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520-Fifth-Avenue-34 Renderings of 520 Fifth Avenue; Ceruzzi Properties . Thor Equities
One of the most prime development sites in Manhattan is finally coming back to life. An excavator has moved onto the long-vacant parcel at 520 Fifth Avenue, signifying that construction of a proposed retail and condo tower may be looming. The corner property is owned by Ceruzzi Properties and Shanghai Municipal Investment’s (SMI) who plan a 71-story retail and condo tower designed by Handel Architects. Construction was slated to begin last spring, but since then, no movement has occurred at the site, besides the erection of a makeshift holiday market in December.
520-Fifth-Avenue-24 Excavator at 520 Fifth Avenue; CityRealty
520-5th-avenue-034 CityRealty
Late last year, we revealed the first renderings of the forthcoming tower. Its soaring, knife-edged profile penned by Handel Architects would become one of the tallest buildings in the area and would present residents iconic views of many city landmarks. Ceruzzi told the Observer in October, "Retail will occupy 30,000 square feet on floors one through three, building amenities will be on floors five, six and seven, then there will be 20 to 25 floors with five or six pied-à-terre units per floor, and above will be the more standard units.”
520-Fifth-Avenue-235 A new look at 520 Fifth Avenue's retail podium being marketed by Thor Equities
While still best known for its unparalleled retail offerings, Midtown's Fifth Avenue now has several residential developments brimming to the surface. Just off Fifth Avenue at 16 West 40th Street, is The Bryant where David Chipperfield-designed homes begin at $2.255 million. Further north, the long-prestigious condo towers of Trump Tower and Olympic tower may be joined by a soaring Zaha Hadid-designed-development envisioned by Kushner Companies at 666 Fifth Avenue and a large development site at West 46th Street owned by Extell Development.
520-Fifth-Avenue-394 Google Earth aerial of 520 Fifth Avenue in the future Midtown skyline
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