Construction is continuing on the Mandarin Oriental Residences Fifth Avenue, a 29-story residential conversion at 685 Fifth Avenue in Midtown, Manhattan. Designed by Marin Architects and developed by SHVO in partnership with Deutsche Finance, the $135 million project will convert 100,000 square feet of former office space into a condominium property managed by Mandarin Oriental Hotel Group, above Fifth Avenue retail frontage marketed by Brookfield Properties. The Rinaldi Group of New York, LLC is the general contractor of the project, which is located between East 53rd and East 54th Streets.
Last month, the Mandarin Oriental Residences Fifth Avenue launched sales for the property’s 69 turnkey residences. This will be the first east coast residential-only property for the prestigious hotel brand, following the debut of the Mandarin Oriental Residences Beverly Hills, also developed by SHVO. Douglas Elliman Development Marketing is handling sales and marketing of the fully furnished units, which range from $2.5 million for junior suites to $15 million for two-bedroom layouts. The developers are expecting a projected sellout of $343,000,000. Prices for the coveted penthouses will be announced later this year. Homes begin on the sixth floor and YIMBY previously stated there will be four duplexes.
At the time of our last update in August, construction had just topped out on the ten-story reinforced concrete addition. Now these levels are covered in a dense network of black netting and scaffolding. The façade restoration of the original building and installation of the modern brick and stone envelope for the 21st century expansion should run in tandem throughout 2022, and we could begin to see the new façade emerge over the coming months.
Residences will feature bespoke interiors with accessories such as Mandarin Oriental-branded toothbrushes, Frette linens on Mandarin Oriental mattresses, Aqua di Parma beauty products, Dyson hair dryers, Mason Pearson hairbrushes, and Molteni kitchens with Miele appliances. The property will also feature Boulud Prive, a private restaurant and bar run by Michelin-starred chef Daniel Boulud accessible to occupants of both the New York and Beverly Hills properties. Other amenities are an outdoor rooftop swimming pool with views of Central Park, a spa, a fitness center and lounge areas on the 25th floor, a concierge, housekeeping service, personal training, dog walking, and personal shopping.
YIMBY last announced that 685 Fifth Avenue’s conversion and expansion should likely finish this year, with a more conceivable estimate around the end of 2022. The sales gallery is located on the 18th floor of 745 Fifth Avenue and is available by appointment only.