262 Fifth Avenue

Last updated

262 Fifth Avenue
262 Fifth Avenue Photomontage.jpg
Artist's impression
262 Fifth Avenue
General information
StatusUnder construction
ClassificationResidential
Coordinates 40°44′43″N73°59′13.5″W / 40.74528°N 73.987083°W / 40.74528; -73.987083
Height860 feet (260 m)
Technical details
Floor count54
Design and construction
Architect(s) Meganom
Developer Five Points Development

262 Fifth Avenue is a residential skyscraper under construction on Fifth Avenue in Manhattan, New York City. Five Points Development is developing the building, which is being developed by Boris Kuzinez and designed by architectural firm Meganom. SLCE Architects is the executive architect. The structure is 860 feet (260 m) high, with 26 apartments across 54 stories. Work on the site began in 2017 when the existing structures were demolished, though construction of the skyscraper's foundation did not begin until 2022. The building topped out in April 2024, and apartment sales began that December.

Contents

History

262 Fifth Avenue under construction in July 2023 262 Fifth Avenue Under Construction - July 2023 - by MainlyTwelve.jpg
262 Fifth Avenue under construction in July 2023

Boris Kuzinez purchased the buildings at 260, 262, and 264 Fifth Avenue in 2015 and 2016 for a total of $101.8 million. [1] [2] Kuzinez also purchased air rights for $5.8 million. [2] In September 2016, SLCE Architects applied to build a 54-story, 928-foot (283 m) structure on the site at 262 Fifth Avenue designed by Russian firm Meganom. [1] [3] Before receiving the commission to design 262 Fifth Avenue, Meganom had not designed a building in the United States. [4] Five Points JV, L.P. acted as the representative of the site's owner. [1]

By early 2017, Kuzinez was negotiating with Goldman Sachs to obtain a construction loan, but negotiations had stalled. At the time, there was decreasing demand for ultra-luxury residential skyscrapers in New York City. [5] Kuzinez submitted plans for apartments to the New York City Department of Buildings (DOB) in the middle of that year. These plans tentatively called for 39 apartments, the largest of which was to be a three-story penthouse of 9,900 square feet (920 m2). [6] Demolition of the existing structure at 262 Fifth Avenue was completed by September 2017, [7] and the DOB approved the skyscraper plans the following month. [8] [9] [10] The plans called for as many as 41 apartments, with floors measuring 47 to 52 feet (14 to 16 m), though potential buyers would be able to combine units. The structure itself would rise 1,009 feet (308 m), being classified as a supertall skyscraper. [9] [10] Nikolai Fedak, writing for New York YIMBY, compared plans to incorporate 260 Fifth Avenue into the new building's base to plans for 111 West 57th Street. [7]

In January 2019, New York YIMBY reported that work on the building was apparently not progressing. [11] Kuzinez sold the site at 260 Fifth Avenue to Amir Loloi for $52.5 million in mid-2021. [12] [13] Work had resumed by November 2021 with the start of excavation. [14] In 2022, work began on the structure's foundation. [15] Between August and December 2022, the planned height of the structure was reduced from 1,043 to 860 feet (318 to 262 m). [16] [17] A representative for Kuzinez indicated in mid-2023 that the project had been downsized from 41 to 26 apartments. [18] [19] That November, Madison Realty Capital and Cottonwood Group lent the project a combined $180 million. [20] [21]

The building topped out in April 2024. [22] In December 2024, the Attorney General of New York's office gave Kuzinez permission to begin selling the units, and Kuzinez began marketing five of the apartments. [23] [24] Meanwhile, work continued on the building's facade. [25]

Usage

Most of the building's floor slabs measure 45 by 45 feet (14 m × 14 m) across. The elevators and staircases are grouped within a mechanical core on the western end of each story. The building measures 860 feet (260 m) tall, giving it a height-to-width ratio of approximately 19:1; thus, it is classified as a pencil tower. [26] The building will include 139,168 sq ft (12,929.1 m2) of residential space, [18] split over 26 apartments. [18] [19] At least one of the apartments will be a four-story unit. [26] [19] There will also be 10,850 sq ft (1,008 m2) of retail space. [15]

Critical reception

In 2023, Christopher Bonanos of Curbed wrote that "262 Fifth, even more than the others, truly does look as though the consulting architect were Eberhard Faber", in reference to the Eberhard Faber pencil company. [26]

The building has garnered significant public backlash during its construction for obstructing views of the Empire State Building from many viewpoints south of 28th Street, including almost all of Madison Square Park, which had previously been a popular vantage point for tourists. [27] [28] Additional backlash targeted the building's design, an example of the pencil tower trend, as well as the small number of units relative to its height. [26] These criticisms raised questions about New York's zoning laws and the need to regulate the construction of such towers. [27] [28]

