520 Fifth Avenue

Last updated

520 Fifth Avenue
520 Fifth Avenue Photomontage.jpg
Artist's impression
520 Fifth Avenue
General information
StatusUnder construction
ClassificationMixed-use
Coordinates 40°45′16″N73°58′50″W / 40.75444°N 73.98056°W / 40.75444; -73.98056
Construction started2022
Estimated completion2025 [1]
Height1,001 feet (305 m)
Technical details
Floor count76
Design and construction
Architect(s) Kohn Pedersen Fox
Developer Rabina

520 Fifth Avenue is a mixed-use supertall building under construction in New York City. The building occupies the former site of three structures. Rabina is developing the building, and architectural firm Kohn Pedersen Fox designed the structure and serves as architect of record. The interior design is by Charles & Co.

Contents

Site history

Attempted redevelopment efforts

The site of the skyscraper was formerly occupied by three buildings: 516 and 518 Fifth Avenue, and an office building at the 520 Fifth Avenue address. [2] [3] Before the Great Recession, Aby Rosen owned 516 and 518 Fifth Avenue. [3] Through his firm, RFR, Rosen at one time intended to partner with Hines to develop 516 Fifth Avenue into a mixed-use skyscraper designed by Pelli Clarke Pelli, [4] though these plans were never realized.

Later, RFR entered into a joint venture with Tahl-Propp Equities, owner of 520 Fifth Avenue, planning to either redevelop the site occupied by the three structures, or to sell the three buildings to another developer or investor. [3] RFR and Tahl-Propp entered into the deal to redevelop or sell the composite site in 2007. [3] After a legal dispute between RFR and Tahl-Propp, RFR purchased 516 and 518 Fifth Avenue, paying approximately $10 million for each building. [5] RFR did not redevelop the site, and Thor Equities began the process of purchasing the buildings from Rosen's firm in 2011, [6] ultimately closing the transaction in 2012. [7] An image of a six-story retail component for the site was released in February 2014. [8] In December 2014, Thor filed to build a 71-story, 920-foot skyscraper on a three-story retail podium. [9] Handel Architects was the architect of record for this design. [9]

Thor did not proceed with the building, and ultimately sold the site to a joint venture between Ceruzzi Properties and SMI USA for $325 million in 2015. [10] The firms received financing in the form of loans from JPMorgan Chase and Fisher Brothers. [11] New York YIMBY reported that the two firms would proceed with plans for a building designed by Handel Architects, originally produced for Thor. [12] [13] In an interview in 2015, Louis Ceruzzi, founder of Ceruzzi Properties, stated the firm intended to begin construction on the site in early 2016. [14] In 2017, Ceruzzi and SMI received a bridge loan from Mack Real Estate Credit Strategies, which took the place of the earlier financing. [15] The Real Deal reported that the two firms were looking for a third development partner in 2018. [16] New York City developers including Extell and Zeckendorf were among the potential partners considered. [16] In 2018, Ceruzzi and SMI defaulted on the Mack loan. [17] Mack placed the loan for sale through HFF. [17]

Rabina development

Under construction in 2024 At New York City 2024 033.jpg
Under construction in 2024

Developer Rabina purchased the site in 2019. [18] Rabina repaid Mack during the process of buying the site, and secured a new mortgage for $110 million from Bank OZK. [19] Plans for a building designed by Kohn Pedersen Fox were filed in early 2021, replacing the earlier Thor (and subsequently Ceruzzi and SMI) plan designed by Handel Architects. [20] New York YIMBY reported that Kohn Pedersen Fox had redesigned the plans for the skyscraper in December 2021. [21] Rabina received a combined $540 million in construction financing from Bank OZK and The Carlyle Group in March 2022. [22]

Excavation began at the site between December 2021 and March 2022, [23] and was still underway in July 2022. [24] Work on the building's foundation began later in 2022. [25] Construction was above street level as of March 2023. [26] New York YIMBY reported that the installation of the building's façade was underway in October 2023. [27]

Design

The exterior of the Century Association Building Century Association 7 West 43rd Street.jpg
The exterior of the Century Association Building

The building was designed by Kohn Pedersen Fox. [1] James von Klemperer, the president of Kohn Pedersen Fox, has said the firm drew inspiration from the works of Hugh Ferriss and from buildings near the site when designing the building. [1] In particular, von Klemperer cited the Century Association Building, the New York Public Library Main Branch, and Grand Central Terminal as inspiring the building's design. [1]

Usage

The building will be mixed-use, with 98 residences, [26] office space, and restaurants on the first three stories. [28] Bank OZK made the construction loan to the project's developer despite a drop in foot traffic on Fifth Avenue (attributed to the COVID-19 pandemic) due to project's residential component and the enduring strength of the Manhattan residential market. [29]

See also

Related Research Articles

<span class="mw-page-title-main">Lipstick Building</span> Office building in Manhattan, New York

The Lipstick Building, also known as 885 Third Avenue and 53rd at Third, is a 453-foot-tall (138 m) office building at Third Avenue between 53rd Street and 54th Street in the Midtown Manhattan neighborhood of New York City. It was completed in 1986 and has 34 floors. The building was designed by John Burgee and Philip Johnson for Hines Interests and was developer Gerald D. Hines's first project in New York City. The building's nickname is derived from its shape and color, which resembles a tube of lipstick.

