Macklowe Properties recently negotiated a refinancing package to the tune of $192 million for Harry Macklowe’s three Midtown parcels. Two of the lots, 5 East 51st Street and 12 East 52nd Street, could be the home of Tower Fifth, a 1,556-foot-tall office tower and New York City’s future tallest building by roof height. The refinancing from Fortress Investment Group also includes the 17 East 47th Street site and a new $50 million mortgage replacing a $124 million loan.
As reported by The Real Deal, it is not clear if 17 East 47th Street was part of the original parcel assemblage.
The site for the supertall Tower Fifth is located in Midtown East, between Fifth Avenue and Madison Avenue. With 96 floors, the $1 billion development would become the third-tallest office tower by floor count, surpassed only by the 102 stories of Empire State Building and the 104 floors of One World Trade Center.
An expected start or completion date for Tower Fifth has not been announced.