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520 Fifth Avenue

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Coordinates: 40°45′16″N 73°58′50″W / 40.75444°N 73.98056°W / 40.75444; -73.98056
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520 Fifth Avenue
Artist's impression
Map
General information
StatusUnder construction
ClassificationMixed-use
Coordinates40°45′16″N 73°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
DeveloperRabina

520 Fifth Avenue is a mixed-use supertall building under construction at Fifth Avenue and 43rd Street in the Midtown Manhattan neighborhood of 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.

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. Aby Rosen of RFR Realty, who owned 516 and 518 Fifth Avenue, unsuccessfully attempted to redevelop that site before the Great Recession of the 2000s. RFR and Tahl-Propp Equities tried to redevelop the site again in the late 2000s, and Thor Equities tried to build a 71-story building there before selling the site to joint venture between Ceruzzi Properties and SMI USA in 2015. Rabina bought the sites in 2019 and filed plans for a skyscraper there in 2021. As of 2024, construction is expected to be finished in 2025.

History

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Attempted redevelopment efforts

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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 of the 2000s, 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, though these plans were never realized.[4]

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

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Under construction in 2024

Developer Rabina purchased the site in 2019 for $205 million.[18] Rabina repaid Mack during the process of buying the site, and secured a new mortgage for $110 million from Bank OZK.[19] 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.[20] At the time, the developers tentatively planned to construct a 76-story skyscraper rising 920 feet (280 m).[21] 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.[21][22] The plans called for a skyscraper rising 896 feet (273 m), with 98 residences.[21] New York YIMBY reported that Kohn Pedersen Fox had redesigned the plans for the skyscraper in December 2021.[23]

Rabina received a combined $540 million in construction financing from Bank OZK and The Carlyle Group in March 2022.[24][25] Excavation began at the site between December 2021 and March 2022,[26] and was still underway in July 2022.[27] Work on the building's foundation began later in 2022.[28] Construction was above street level as of March 2023.[29] New York YIMBY reported that the installation of the building's facade was underway in October 2023.[30] Sales at the building began in April 2024, with the cheapest apartments selling for $1.7 million.[31][32] As of 2024, construction is expected to be finished in 2025.[32][33]

Architecture

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The exterior of the Century Association Building

The building was designed by Kohn Pedersen Fox.[1][34] 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][34][33] The facade contains arched windows, each measuring 10 feet (3.0 m) wide and 10 feet high,[31][35] which are interspersed with fluted piers.[34] There are several setbacks, which are placed asymmetrically on the exterior massing;[34] these setbacks create several terraces, which are arranged in a spiraling pattern.[35] The top of the building is approximately 1,000 feet (300 m) tall.[34][35]

Charles & Co. designed 520 Fifth Avenue's interior.[31][35] The building's main entrance is through a lobby with walls of walnut wood and a floor of mosaic tiles.[31][35] The building will be mixed-use, with 100 residences,[31] office space, and restaurants on the first three stories.[36] The lower portion of the building will be used as office space.[31] The upper stories, beginning at the 42nd floor, include apartments with between one and four bedrooms each. In the apartments are kitchens with walnut cabinets, bathrooms with marble floors, and ceilings measuring 10 to 14 feet (3.0 to 4.3 m) high.[31][32] The five highest residences are penthouse apartments, which each occupy a full story.[32] On the top floor is a private club with a game room, library, sun room, and dining room.[31][32] According to Vicky Charles of Charles & Co, the residences used "rich colors, hand-printed wallcoverings, soft warm plasters, custom crystal chandeliers, buttery leathers, and luxurious plush upholstery".[33]