<span class="mw-page-title-main">1 New York Place</span> Canceled skyscraper in Manhattan, New York

1 New York Place was a supertall skyscraper proposed in 2002 that would have risen 1,050 feet tall and had ninety floors, but the project was canceled. It was supposed to be located in New York City’s Financial District in Lower Manhattan. It would have taken up an entire block on Broadway where Fulton Street and John Street meet.

<span class="mw-page-title-main">660 Fifth Avenue</span> Office skyscraper in Manhattan, New York

660 Fifth Avenue is a 41-story office building on the west side of Fifth Avenue between 52nd and 53rd Streets in the Midtown Manhattan neighborhood of New York City. The office tower was designed by Carson & Lundin and built for its developer Tishman Realty and Construction from 1955 to 1957.

<span class="mw-page-title-main">5 World Trade Center</span> Proposed skyscraper in Manhattan, New York

5 World Trade Center is a planned skyscraper at the World Trade Center in Lower Manhattan, New York City. The site is across Liberty Street, to the south of the main 16-acre (6.5 ha) World Trade Center site. In February 2021 it was announced the new 5 World Trade Center will be developed in a joint venture between Silverstein Properties and Brookfield Properties. The proposed building shares its name with the original 5 World Trade Center, which was heavily damaged as a result of the collapse of the North Tower during the September 11 attacks and was later demolished.

<span class="mw-page-title-main">425 Fifth Avenue</span> Residential skyscraper in Manhattan, New York

425 Fifth Avenue is a 618-foot (188-meter) residential skyscraper at 38th Street and Fifth Avenue in Midtown Manhattan, New York City. It was developed by RFR Davis and designed by Michael Graves. It has 55 floors and 197 units. The building uses air rights from two small adjoining buildings and a zoning bonus for providing a public plaza to maximize its floor area. As of July 2016, it is the 96th-tallest building in New York City.

<span class="mw-page-title-main">712 Fifth Avenue</span> Office skyscraper in Manhattan, New York

712 Fifth Avenue is a 650-foot-tall (200 m) skyscraper at 56th Street and Fifth Avenue in the Midtown Manhattan neighborhood of New York City. Constructed from 1987 to 1990, it was designed by SLCE Architects and Kohn Pedersen Fox Associates. The skyscraper's base includes the Coty Building at 714 Fifth Avenue and the Rizzoli Bookstore building at 712 Fifth Avenue, both of which are New York City designated landmarks.

<span class="mw-page-title-main">Selene (building)</span> Residential skyscraper in Manhattan, New York

Selene is a residential skyscraper at the southwest corner of 53rd Street and Lexington Avenue in Midtown Manhattan, New York City. The 64-story tower, completed in 2019, was designed by Norman Foster. At 711 feet (217 m) tall, it is the 77th tallest building in New York.

<span class="mw-page-title-main">50 Hudson Yards</span> Office skyscraper in Manhattan, New York

50 Hudson Yards is a 58-story, 981-foot (299 m)-tall building that was developed as part of the Hudson Yards Redevelopment Project in Hudson Yards, Manhattan, New York City. The building is located to the north of 30 Hudson Yards, and on the east side of the Hudson Park and Boulevard, adjacent to 55 Hudson Yards. The building opened on October 19, 2022.

<span class="mw-page-title-main">One Vanderbilt</span> Office skyscraper in Manhattan, New York

One Vanderbilt is a 73-story supertall skyscraper at the corner of 42nd Street and Vanderbilt Avenue in the Midtown Manhattan neighborhood of New York City. Designed by Kohn Pedersen Fox for developer SL Green Realty, the skyscraper opened in 2020. Its roof is 1,301 feet (397 m) high and its spire is 1,401 feet (427 m) above ground, making it the city's fourth-tallest building after One World Trade Center, Central Park Tower, and 111 West 57th Street.

520 West 41st Street was a proposed 106-story supertall skyscraper in Hudson Yards, Manhattan, New York City, near Midtown Manhattan. The building would have surpassed all other skyscrapers on the island by floor-count. Upon completion, it would either have been the fifth or sixth tallest building in New York City.

