

1–10 employees

Short description

Madison Equities is a privately held, family-controlled Manhattan real estate developer founded in 1947, specializing in luxury residential condominiums, Class A office buildings, mixed-use towers, and hotels, selling to high-net-worth buyers, commercial tenants, and institutional acquirers through broker and co-development partnerships.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Marketing or Sales

Revenue model

1. Real Estate Development Sales: Madison Equities generates revenue through the development and sale of luxury residential condominiums, commercial office buildings, hotels, and mixed-use properties throughout Manhattan. Revenue is realized upon sale of completed units or entire developments.
2. Property Management and Long-term Holdings: Some properties are held for long-term rental income, including commercial office space and residential units, providing recurring revenue streams.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Madison Equities is a family-run Manhattan real estate developer that acquires, assembles, and develops high-end residential condominiums, commercial office buildings, hotels, and large-scale mixed-use properties. Revenue is realized through the sale of completed development units or entire projects, and from long-term rental holdings.

Product overview

Madison Equities is a real estate development company, not a technology product company. Its offerings consist of a portfolio of individual real estate properties across Manhattan, including luxury residential condominiums (212 Fifth Avenue, 10 Sullivan Street, Sullivan Street Townhouses, 57 Irving Place, Chelsea Modern), mixed-use towers (The Excelsior, The Galleria), office buildings (875 Third Avenue, 135 East 57th Street, 245 East 50th Street), hotels (The W Times Square, Marriott Courtyard), and large-scale developments (45 Broad Street, 250 West 55th Street, RiverEast, The Waterford). These are distinct property developments rather than a unified platform with modular products - each represents a separate real estate project at a specific Manhattan location.

Differentiator

Problem solved

Functional benefit

Products and services

• 212 Fifth Avenue A 24-story, 48-unit luxury residential condominium overlooking Madison Square Park, originally built in 1912 as a Neo-Gothic skyscraper and restored into premier luxury residences. Achieved 100% sales by June 2019. Targeted at high-net-worth buyers.
• 45 Broad Street A planned 1,100-foot supertall residential tower in the Financial District, designed to be Downtown Manhattan's tallest residential building with 226 condominium units. Madison Equities later sold its interest and the project remains on hold.
• 10 Sullivan Street A SoHo residential condominium jointly developed with Property Markets Group, featuring a corbelled black and blonde Norman brick exterior with industrial-style windows. Offers penthouse, duplex, and full-floor residences.
• Sullivan Street Townhouses Four individual 25-foot-wide luxury townhouses of 6,501 interior square feet each, with 4 bedrooms, private rooftop gardens, and high ceilings, in the historic Sullivan Street neighborhood.
• 57 Irving Place An 11-story, 38,000 square foot boutique Gramercy Park condominium with nine residences, including a tri-level townhome with private garage, wine cellar, indoor pool, and fitness center. Completed Spring 2009.
• Chelsea Modern A 90,000 square foot, 47-unit West Chelsea condominium featuring an undulating blue-tinted and clear glass facade. Recipient of 7 prestigious design awards including AIA, SARA, and CNBC/New York Times Best High Rise Architecture in the United States.
• 250 West 55th Street A planned 1,000,000 square foot mixed-use development with 123 oversized condominiums above a 350-key five-star hotel, designed as New York's first twisted building. Madison Equities sold its interest to Boston Properties for office development.
• Marriott Courtyard A 135,000 square foot, 15-story Upper East Side property with 40,000 square feet of office space and a 226-key Courtyard By Marriott hotel. Opened in 2006 as the first hotel built on the Upper East Side in 75 years.
• 400-408 East 92nd Street (RiverEast) A 230-unit rental apartment co-development completed in 2004-2005, subsequently sold to Union Bank of Switzerland (UBS).
• The W Times Square A 55-story, 562-room hotel and retail complex with 37,000 SF retail area and a 300-foot signage tower. Developed 1996-1997 and later acquired by Starwood Hotels.
• The Waterford A 48-story, 232-unit luxury condominium tower at 300 East 93rd Street in Yorkville, completed in 1988 as the tallest structure in Upper Yorkville.
• 245 East 50th Street A boutique apartment and medical building completed in 1981 that won critical acclaim for its planning and design.
• 135 East 57th Street A 425,000 square foot office and retail property completed in 1988, noted for its prominent concave facade and iconic temple, reviewed by The New York Times as one of the best office towers of the generation.
• 875 Third Avenue A 750,000 square foot office property completed in 1981, featuring a black metal and glass facade with multi-sided configuration and over 30,000 rentable square feet of retail. Madison's first link to Boston Properties, later sold to them.
• The Galleria An award-winning 57-story mixed-use property completed in 1975, combining 252 luxury apartments with 150,000 square feet of commercial space. One of the tallest residential buildings in the U.S. at completion.
• The Excelsior Madison Equities' first major Manhattan project, a 47-story, 371-unit luxury residential tower with 200,000 SF commercial base at 303 East 57th Street. Completed 1965 as the tallest reinforced concrete residential property in NYC and the first truly mixed-use building in the city.

