NEW YORK | 520 5th Ave | 1,000 FT | 76 FLOORS

[UrbanImpact]

Originally Posted by chris08876

Hi, hi we're your local urbanists
Ah-huh
And have we got news for you
You better listen
Get ready, all you lonely parkinglots
And leave those NIMBYS at home
Alright
9 Dekalb is rising (uh rising), other cities getting low (oh low, girl)
According to all sources (what sources now), the street's the place to go (we better hurry up)
'Cause tonight for the first time (first time)
Just about half-past ten (half past ten)
For the first time in history
It's gonna start raining towers (start raining toweers)
It's raining towers, hallelujah, it's raining towers, amen
I'm gonna go out to run and let myself get
Absolutely soaking high
It's raining towers, hallelujah
It's raining towers, every facade

LOL, that was awesome!

[NYguy]

https://nypost.com/2019/07/08/partne...-fifth-avenue/

Partnership leads to $205M deal for 520 Fifth Avenue

By Steve Cuozzo
July 8, 2019

As we first reported last week, a Rabina-led joint venture was taking over the driver’s seat from previous owners Ceruzzi Properties and SMI. However, terms weren’t available at the time.

The $205 million price doesn’t reflect the full value of the site, as it was described by sources as a partnership restructuring and recapitalization. Ceruzzi and SMI are expected to remain part of the development team.

A new mortgage of just under $110 million with Bank OZK, previously Bank of the Ozarks, was also recorded. It replaced an earlier, $232 million loan to Mack Real Estate that was in default but paid off as part of the purchase transaction.

The project at one of the city’s most valuable corners had stalled partly as a result of partner Louis Ceruzzi’s death in September 2017.

[JMKeynes]

I hope that this starts soon.

[chris08876]

Corner Site For 920-Foot-Tall Skyscraper At 520 Fifth Avenue Cleared For Construction In Midtown

YIMBY checked in recently at 520 Fifth Avenue, the site of a planned 920-foot-tall skyscraper that takes the number 13 spot on our countdown of the tallest projects in progress in New York City. Located in Midtown at the corner of Fifth Avenue and West 43rd Street, the plot sits cleared for construction, which YIMBY expects will commence sometime in 2020. YIMBY last reported that Handel Architects is designing and Arthur Hooper of Ceruzzi Properties is developing the project in conjunction with SMI USA. Ceruzzi purchased the property in 2015 for $275 million from Thor Equities.

520 Fifth Avenue is one block north of Bryant Park and close to other skyscrapers like 500 Fifth Avenue, One Vanderbilt, and the Bank of America Tower at One Bryant Park.

The development will contain 35,900 square feet of ground-floor retail space, around 171,000 square feet of residential space divided into 145 units measuring around 1,300 square feet apiece, and a hotel spanning 21 floors with 208 rooms spread among 175,000 square feet. The exterior is made up of a glass curtain wall with floor-to-ceiling panels and a number of chamfered corners around the lower setbacks of the bottom floors. This design would certainly stand out against the backdrop of flat roofs and neighboring masonry-clad buildings.

This will eventually become the second tallest skyscraper along Fifth Avenue, easily surpassing the 673-foot-tall roof height of the recently completed 277 Fifth Avenue in NoMad and only eclipsed by the venerable Empire State Building. Grand Central Terminal is a short walk away, along with the B, D, F, M, and 7 trains at Bryant Park. A plethora of retail and dining options are available throughout the district.

A start and completion date to the construction of 520 Fifth avenue has not been revealed.

============
NYY

[JMKeynes]

I reviewed Yimby’s article quickly but didn’t see statements from the developer which indicate that this is proceeding. I may have missed it.

[chris08876]

I think the retail and hospitality functions are a positive for this development. I can't see it not happening. Might be a matter of timing.

[brklynr]

Hi there, looooong-time lurker, first time poster. And usually I wouldn't bother, but this one really ticked me off.

Please stop treating YIMBY as if it was an authoritative source of information!

It's not. It's just another blog run by an enthusiast who is most comfortable publishing whatever marketing materials he is sent without any critical review and who often can't be bothered to do any fact-checking (not to mention the absence of a decent editor skilled in the use of the English language).