<span class="mw-page-title-main">Madison Square Park Tower</span> Building in Manhattan, New York

Madison Square Park Tower, previously 45 East 22nd Street, is a skyscraper completed in 2017 and located between Broadway and Park Avenue South in the Flatiron District neighborhood of Manhattan, New York City. The building was designed by Kohn Pedersen Fox and developed by Ian Bruce Eichner's Continuum Company. It was the second skyscraper to be built on that block, after One Madison.

<span class="mw-page-title-main">The Brooklyn Tower</span> Supertall skyscraper in Brooklyn, New York

The Brooklyn Tower is a supertall mixed-use, primarily residential skyscraper in the Downtown Brooklyn neighborhood of New York City. Developed by JDS Development Group, it is situated on the north side of DeKalb Avenue near Flatbush Avenue. The main portion of the skyscraper is a 74-story, 1,066-foot (325 m) residential structure designed by SHoP Architects and built from 2018 to 2022. Preserved at the skyscraper's base is the Dime Savings Bank Building, designed by Mowbray and Uffinger, which dates to the 1900s.

45 Broad Street is a 68-story, 1,039-foot (317-meter) supertall residential skyscraper being constructed in the Financial District of Manhattan, New York City. The building will become Lower Manhattan's tallest residential tower. Excavation started in 2017, but as of 2020, construction is on hold.

<span class="mw-page-title-main">138 East 50th Street</span> Residential skyscraper in Manhattan, New York

138 East 50th Street, officially named The Centrale, is a residential building in Midtown Manhattan, New York City. The building consists of 124 condominium residences and 7,500 square feet (700 m2) of ground-floor retail between Third Avenue and Lexington Avenue in Midtown East. The developers planned to sell the condominiums for a total of $535.7 million, or an average of $4.3 million per unit.

<span class="mw-page-title-main">Tower Fifth</span> Proposed skyscraper in Manhattan, New York

Tower Fifth is a skyscraper proposed for Midtown Manhattan in New York City. The developer, Macklowe Properties, has completed other projects including the redevelopment of the General Motors Building and construction of 432 Park Avenue. Plans for the structure were first revealed in January 2019, and the developer continued purchasing buildings to create an assemblage in 2019, closing on a building in March 2020, and continuing to eye buildings in June 2020. Demolition permits were first filed in April 2020.

<span class="mw-page-title-main">Sutton 58</span> Residential skyscraper in Manhattan, New York

Sutton 58 is a residential skyscraper in the Sutton Place neighborhood of Midtown East, Manhattan in New York City.

<span class="mw-page-title-main">270 Park Avenue (2021–present)</span> Future skyscraper in Manhattan, New York

270 Park Avenue, also known as the JPMorgan Chase Building, is a supertall skyscraper under construction on the East Side of the Midtown neighborhood of Manhattan in New York City. Designed by the firm of Foster + Partners, the skyscraper is expected to rise 1,388 feet (423 m) when completed in 2025.

<span class="mw-page-title-main">262 Fifth Avenue</span> Residential skyscraper in Manhattan, New York

262 Fifth Avenue is a residential skyscraper under construction in Manhattan, New York City. Five Points Development is developing the building, which is being designed by architectural firm Meganom. SLCE Architects is the executive architect.

