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Renderings of 520 Fifth Avenue via Ceruzzi Holdings / SMI USA Renderings of 520 Fifth Avenue via Ceruzzi Holdings / SMI USA
The long-awaited mixed-use development at 520 Fifth Avenue appears ready to roll with a pair of renderings now posted on the perimeter fence and an excavator stationed on-site. The developers, Ceruzzi Holdings and SMI USA, acquired the 10,625-SF parcel from Thor Equities in 2015 for $275 million. The corner site is located one block north of Bryant Park and equidistant to Grand Central Terminal and Times Square.
The team intends to build a 71-floor building with retail, a five-star luxury hotel, and condos. Expected to soar more than 900 feet high, the Handel Architects-designed tower will be one of the tallest skyscrapers in Midtown Manhattan.
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In July, Real Estate Weekly reported that the team had secured $200 million in pre-development financing and the tower’s groundbreaking would take place sometime in 2018. Revised construction permits have yet to be submitted to the Department of Buildings, making the full program breakdown unclear. Ceruzzi Holdings' website says there will be 171,000 square feet of residential, 35,000 square feet of retail and 175,000 square feet of hotel use.
520-Fifth-Avenue-034 Retail podium has 85 feet of frontage along Fifth Avenue
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