See also

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References

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  1. ^ a b c d Eberhardt, Ellen (January 29, 2024). "KPF supertall skyscraper to rise in Midtown Manhattan". Dezeen. Archived from the original on January 31, 2024. 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. Archived from the original on October 11, 2020. Retrieved July 12, 2022.
  3. ^ a b c d Rubinstein, Dana (April 1, 2010). "Aby Rosen Slapped with Suit for Breach of Agreement". Observer. Archived from the original on July 12, 2022. Retrieved July 12, 2022.
  4. ^ Arak, Joey (September 8, 2008). "It Happened One Weekend: Fifth Avenue's New Skyscraper". Curbed NY. Archived from the original on July 12, 2022. Retrieved July 12, 2022.
  5. ^ Weiss, Lois (May 11, 2021). "Aby Rosen Buying 522 Fifth Avenue Retail Space to Convert to Office". Commercial Observer. Archived from the original on July 12, 2022. 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. Archived from the original on July 12, 2022. Retrieved July 12, 2022.
  8. ^ Fedak, Nikolai (February 10, 2014). "Revealed: 520 Fifth Avenue –". New York YIMBY. Archived from the original on July 25, 2022. Retrieved July 25, 2022.
  9. ^ a b Fedak, Nikolai (December 17, 2014). "Permits Filed: 520 Fifth Avenue to Stand 920 Feet Tall". New York YIMBY. Archived from the original on July 13, 2022. Retrieved July 13, 2022.
  10. ^ Elkies Schram, Lauren (June 25, 2015). "Ceruzzi, SMI USA Buying Midtown Site From Thor in $325M Deal". Commercial Observer. Archived from the original on July 13, 2022. 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. Archived from the original on July 28, 2022. 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. Archived from the original on September 19, 2021. Retrieved July 13, 2022.
  14. ^ Elkies Schram, Lauren (November 18, 2015). "Ceruzzi Properties Is Making a Big Play for Manhattan". Commercial Observer. Archived from the original on September 27, 2022. Retrieved July 28, 2022.
  15. ^ Voien, Guelda (July 5, 2017). "Mack Real Estate Provides $200M Bridge Loan To 520 Fifth Avenue". Commercial Observer. Archived from the original on July 13, 2022. Retrieved July 13, 2022.
  16. ^ a b Balbi, Danielle; Maurer, Mark (June 6, 2018). "Extell, Zeckendorf in talks to lead development of 520 Fifth: sources". The Real Deal New York. Archived from the original on July 13, 2022. Retrieved July 13, 2022.
  17. ^ a b Cunningham, Cathy; Grossman, Matt (May 23, 2019). "Ceruzzi's $233M Debt on 520 Fifth Ave Is in Default and Up for Sale". Commercial Observer. Archived from the original on July 13, 2022. Retrieved July 13, 2022.
  18. ^ "Rabina Properties closes on JV deal at 520 Fifth". The Real Deal. July 2, 2019. Archived from the original on March 11, 2023. Retrieved September 9, 2024.
  19. ^ Cuozzo, Steve (July 8, 2019). "Partnership leads to $205M deal for 520 Fifth Avenue". The New York Post. Archived from the original on July 13, 2022. Retrieved July 13, 2022.
  20. ^ Putzier, Konrad (February 7, 2022). "This Small Arkansas Bank Is Fueling America's Skyscraper Boom". Wall Street Journal. Archived from the original on July 22, 2022. Retrieved July 22, 2022.
  21. ^ a b c "Permits Filed for 70 Story Mixed-Use Tower in New York City". Council on Tall Buildings and Urban Habitat. January 7, 2021. Retrieved September 9, 2024.
  22. ^ Jones, Orion (January 7, 2021). "Rabina files plans for 70-story tower at beleaguered Fifth Ave site". The Real Deal. Archived from the original on September 30, 2023. Retrieved September 9, 2024.
  23. ^ Young, Michael (December 20, 2021). "520 Fifth Avenue Awaits Supertall Construction in Midtown, Manhattan". New York YIMBY. Archived from the original on April 30, 2022. Retrieved July 13, 2022.
  24. ^ Sanders, Julia (March 4, 2022). "Rabina Receives $540M in Construction Financing for Fifth Avenue Skyscraper in Manhattan". REBusinessOnline. Archived from the original on September 18, 2023. Retrieved September 9, 2024.
  25. ^ Walter-Warner, Holden (March 10, 2022). "Rabina reels in $540M in financing for Fifth Ave skyscraper". The Real Deal. Archived from the original on June 6, 2023. Retrieved September 9, 2024.
  26. ^ Young, Michael (March 1, 2022). "Excavation Underway for Kohn Pedersen Fox's 520 Fifth Avenue Supertall in Midtown, Manhattan". New York YIMBY. Archived from the original on July 17, 2022. Retrieved July 13, 2022.
  27. ^ Young, Michael; Pruznick, Matt (July 12, 2022). "Excavation Continues for Kohn Pedersen Fox's 520 Fifth Avenue Supertall in Midtown, Manhattan". New York YIMBY. Archived from the original on March 18, 2023. Retrieved March 18, 2023.
  28. ^ Young, Michael; Pruznick, Matt (December 23, 2022). "Foundations Underway for KPF's 520 Fifth Avenue Supertall in Midtown, Manhattan". New York YIMBY. Archived from the original on May 2, 2023. Retrieved May 2, 2023.
  29. ^ Young, Michael; Pruznick, Matt (March 8, 2023). "KPF's 520 Fifth Avenue Supertall Rises Above Street Level in Midtown, Manhattan". New York YIMBY. Archived from the original on May 3, 2023. Retrieved May 10, 2023.
  30. ^ Young, Michael (October 9, 2023). "Facade Installation Progresses At 520 Fifth Avenue In Midtown, Manhattan". New York YIMBY. Archived from the original on October 10, 2023. Retrieved October 9, 2023.
  31. ^ a b c d e f g h Simms, Demetrius (April 12, 2024). "The Tallest Residential Tower on New York's Fifth Avenue Launches Sales". Robb Report. Retrieved September 9, 2024.
  32. ^ a b c d e Ginsburg, Aaron (April 10, 2024). "Fifth Avenue's tallest residential tower launches sales, from $1.7M". 6sqft. Archived from the original on September 9, 2024. Retrieved September 9, 2024.
  33. ^ a b c Pener, Degen (April 12, 2024). "Fifth Avenue's Tallest Residential Building, Due in 2025, Opens Sales and Reveals Design Plans". The Hollywood Reporter. Archived from the original on July 16, 2024. Retrieved September 9, 2024.
  34. ^ a b c d e Chávez, María José Gutiérrez (February 5, 2024). "Kohn Pedersen Fox Associates reveal new renderings for supertall at 520 Fifth Avenue". The Architect's Newspaper. Archived from the original on March 2, 2024. Retrieved September 9, 2024.
  35. ^ a b c d e Barandy, Kat (April 10, 2024). "Step Inside KPF's Beaux-arts Inspired Supertall Skyscraper at 520 Fifth Avenue". designboom. Archived from the original on August 29, 2024. Retrieved September 9, 2024.
  36. ^ Sanders, Julia (March 4, 2022). "Rabina Receives $540M in Construction Financing for Fifth Avenue Skyscraper in Manhattan". REBusinessOnline. Archived from the original on July 22, 2022. Retrieved July 22, 2022.
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