References

  1. 1 2 3 4 Eberhardt, Ellen (January 29, 2024). "KPF supertall skyscraper to rise in Midtown Manhattan". Dezeen. Retrieved January 31, 2024.
  2. ↑ Levere, Jane L. (September 4, 2012). "The Heart of Fifth Avenue Shopping Is Edging to the South". The New York Times. Retrieved July 12, 2022.
  3. 1 2 3 4 Rubinstein, Dana (April 1, 2010). "Aby Rosen Slapped with Suit for Breach of Agreement". Observer. Retrieved July 12, 2022.
  4. ↑ Arak, Joey (September 8, 2008). "It Happened One Weekend: Fifth Avenue's New Skyscraper". Curbed NY. Retrieved July 12, 2022.
  5. ↑ Weiss, Lois (May 11, 2021). "Aby Rosen Buying 522 Fifth Avenue Retail Space to Convert to Office". Commercial Observer. Retrieved July 12, 2022.
  6. ↑ Karmin, Craig (December 5, 2011). "Fifth Avenue's New Anchor". Wall Street Journal. Retrieved July 12, 2022.
  7. ↑ Geiger, Daniel Geiger (March 13, 2012). "Thor Closes on $130 Million 5th Avenue Buy". Commercial Observer. Retrieved July 12, 2022.
  8. ↑ Fedak, Nikolai (February 10, 2014). "Revealed: 520 Fifth Avenue -". New York YIMBY.
  9. 1 2 Fedak, Nikolai (December 17, 2014). "Permits Filed: 520 Fifth Avenue to Stand 920 Feet Tall". New York YIMBY. Retrieved July 13, 2022.
  10. ↑ Elkies Schram, Lauren (June 25, 2015). "Ceruzzi, SMI USA Buying Midtown Site From Thor in $325M Deal". Commercial Observer. Retrieved July 13, 2022.
  11. ↑ Ghigliotty, Damian (August 19, 2015). "J.P. Morgan and Fisher Brothers Lend $150M for 520 Fifth Avenue Project". Commercial Observer. Retrieved July 13, 2022.
  12. ↑ Wilson, Reid (June 26, 2015). "Ceruzzi Properties To Acquire 520 Fifth Avenue, 71-Story Mixed-Use Tower Planned, Midtown". New York YIMBY. Retrieved July 28, 2022.
  13. ↑ Wilson, Reid (August 20, 2015). "Developers Close On 520 Fifth Avenue, Plan 71-Story Mixed-Use Tower, Midtown". New York YIMBY. Retrieved July 13, 2022.
  14. ↑ Elkies Schram, Lauren (November 18, 2015). "Ceruzzi Properties Is Making a Big Play for Manhattan". Commercial Observer. Retrieved July 28, 2022.
  15. ↑ Voien, Guelda (July 5, 2017). "Mack Real Estate Provides $200M Bridge Loan To 520 Fifth Avenue". Commercial Observer. Retrieved July 13, 2022.
  16. 1 2 Balbi, Danielle; Maurer, Mark (June 6, 2018). "Extell, Zeckendorf in talks to lead development of 520 Fifth: sources". The Real Deal New York. Retrieved July 13, 2022.
  17. 1 2 Cunningham, Cathy; Grossman, Matt (May 23, 2019). "Ceruzzi's $233M Debt on 520 Fifth Ave Is in Default and Up for Sale". Commercial Observer. Retrieved July 13, 2022.
  18. ↑ Cuozzo, Steve (July 1, 2019). "New partnership puts long-stalled 520 Fifth project on track". The New York Post. Retrieved July 13, 2022.
  19. ↑ Cuozzo, Steve (July 8, 2019). "Partnership leads to $205M deal for 520 Fifth Avenue". The New York Post. Retrieved July 13, 2022.
  20. ↑ Londono, Vanessa (January 7, 2021). "Kohn Pedersen Fox Files for 70-Story Tower at 520 Fifth Avenue, in Midtown Manhattan". New York YIMBY. Retrieved July 13, 2022.
  21. ↑ Young, Michael (December 20, 2021). "520 Fifth Avenue Awaits Supertall Construction in Midtown, Manhattan". New York YIMBY. Retrieved July 13, 2022.
  22. ↑ Morris, Sebastian (March 9, 2022). "Rabina Closes on $540M Financing Package for 520 Fifth Avenue Supertall in Midtown, Manhattan". New York YIMBY. Retrieved July 13, 2022.
  23. ↑ Young, Michael (March 1, 2022). "Excavation Underway for Kohn Pedersen Fox's 520 Fifth Avenue Supertall in Midtown, Manhattan". New York YIMBY. Retrieved July 13, 2022.
  24. ↑ Young, Michael; Pruznick, Matt (July 12, 2022). "Excavation Continues for Kohn Pedersen Fox's 520 Fifth Avenue Supertall in Midtown, Manhattan". New York YIMBY. Retrieved March 18, 2023.
  25. ↑ Young, Michael; Pruznick, Matt (December 23, 2022). "Foundations Underway for KPF's 520 Fifth Avenue Supertall in Midtown, Manhattan". New York YIMBY. Retrieved May 2, 2023.
  26. 1 2 Young, Michael; Pruznick, Matt (March 8, 2023). "KPF's 520 Fifth Avenue Supertall Rises Above Street Level in Midtown, Manhattan". New York YIMBY. Retrieved May 10, 2023.
  27. ↑ Young, Michael (October 9, 2023). "Facade Installation Progresses At 520 Fifth Avenue In Midtown, Manhattan". New York YIMBY. Retrieved October 9, 2023.
  28. ↑ Sanders, Julia (March 4, 2022). "Rabina Receives $540M in Construction Financing for Fifth Avenue Skyscraper in Manhattan". REBusinessOnline. Retrieved July 22, 2022.
  29. ↑ Putzier, Konrad (February 7, 2022). "This Small Arkansas Bank Is Fueling America's Skyscraper Boom". Wall Street Journal. Retrieved July 22, 2022.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.