New York development firm Rabina has closed on a $540 million construction package to complete a new supertall tower at 520 Fifth Avenue. Designed by Kohn Pedersen Fox, the structure will top out at 1,000 feet and contain a collection of condominiums and associated amenity spaces, boutique office space, a ground-floor retail component, and public recreation space.
When complete, 520 Fifth Avenue will be the second-tallest building on Fifth Avenue, after only the Empire State Building. The structure will comprise 450,000 square feet, rising 76 stories above ground.
According to reports, the first three floors will contain multiple restaurants in addition to an unspecified retail component. Offices will occupy the fourth through 28th floors and floors 31 through 68 will house condominiums and amenity spaces. The latter will include a pool, a private spa, a fitness center, a sports court, and more to be announced.
JLL Capital Markets represented Rabina in arranging the $540 million financing package consisting of a $410 million senior mortgage provided by Bank OZK and $130 million mezzanine financing provided by Carlyle’s Global Credit business.
“We are thrilled to have the support of Bank OZK and Carlyle at this extraordinary time of reinvention in New York City,” said Josh Rabina, president of Rabina. “520 Fifth presented us with an opportunity to mobilize a world-class design team and to start with a clean canvas. We hope to deliver a building worthy of its place in the city’s skyline that will offer New Yorkers a new template for rebalancing work, life, and personal fulfillment.”
Excavation is currently underway with anticipated completion slated for 2026.