Work is underway to prepare 685 Fifth Avenue for a 100,000-square-foot office-to-condominium conversion. The first batch of scaffolding has been assembled on the northern profile of the address, and a green scaffold board runs along the top of the retail section. The 20-story building will eventually be a 30-story building, with ten additional floors to be built atop the current roof parapet. The residential component will comprise 69 condos, to be managed by Mandarin Oriental Hotel Group. SHVO is the property developer and has partnered with BLG Holdings and Deutsche Financial to spend $135 million on the expansion and conversion of the property, which will stand 350 feet tall and rise 30 stories when complete. Marin was the architect of record and the design architect, with March & White handling the interior design. Brookfield Properties is in charge of marketing the Fifth Avenue retail space.
Following last year’s purchase of 685 Fifth Avenue, developer Michael Shvo has announced a partnership with Mandarin Oriental Hotel Group to manage a collection of condominiums within the property. Rounding out the development team for the project is Turkish investment group Bilgili Holding and investment management firm Deutsche Finance.
Last year, Michael Shvo and Russian billionaire Vladislav Doronin agreed to pay $500 million for 20 floors of the Crown Building at 730 Fifth Avenue, on the corner of 57th Street. Now Shvo has filed plans to convert most of the 26-story office building into condominiums and a hotel.
Michael Shvo and Victor Group knocked down a gas station at 239 10th Avenue in Chelsea last year to make way for a glassy condo building. Now workers are installing facade panels on the building, which is under construction at the corner of West 24th Street.
By the end of June, the 12-story, six-unit mixed-use building under development at 239 Tenth Avenue, on the corner of West 24th Street in West Chelsea, was had been built up to the fourth floor. The project has since topped out, according to a Curbed NY report. The new 54,662-square-foot, 137-foot-tall building, dubbed The Getty, will include 13,437 square feet of commercial space on the cellar through second floors. There will be eight condominium units on the floors above. They should average 4,674 square feet apiece, and three of them will be duplexes. Amenities include private residential storage units and a fitness center. The penthouse apartment will feature a roof terrace. Victor Group and SHVO (headed by Michael Shvo) are the developers, and Peter Marino Architect is designing. Completion is expected in 2017.