Quantifiable outcome

• 100% sold out of 212 Fifth Avenue 48-unit development
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• Boston PropertiescoreStrategic or Co-development PartnerBoston Properties partnered with Madison Equities as co-developer for 250 West 55th Street and acquired 875 Third Avenue from Madison. The 875 Third Avenue property was Madison's first link to Boston Properties.
• Property Markets GroupcoreStrategic or Co-development PartnerJointly developed 10 Sullivan Street with Property Markets Group, an authentic modern residential structure in SoHo designed by Cary Tamarkin.
• Starwood HotelsminorChannel Partner/ Reseller/ DistributorStarwood Hotels acquired the W Times Square hotel development from Madison Equities.
• CetraRuddy ArchitectscoreTechnology or IntegrationCetraRuddy Architects designed 45 Broad Street, a 1,100-foot supertall residential tower project in the Financial District.
• Bruce GrahamcoreTechnology or IntegrationBruce Graham was the architect for 875 Third Avenue, known for its trend-setting black metal and glass facade and innovative multi-sided configuration.

Scale indicators3 records

Recent moves10 records

Expansion highlights3 records

Direct peers

• Extell Development Company: Manhattan-based luxury residential and mixed-use developer with a portfolio of supertall and trophy condominium projects. Directly comparable to Madison Equities in product category (luxury condos), Manhattan focus, and ability to execute at the high end of the market.
• HFZ Capital Group: Manhattan-focused luxury residential and mixed-use developer with trophy condominium projects (e.g., The Woolworth Tower Residences). Comparable to Madison in product positioning and Manhattan-centric luxury strategy.
• Witkoff Group: New York-based real estate developer focused on luxury residential, hotel, and mixed-use projects. Directly comparable to Madison Equities in Manhattan luxury development strategy and trophy-asset positioning.
• Property Markets Group: Manhattan-focused residential developer and Madison Equities' co-development partner on 10 Sullivan Street. Comparable in boutique, design-forward luxury condominium strategy and SoHo/downtown Manhattan focus.

Broad incumbents

• The Related Companies: One of the largest US real estate developers, with a major Manhattan luxury residential and mixed-use footprint (e.g., Hudson Yards, One Madison). Comparable to Madison as a luxury Manhattan developer but operates at significantly greater scale across multiple geographies and asset classes.
• Boston Properties: Public REIT and major Manhattan office developer that has been a long-standing partner and acquirer of Madison Equities' projects (875 Third Avenue, 250 West 55th Street). Comparable as a Manhattan office/mixed-use developer and institutional counterpart.
• Vornado Realty Trust: Manhattan-focused REIT with major Class A office and trophy retail assets. Comparable to Madison's office portfolio (875 Third Avenue, 135 East 57th Street) at significantly larger scale and with permanent capital structure.
• SL Green Realty Corp: Manhattan's largest office landlord, focused on Class A office properties. Comparable to Madison's Manhattan office strategy at materially greater scale, with publicly traded equity and capital access.
• Tishman Speyer: Global real estate developer with significant Manhattan office and mixed-use presence (e.g., Rockefeller Center). Comparable to Madison as a major Manhattan developer with trophy-asset expertise at much larger scale.

Others

• CetraRuddy Architects: New York architecture firm that has been a core design partner for Madison Equities' projects, including 45 Broad Street. Comparable as an ecosystem participant tied to Madison's development pipeline, though operating on the architecture/design side rather than as a developer.

Market position

Strengths4 records

Weaknesses3 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/Madison-Equities-LLC-1423345547683536
• LinkedInlinkedin.com/company/madison-equities-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Madison Equities