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520 Fifth Avenue
520 Fifth Avenue is a mixed-use supertall building under construction at Fifth Avenue and 43rd Street in the Midtown Manhattan neighborhood of New York City. The building occupies the former site of three structures. Mickey Rabina is developing the building, and architectural firm Kohn Pedersen Fox designed the structure and serves as architect of record. The interior design is by Charles & Co.
The site of the skyscraper was formerly occupied by three buildings: 516 and 518 Fifth Avenue, and an office building at the 520 Fifth Avenue address. Aby Rosen of RFR Realty, who owned 516 and 518 Fifth Avenue, unsuccessfully attempted to redevelop that site before the Great Recession of the 2000s. RFR and Tahl-Propp Equities tried to redevelop the site again in the late 2000s, and Thor Equities tried to build a 71-story building there before selling the site to joint venture between Ceruzzi Properties and SMI USA in 2015. Rabina bought the sites in 2019 and filed plans for a skyscraper there in 2021. As of 2025[update], construction is expected to be finished on June 1, 2026.
In the 19th century, the site of 520 Fifth Avenue was occupied by the Colored Orphans Asylum, which burned down in the 1863 New York City draft riots. The site was then occupied by three buildings: 516 and 518 Fifth Avenue, and an office building at the 520 Fifth Avenue address. 516 Fifth Avenue sold antiques, shoes, and goods, while 518 Fifth Avenue was an office for the Spanish airline Iberia. The original 520 Fifth Avenue had an art gallery in the late 20th century, which was replaced by a gift shop.
Before the Great Recession of the 2000s, Aby Rosen owned 516 and 518 Fifth Avenue. Through his firm, RFR, Rosen at one time intended to partner with Hines to develop 516 Fifth Avenue into a mixed-use skyscraper designed by Pelli Clarke Pelli, though these plans were never realized. Later, RFR entered into a joint venture with Tahl-Propp Equities, owner of 520 Fifth Avenue, planning to either redevelop the site occupied by the three structures, or to sell the three buildings to another developer or investor. RFR and Tahl-Propp entered into the deal to redevelop or sell the composite site in 2007.
After a legal dispute between RFR and Tahl-Propp, RFR purchased 516 and 518 Fifth Avenue, paying approximately $10 million for each building. RFR did not redevelop the site, and Thor Equities began the process of purchasing the buildings from Rosen's firm in 2011, ultimately finalizing its purchase in 2012. An image of a six-story retail component for the site was released in February 2014. In December 2014, Thor filed to build a 71-story, 920-foot skyscraper on a three-story retail podium. Handel Architects was the architect of record for this design.
Thor did not proceed with the building, and ultimately sold the site to a joint venture between Ceruzzi Properties and SMI USA for $325 million in 2015. The firms received financing in the form of loans from JPMorgan Chase and Fisher Brothers. New York YIMBY reported that the two firms would proceed with plans for a building designed by Handel Architects, originally produced for Thor. In an interview in 2015, Louis Ceruzzi, founder of Ceruzzi Properties, stated the firm intended to begin construction on the site in early 2016. Lou Ceruzzi had wanted to develop a structure with three stories of retail, 145 residential condominiums, and an eight-story hotel with 208 rooms. In 2017, Ceruzzi and SMI received a bridge loan from Mack Real Estate Credit Strategies, which took the place of the earlier financing. Lou Ceruzzi died that year, and The Real Deal reported that the two firms were looking for a third development partner in 2018. New York City developers including Extell and Zeckendorf were among the potential partners considered. In 2018, Ceruzzi and SMI defaulted on the Mack loan. Mack placed the loan for sale through HFF.
The developer Mickey Rabina purchased the site in 2019 for $205 million. Rabina repaid Mack during the process of buying the site, and he secured a new mortgage for $110 million from Bank OZK. Bank OZK made the construction loan to the project's developer despite a drop in foot traffic on Fifth Avenue (attributed to the COVID-19 pandemic) due to project's residential component and the enduring strength of the Manhattan residential market. At the time, the developers tentatively planned to construct a 76-story skyscraper rising 920 feet (280 m). Kohn Pedersen Fox (KPF) received the commission after KPF's president James von Klemperer heard rumors about Rabina's plans and cold called him. KPF's plans were filed in early 2021, replacing the earlier Thor (and subsequently Ceruzzi and SMI) plan designed by Handel Architects. The plans called for a skyscraper rising 896 feet (273 m), with about 100 residences. In addition, the facade was to be made of terracotta rather than glass.
New York YIMBY reported that Kohn Pedersen Fox had redesigned the plans for the skyscraper in December 2021. Rabina received a combined $540 million in construction financing from Bank OZK and The Carlyle Group in March 2022. Excavation began at some point between the redesign and the financing and was still underway in July 2022. Work on the building's foundation began later in 2022. The project was constrained by the small site and the fact that the neighboring streets could not be closed to traffic. As a result, several cranes had to be used to construct the superstructure, and a series of hoists were installed to accelerate deliveries of materials. Construction was above street level as of March 2023. New York YIMBY reported that the installation of the building's facade was underway in October 2023.
