Excavation is underway at 570 Fifth Avenue, the site of a 29-story office skyscraper on the eastern edge of the Diamond District in Midtown, Manhattan. Designed by Kohn Pedersen Fox and developed by Extell Development, the 567-foot-tall structure will yield 637,312 square feet of Class A office space. The building will also contain retail space on floors one and two, an 80,000-square-foot flagship store for IKEA on the first two cellar levels, and a gym, swimming pool, basketball court, and juice bar on the third and fourth below-grade stories. The property is located between West 46th and 47th Streets.
Demolition concluded since our last update in early July, when the final occupant of the plot was still in the process of being razed at 576 Fifth Avenue. Recent photographs show multiple excavators, a piling machine, and a concrete truck all on site within the perimeter of sidewalk fencing and concrete barriers. Bundles of hollow steel pilings sit ready to be inserted into the ground, and numerous dumpsters and shipping crates are scattered across the large property, which was assembled from more than a dozen parcels. Work is already below street level in some sections and workers are in the process of reinforcing the edges of the site before proceeding deeper. Ancora Engineering is the engineer of record for the project.
Photo by Michael Young.
Photo by Michael Young.
Photo by Michael Young.
Photo by Michael Young.
Photo by Michael Young.
Photo by Michael Young.
Photo by Michael Young.
Photo by Michael Young.
Photo by Michael Young.
Photo by Michael Young.
Photo by Michael Young.
Photo by Michael Young.
Work has yet to commence on the small rectangular parcel at the corner of West 47th Street that was formerly occupied by 576 Fifth Avenue. It remains to be seen how this portion of the property will be integrated into the project, as the renderings depict the former 12-story occupant still standing beside the new skyscraper. However, it is assumed the design will be revised to include the expanded footprint into the podium. Extell purchased 576 Fifth Avenue for $101 million in 2021, according to The Real Deal.
Photo by Michael Young.
The renderings in the main photo and below were released last July and depict the structure rising around the now-demolished 576 Fifth Avenue, and as such are most likely outdated. Nevertheless, they provide a good indication of what to expect from the new skyscraper.
The building begins with a podium spanning the full footprint of the parcel with transparent glass used for the retail frontage, and the entrance to the IKEA located at the corner of Fifth Avenue and West 46th Street. A three-story-high cutout at the southeast corner of the main tower leads to a landscaped terrace atop the podium. The rest of the tower then rises with the same façade design of floor-to-ceiling glass framed with bronze-hued mullions, and two more multistory corner cutouts leading to terraces on the upper setbacks. The structure culminates in a flat roof parapet.
570 Fifth Avenue, Designed by Kohn Pedersen Fox.
570 Fifth Avenue, Designed by Kohn Pedersen Fox.
Last July, IKEA franchisee Ingka Group acquired a one-third stake in 570 Fifth Avenue from Extell Development for its nearly 80,000-square-foot retail store. The stake is estimated to cost between $300 million and $500 million. Extell also secured $340 million to refinance the project with $9.3 million in new debt provided by South Korea-based firm IGIS Asset Management.
The nearest subways from the development are the B, D, F, and M trains at the 47th Street-Rockefeller Center station to the west.
570 Fifth Avenue is planned for completion in 2028.
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oh, that existing building not being removed on the renderings is in reality gone.
i guess the design of the new building will be changed.
The building immediately to the north is still standing in the rendering, yet seems to be demolished in photos. Has the design been updated?
It doesn’t look like that site is part of this buildings plan. In the photos that part of the block is fenced off from the construction site. I expect we will see a different developer announcing plans for that site at some point.
It’s funny IKEA is calling their urban stores “flagships” – this will be 80,000 square feet versus the 300,000+ square foot stores they build in industrial areas.
Did I miss what year this project is expected to be completed?
2028
It’s about time! Having this employ on 5th Ave for so long is unacceptable!
Great ‘city’ photos..
An IKEA store in Midtown Manhattan. What could go wrong?
Yay finally!! Can’t wait to see this huge tower go up
nice I like new towers and pro development.
but. there was some really cool and pretty big pre-war Gotham City / art deco esque buildings on the side streets.
Would have been nice to preserve them and use the air rights to build taller on fifth avenue.
just sayin’
The site at the corner of 47th St and 5th Ave is not part of the Extell 570 Fifth site.
“Extell purchased 576 Fifth Avenue for $101 million in 2021, according to The Real Deal.”
Are you saying this is wrong?
So you dispute the statement in this article that Extell purchased 576 Fifth Avenue for $101 million in 2021, (according to The Real Deal)?
Now they will have to call all the employees who work from home to come in to put together all the new Ikea furniture. Then they will have to call in an army of handi men to undo all the mistakes made trying to put IKEA together
Zzzzzzzzz……
Amazing architecture! So original! Can’t wait to see it in it’s full glory of masterful design!
It’s a shame, 570 5th Ave is not event 570 ft tall!
they just bought 15 west 46th street now planning to demolish so expect more changes