520 Fifth Avenue

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.

520 Fifth Avenue
Artist's impression
General information
StatusUnder construction
ClassificationMixed-use
Coordinates40°45′16″N 73°58′50″W
Construction started2022
Estimated completion2026
Height1,001 feet (305 m)
Technical details
Floor count76
Design and construction
Architect(s)Kohn Pedersen Fox
DeveloperRabina

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.[1][2] Before the Great Recession, Aby Rosen owned 516 and 518 Fifth Avenue.[2] 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,[3] 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.[2] RFR and Tahl-Propp entered into the deal to redevelop or sell the composite site in 2007.[2] After a legal dispute between RFR and Tahl-Propp, RFR purchased 516 and 518 Fifth Avenue, paying approximately $10 million for each building.[4] RFR did not redevelop the site, and Thor Equities began the process of purchasing the buildings from Rosen's firm in 2011,[5] ultimately closing the transaction in 2012.[6] An image of a six-story retail component for the site was released in February 2014.[7] In December 2014, Thor filed to build a 71-story, 920-foot skyscraper on a three-story retail podium.[8] Handel Architects was the architect of record for this design.[8]

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.[9] The firms received financing in the form of loans from JPMorgan Chase and Fisher Brothers.[10] New York YIMBY reported that the two firms would proceed with plans for a building designed by Handel Architects, originally produced for Thor.[11][12] In an interview in 2015, Louis Ceruzzi, founder of Ceruzzi Properties, stated the firm intended to begin construction on the site in early 2016.[13] In 2017, Ceruzzi and SMI received a bridge loan from Mack Real Estate Credit Strategies, which took the place of the earlier financing.[14] The Real Deal reported that the two firms were looking for a third development partner in 2018.[15] New York City developers including Extell and Zeckendorf were among the potential partners considered.[15] In 2018, Ceruzzi and SMI defaulted on the Mack loan.[16] Mack placed the loan for sale through HFF.[16]

Rabina development

Developer Rabina purchased the site in 2019.[17] Rabina repaid Mack during the process of buying the site, and secured a new mortgage for $110 million from Bank OZK.[18] 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.[19] New York YIMBY reported that Kohn Pedersen Fox had redesigned the plans for the skyscraper in December 2021.[20] Rabina received a combined $540 million in construction financing from Bank OZK and The Carlyle Group in March 2022.[21]

Excavation began at the site between December 2021 and March 2022,[22] and was still underway in July 2022.[23] Work on the building's foundation began later in 2022.[24] Construction was above street level as of March 2023.[25] New York YIMBY reported that the installation of the building's façade was underway in October 2023.[26]

Usage

The building will be mixed-use, with 98 residences,[25] office space, and restaurants on the first three stories.[27] 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.[28]

See also

References
  1. 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.
  2. Rubinstein, Dana (April 1, 2010). "Aby Rosen Slapped with Suit for Breach of Agreement". Observer. Retrieved July 12, 2022.
  3. Arak, Joey (September 8, 2008). "It Happened One Weekend: Fifth Avenue's New Skyscraper". Curbed NY. Retrieved July 12, 2022.
  4. Weiss, Lois (May 11, 2021). "Aby Rosen Buying 522 Fifth Avenue Retail Space to Convert to Office". Commercial Observer. Retrieved July 12, 2022.
  5. Karmin, Craig (December 5, 2011). "Fifth Avenue's New Anchor". Wall Street Journal. Retrieved July 12, 2022.
  6. Geiger, Daniel Geiger (March 13, 2012). "Thor Closes on $130 Million 5th Avenue Buy". Commercial Observer. Retrieved July 12, 2022.
  7. Fedak, Nikolai (February 10, 2014). "Revealed: 520 Fifth Avenue -". New York YIMBY.
  8. Fedak, Nikolai (December 17, 2014). "Permits Filed: 520 Fifth Avenue to Stand 920 Feet Tall". New York YIMBY. Retrieved July 13, 2022.
  9. Elkies Schram, Lauren (June 25, 2015). "Ceruzzi, SMI USA Buying Midtown Site From Thor in $325M Deal". Commercial Observer. Retrieved July 13, 2022.
  10. Ghigliotty, Damian (August 19, 2015). "J.P. Morgan and Fisher Brothers Lend $150M for 520 Fifth Avenue Project". Commercial Observer. Retrieved July 13, 2022.
  11. 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.
  12. 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.
  13. Elkies Schram, Lauren (November 18, 2015). "Ceruzzi Properties Is Making a Big Play for Manhattan". Commercial Observer. Retrieved July 28, 2022.
  14. Voien, Guelda (July 5, 2017). "Mack Real Estate Provides $200M Bridge Loan To 520 Fifth Avenue". Commercial Observer. Retrieved July 13, 2022.
  15. 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.
  16. 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.
  17. Cuozzo, Steve (July 1, 2019). "New partnership puts long-stalled 520 Fifth project on track". The New York Post. Retrieved July 13, 2022.
  18. Cuozzo, Steve (July 8, 2019). "Partnership leads to $205M deal for 520 Fifth Avenue". The New York Post. Retrieved July 13, 2022.
  19. 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.
  20. Young, Michael (December 20, 2021). "520 Fifth Avenue Awaits Supertall Construction in Midtown, Manhattan". New York YIMBY. Retrieved July 13, 2022.
  21. 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.
  22. 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.
  23. 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.
  24. 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.
  25. 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.
  26. Young, Michael (October 9, 2023). "Facade Installation Progresses At 520 Fifth Avenue In Midtown, Manhattan". New York YIMBY. Retrieved October 9, 2023.
  27. Sanders, Julia (March 4, 2022). "Rabina Receives $540M in Construction Financing for Fifth Avenue Skyscraper in Manhattan". REBusinessOnline. Retrieved July 22, 2022.
  28. Putzier, Konrad (February 7, 2022). "This Small Arkansas Bank Is Fueling America's Skyscraper Boom". Wall Street Journal. Retrieved July 22, 2022.
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