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520 Fifth Avenue
520 Fifth Avenue is a mixed-use supertall building under construction at Fifth Avenue and 43rd Street in the Midtown Manhattan neighborhood of New York City. The building occupies the former site of three structures. Mickey Rabina is developing the building, and architectural firm Kohn Pedersen Fox designed the structure and serves as architect of record. The interior design is by Charles & Co.
The site of the skyscraper was formerly occupied by three buildings: 516 and 518 Fifth Avenue, and an office building at the 520 Fifth Avenue address. Aby Rosen of RFR Realty, who owned 516 and 518 Fifth Avenue, unsuccessfully attempted to redevelop that site before the Great Recession of the 2000s. RFR and Tahl-Propp Equities tried to redevelop the site again in the late 2000s, and Thor Equities tried to build a 71-story building there before selling the site to joint venture between Ceruzzi Properties and SMI USA in 2015. Rabina bought the sites in 2019 and filed plans for a skyscraper there in 2021. As of 2025[update], construction is expected to be finished on June 1, 2026.
In the 19th century, the site of 520 Fifth Avenue was occupied by the Colored Orphans Asylum, which burned down in the 1863 New York City draft riots. The site was then occupied by three buildings: 516 and 518 Fifth Avenue, and an office building at the 520 Fifth Avenue address. 516 Fifth Avenue sold antiques, shoes, and goods, while 518 Fifth Avenue was an office for the Spanish airline Iberia. The original 520 Fifth Avenue had an art gallery in the late 20th century, which was replaced by a gift shop.
Before the Great Recession of the 2000s, Aby Rosen owned 516 and 518 Fifth Avenue. Through his firm, RFR, Rosen at one time intended to partner with Hines to develop 516 Fifth Avenue into a mixed-use skyscraper designed by Pelli Clarke Pelli, though these plans were never realized. Later, RFR entered into a joint venture with Tahl-Propp Equities, owner of 520 Fifth Avenue, planning to either redevelop the site occupied by the three structures, or to sell the three buildings to another developer or investor. RFR and Tahl-Propp entered into the deal to redevelop or sell the composite site in 2007.
After a legal dispute between RFR and Tahl-Propp, RFR purchased 516 and 518 Fifth Avenue, paying approximately $10 million for each building. RFR did not redevelop the site, and Thor Equities began the process of purchasing the buildings from Rosen's firm in 2011, ultimately finalizing its purchase in 2012. An image of a six-story retail component for the site was released in February 2014. In December 2014, Thor filed to build a 71-story, 920-foot skyscraper on a three-story retail podium. Handel Architects was the architect of record for this design.
Thor did not proceed with the building, and ultimately sold the site to a joint venture between Ceruzzi Properties and SMI USA for $325 million in 2015. The firms received financing in the form of loans from JPMorgan Chase and Fisher Brothers. New York YIMBY reported that the two firms would proceed with plans for a building designed by Handel Architects, originally produced for Thor. In an interview in 2015, Louis Ceruzzi, founder of Ceruzzi Properties, stated the firm intended to begin construction on the site in early 2016. Lou Ceruzzi had wanted to develop a structure with three stories of retail, 145 residential condominiums, and an eight-story hotel with 208 rooms. In 2017, Ceruzzi and SMI received a bridge loan from Mack Real Estate Credit Strategies, which took the place of the earlier financing. Lou Ceruzzi died that year, and The Real Deal reported that the two firms were looking for a third development partner in 2018. New York City developers including Extell and Zeckendorf were among the potential partners considered. In 2018, Ceruzzi and SMI defaulted on the Mack loan. Mack placed the loan for sale through HFF.
The developer Mickey Rabina purchased the site in 2019 for $205 million. Rabina repaid Mack during the process of buying the site, and he secured a new mortgage for $110 million from Bank OZK. Bank OZK made the construction loan to the project's developer despite a drop in foot traffic on Fifth Avenue (attributed to the COVID-19 pandemic) due to project's residential component and the enduring strength of the Manhattan residential market. At the time, the developers tentatively planned to construct a 76-story skyscraper rising 920 feet (280 m). Kohn Pedersen Fox (KPF) received the commission after KPF's president James von Klemperer heard rumors about Rabina's plans and cold called him. KPF's plans were filed in early 2021, replacing the earlier Thor (and subsequently Ceruzzi and SMI) plan designed by Handel Architects. The plans called for a skyscraper rising 896 feet (273 m), with about 100 residences. In addition, the facade was to be made of terracotta rather than glass.
New York YIMBY reported that Kohn Pedersen Fox had redesigned the plans for the skyscraper in December 2021. Rabina received a combined $540 million in construction financing from Bank OZK and The Carlyle Group in March 2022. Excavation began at some point between the redesign and the financing and was still underway in July 2022. Work on the building's foundation began later in 2022. The project was constrained by the small site and the fact that the neighboring streets could not be closed to traffic. As a result, several cranes had to be used to construct the superstructure, and a series of hoists were installed to accelerate deliveries of materials. Construction was above street level as of March 2023. New York YIMBY reported that the installation of the building's facade was underway in October 2023.