Set to rise at the northern corner of Fifth Avenue and West 43rd Street, 520 Fifth Avenue is likely to be the first skyscraper along Fifth Avenue to top the 900-foot mark. The project will rise in the heart of Midtown, one street away from the eastern end of Bryant Park. The glass-enclosed tower will have 76 floors and stand 920 feet to its pinnacle. Handel Architects is the architect, and Arthur Hooper of Ceruzzi Properties will be developing in conjunction with SMI USA.
While work has not yet kicked off at 520 Fifth Avenue, things appear more promising for this site than the others already profiled by YIMBY involving China-backed developers. In this case, that is SMI USA. The Real Deal reported late last month that Madison Equities might be brought into the $500 million dollar project. Ceruzzi has been looking for additional development partners since purchasing the Midtown in 2015 for $275 million from Thor Equities.
As seen in photos from YIMBY’s recent visit, excavation work has remained on hold after machinery appeared on-site back in 2017. The lot held flea markets for a time several years ago, but the latest news regarding Madison Equities’ involvement is hopefully a sign they will not return.
Renderings of the project show a three-story retail section at the base, with large floor-to-ceiling glass walls facing Fifth Avenue and West 43rd Street. The building’s podium takes up the entire lot before yielding to a tapering tower enclosed in a glass facade. Residents and hotel guests will enter the building from West 43rd Street.
Inside, there will be around 171,000 square feet of residential living space, with 145 units measuring around 1,300 square feet apiece. There will also be a hotel spanning 21 floors, with 208 rooms spread among 175,000 square feet. The retail base is planned to cover about 35,900 square feet.
While the design has changed several times in the past, the rendering seen on the green construction fence today matches the above, and shows the top of the tower designed with a multiple-sloped roofline and chamfered corners.
A completion date for 520 Fifth Avenue has not yet been confirmed. But with Madison Equities’ hopeful involvement, the site may be one of the few high-profile projects not yet off the ground in Manhattan to soon get underway.