Fasano Fifth Avenue, rare Gold Coast condominium overlooking Central Park, finishes construction

By CityRealty Staff | From Future New York Wednesday, June 24, 2020

Overlooking Central Park, on the Upper East Side's 'Gold Coast,' a rare ground-up condominium has finished construction at 815 Fifth Avenue. Developed by the international Brazilian company JHSF Participacoes SA., the 12-unit venture, named Fasano Fifth Avenue holds five palatial duplex apartments of approximately 3,800 square feet each and seven suites measuring roughly 550 square feet each.

Ideally situated in the Upper East Side Historic District, the building is dressed in Alabama limestone, the same stone covering the record-setting 220 Central Park South according to the Minnesota-based supplier. The understated project was designed by Thierry W. Despont, the acclaimed architect behind the Woolworth Tower Residences downtown. Sales in the full-service building took place off-market. Each residence features sweeping park and skyline views and access to amenities such as a club and concierge.

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Located between East 62nd and 63rd Streets, the project sits within the Upper East Side Historic District necessitating the design approval of the city's Landmark Preservation Commission to proceed. The project usurps a six-floor, 25-foot-wide townhouse finished five years after the Civil War — which made it the oldest home on Fifth between 59th and 110th Streets. Because the original Italianate-style exterior had been greatly altered, the body was receptive to letting JHSF replace the 140-year-old structure. The new building features a fluted limestone base with a uniform sets of deeply-inset windows. Cornices above the second, fourth and top floors further articulate the design and echo neighboring 817 Fifth Avenue.

Rendering of 815 Fifth Avenue (JHSF Participacoes SA.)

Expected daytime view

Night-time view

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According to the project's website, "Each residence has been designed with extensive environments and an intelligent layout, showcasing one of the development’s hallmarks: breathtaking views of the Manhattan skyline and Central Park." An approved offering plan shows a projected $151,250,000 sellout, translating to an average of $21.6 million a pop. A video of a furnished suite can be seen here.

Dominated by co-ops, the blocks of the Upper East Side between Fifth and Park Avenues are among the priciest in the city. According to our closing data, condos in the area sell above $2,000 per ft² on average. Our availabilities also show co-ops greatly outnumber condos listings in the area (58 condos vs. 256 co-ops). Next door at 812 Fifth Avenue, a full-floor four-bedroom home with planting terraces closed for $10.8 million, or $2,571 per square foot.

The opening of the project coincided with the city's ongoing battle against COVID-19. The Fasano Hotel and Restaurant Group also signed a lease to open a large upscale Italian restaurant at 280 Park Avenue, in the space formerly occupied by the short-lived revival of The Four Seasons restaurant. According to the New York Post, Fasano is Brazil’s leading hospitality company which was bought by real estate firm JHSF in 2014 but remains under the creative control of the Fasano family.