See also

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References

  1. 1 2 3 Baird-Remba, Rebecca (September 23, 2016). "Permits Filed for 54-Story, 928-Foot Condo Building at 262 Fifth Avenue". New York YIMBY. Archived from the original on January 10, 2023. Retrieved January 10, 2023.
  2. 1 2 Parker, Will; Doles, Kyna (February 5, 2016). "Israeli-Russian Billionaire Adds to Fifth Avenue Assemblage with $59M Buy". The Real Deal New York. Retrieved January 10, 2023.
  3. ↑ Putzier, Konrad (September 23, 2016). "Israeli developer plans 54-story NoMad tower". The Real Deal. Retrieved December 27, 2024.
  4. ↑ McKnight, Jenna (May 31, 2017). "Skinny Supertall Tower by Meganom Unveiled for New York". Dezeen. Retrieved April 3, 2023.
  5. ↑ Parker, Will (May 18, 2017). "Boris Kuzinez takes the Fifth". The Real Deal. Retrieved December 26, 2024.
  6. ↑ Parker, Will (August 22, 2017). "Boris Kuzinez might be planning a $75M penthouse at 262 Fifth Ave. Here's what the floor plans show". The Real Deal. Archived from the original on April 13, 2024. Retrieved December 26, 2024.
  7. 1 2 Fedak, Nikolai (September 20, 2017). "Demolition Complete for Supertall 262 Fifth Avenue, Midtown South". New York YIMBY. Archived from the original on January 10, 2023. Retrieved January 10, 2023.
  8. ↑ "Boris Kuzinez's supertall at 262 Fifth Avenue gets DOB approval". The Real Deal. October 25, 2017. Retrieved December 26, 2024.
  9. 1 2 Rollings, Jackson (October 26, 2017). "Tallest U.S. building by a Russian architecture firm gets approval". The Architect’s Newspaper. Archived from the original on June 16, 2024. Retrieved December 26, 2024.
  10. 1 2 Gibson, Eleanor (October 25, 2017). "Meganom gains permission for skinny supertall tower in Manhattan". Dezeen. Retrieved December 26, 2024.
  11. ↑ Young, Michael (January 2, 2019). "NoMad's First Planned Supertall At 262 Fifth Avenue Appears Stalled, In Midtown Manhattan". New York YIMBY. Archived from the original on June 12, 2020. Retrieved January 10, 2023.
  12. ↑ Jones, Orion (May 28, 2021). "With $52M sale to Texas rug maker, plan for oligarchs' tower unravels". The Real Deal. Archived from the original on December 19, 2024. Retrieved December 26, 2024.
  13. ↑ Rizzi, Nicholas (May 26, 2021). "Rug Manufacturer Amir Loloi Acquires 260 Fifth Avenue for $52.5M". Commercial Observer. Archived from the original on April 25, 2024. Retrieved December 26, 2024.
  14. ↑ Young, Michael (November 25, 2021). "Activity Resumes on 1,011-Foot Supertall at 262 Fifth Avenue in NoMad, Manhattan". New York YIMBY. Archived from the original on January 10, 2023. Retrieved January 10, 2023.
  15. 1 2 Young, Michael; Pruznick, Matt (August 3, 2022). "Foundation Work Underway for 262 Fifth Avenue Supertall in NoMad, Manhattan". New York YIMBY. Archived from the original on January 11, 2023. Retrieved January 11, 2023.
  16. ↑ Young, Michael; Pruznick, Matt (December 24, 2022). "262 Fifth Avenue Residential Supertall Begins Ascent in NoMad, Manhattan". New York YIMBY. Archived from the original on January 11, 2023. Retrieved January 11, 2023.
  17. ↑ Young, Michael; Pruznick, Matt (February 23, 2023). "262 Fifth Avenue Continues Ascent in NoMad, Manhattan". New York YIMBY.
  18. 1 2 3 Elstein, Aaron (June 29, 2023). "Midtown's Latest Ultra-Thin Residential Building Will Hold 26 Apartments". Crain's New York Business. Archived from the original on July 1, 2023. Retrieved July 1, 2023.
  19. 1 2 3 "Skinny Fifth Avenue supertall will have only 26 units". The Real Deal. June 30, 2023. Archived from the original on December 20, 2024. Retrieved December 26, 2024.
  20. ↑ Jones, Orion (November 13, 2023). "Thin is in: Madison, Cottonwood feed city's skinniest supertall $180M". The Real Deal. Archived from the original on December 19, 2024. Retrieved December 26, 2024.
  21. ↑ "Five Points signs $109.8M senior construction loan with Madison Realty for supertall in NoMad, part of $180M package". PincusCo. November 14, 2023. Archived from the original on November 28, 2023. Retrieved December 26, 2024.
  22. ↑ Young, Michael (April 9, 2024). "262 Fifth Avenue Structurally Tops Out Over NoMad, Manhattan". New York YIMBY. Archived from the original on April 9, 2024. Retrieved April 9, 2024.
  23. ↑ Rothstein, Ethan (December 18, 2024). "860-Foot, 26-Unit NoMad Condo Tower Wins Approval". Bisnow. Retrieved December 26, 2024.
  24. ↑ Indursky, Jake (December 18, 2024). "Five Point's Fifth Avenue supertall scores approval". The Real Deal. Archived from the original on December 20, 2024. Retrieved December 26, 2024.
  25. ↑ Putzier, Konrad (September 23, 2016). "Israeli developer plans 54-story NoMad tower". The Real Deal. Retrieved December 27, 2024.
  26. 1 2 3 4 Bonanos, Christopher (July 5, 2023). "262 Fifth Is the Skinny di Tutti Skinnies". Curbed. Archived from the original on February 23, 2024. Retrieved December 26, 2024.
  27. 1 2 Kimmelman, Michael (October 25, 2023). "When the Skyscraper You Hate Blocks the Skyscraper You Love". The New York Times. Archived from the original on October 25, 2023. Retrieved April 4, 2024.
  28. 1 2 Demopoulos, Alaina (October 25, 2023). "New Yorkers Rail Against Luxury Tower Blocking Empire State Building: 'The Mighty Dollar Rules the Sky'". The Guardian. Retrieved April 4, 2024.
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