Case in point: This post. YIMBY has literally no new information to go on. Nothing. We've all seen the photos of this site; it's looked like this for years. Not only that, YIMBY didn't even do a google search to find out if there were any news, otherwise he might have noticed that the site changed hands in July, Cerruzi is out (the death of their founder is of course also omitted) and Rabina properties appears to be in charge. None of this is actually news though.

The hard hat tours are just about the only really interesting thing YIMBY does, otherwise I recommend taking everything he publishes with a huge grain of salt.

[Prezrezc]

Re the previous post vis a vis our collective love of structures of 100 feet and higher, I cite lead singer David Byrne of Talking Heads' words:

From the perversely iconic song Psycho Killer; second verse, first half.

Search engines are your friends.

And if I might be so bold: I, sir, edit my posts in a way that that would make a Zapruder film nut cringe.

*On* point, now. NY YIMBY has the latest as of this morning (quarter to 11 PM as I edit this). Again, I shall let someone more well-versed than I in uploading do the honors.

[chris08876]

He must have been drinking that 1967 Vintage Gowanus Canal Wine.

Especially when you consider the many leaks given to them... with... surprise... actual info from developers

[Prezrezc]

Yah, maybe him.

I was completely sober with mine.

OICWhatUDidTharChris.........Carry on, gents........

[JMKeynes]

Originally Posted by brklynr

Hi there, looooong-time lurker, first time poster. And usually I wouldn't bother, but this one really ticked me off.

Please stop treating YIMBY as if it was an authoritative source of information!

It's not. It's just another blog run by an enthusiast who is most comfortable publishing whatever marketing materials he is sent without any critical review and who often can't be bothered to do any fact-checking (not to mention the absence of a decent editor skilled in the use of the English language).

Case in point: This post. YIMBY has literally no new information to go on. Nothing. We've all seen the photos of this site; it's looked like this for years. Not only that, YIMBY didn't even do a google search to find out if there were any news, otherwise he might have noticed that the site changed hands in July, Cerruzi is out (the death of their founder is of course also omitted) and Rabina properties appears to be in charge. None of this is actually news though.

The hard hat tours are just about the only really interesting thing YIMBY does, otherwise I recommend taking everything he publishes with a huge grain of salt.

Yimby actually is authoritative. He gets a lot of scoops that no one else does. Also, he’s quoted by The Real Deal, Curbed, and the NYP, so his credentials and reliability are clearly well-established.

[Prezrezc]

@JM;

Apologies from me if if my last post insinuated any idea that you were in fact the first to skim through the article and that I wasn't.

[JMKeynes]

Originally Posted by Prezrezc

@JM;

Apologies from me if if my last post insinuated any idea that you were in fact the first to skim through the article and that I wasn't.

No offense taken, sir. Merry Christmas!

[Crawford]

Originally Posted by brklynr

Please stop treating YIMBY as if it was an authoritative source of information!

YIMBY makes mistakes, but is probably the most authoritative source of development-related info in the NYC metro. They're far better than the NY Times, to take an example. They actually review the filings.

Of course their articles cannot be taken as infallible but there's likely none better.

[Visionist]

I hope this rises and to its full height. It'll actually make a mark on the skyline here despite the upcoming nearby presence of Vanderbilt & Chums.

[NYguy]

NOT the proposal, but a idea of how a tower of similar height would fit in with One Vanderbilt...


https://www.instagram.comn/p/B7OJp_WgPko/

[Crawford]

That would be fantastic. Fifth Ave. could use a few iconic supertalls, but all the action has been to the east and west. Hopefully that changes with all the new projects along the corridor.

[NYguy]

That particular design looks between 1,350 and 1,400 ft.

[JMKeynes]

Originally Posted by NYguy

NOT the proposal, but a idea of how a tower of similar height would fit in with One Vanderbilt...


https://www.instagram.comn/p/B7OJp_WgPko/

Is this just some individual's idea or did this come from an architect or the developer? I'm expecting something 800' tall max, so something really tall would be great.

[JMKeynes]

Abby Rosen just bought the POS next door. It would be nice if he partnered on this project and tore it down for a full-block front project. It was supposedly fully occupied by Morgan Stanley.

http://www.522fifth.com/