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316-Fifth-Avenue-0233 Google Earth aerial showing location and height of 316 Fifth Avenue (CityRealty)
Yesterday, the Real Deal reported that Cottonwood Management has filed applications to build a super-slender skyscraper at 314-316 Fifth Avenue in Midtown's Koreatown.The property currently holds two buildings including the sumptuous and surprisingly unlandmarked Kaskel & Kaskel building, which blogger Daytonian in Manhattan describes as a “white marble Beaux Arts palace.” The corner site is located one block south of the Empire State Building and has a lot measuring just 4,938 square feet in size. Cottonwood purchased the properties for $19.3 million in 2016 and will replace the 113-year-old building with a 535-foot tall residential tower with just 27 condo units inside.
Per the permits, the 40-story tower will altogether contain 60,000 gross square feet of space, equivalent to a single floor at downtown’s 55 Water Street. The high-rise extraordinaires at Kohn Pedersen Fox (KPF) are steering the design of the willowy building. The floor schedule details that there will be retail at the ground and second floors, mechanical and amenity spaces up to the seventh floor, and full and duplex apartments from thereafter.
As of late, the area surrounding the Empire State Building has become a hotbed for residential activity with nearly a dozen residential projects planned nearby. Just last month, a 1,001-foot-tall condo skyscraper was unveiled for the corner of Fifth Avenue and 29th Street.
314-316-Fifth-Avenue 314-316 Fifth Avenue at the corner of West 32nd Street
New Developments Editor Ondel Hylton Ondel is a lifelong New Yorker and comprehensive assessor of the city's dynamic urban landscape.
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