Think the teetering state of the commercial real estate market has put a premature end to the trend of building owners paying for facade face-lifts? Heck, that's what we thought, especially after the strange debacle that is 3 Columbus Circle, and the fact that the re-cladding of 1095 Sixth Avenue actually may have harmed the building rather than help it. But along comes the Observer to inform us that Vornado Realty Trust, owner of the 39-story office building at 330 Madison Avenue, is set to sink $100 million into a glassy new exterior and interior modifications for the tower. In addition to the new curtain wall, 330 Madison (at 42nd Street) will also get an enlarged lobby and a new storefront. The work is expected to begin within three months.
· Vornado to Beautify 330 Madison for $100 M. [NYO]