Over a year after purchasing this prime piece of real estate in Midtown, development firm Ceruzzi Properties has yet to begin to construction on a proposed skyscraper at 520 Fifth Avenue. YIMBY however has now uncovered a new rendering, which may point to some progress at this long dormant site.
Plans for this site were first announced in 2012 when Thor Equities was still the owner. Those plans called for a 920-foot building with Handel Architects on board to design. Those plans never materialized and in August 2015, Thor sold the site to Ceruzzi for $325 million, after having already cleared the property of two prewar buildings.
The hotel/condo plan that Thor had proposed for the site in 2014 hasn’t changed all that much. Ceruzzi is essentially going along with those Handel Architects-designed plans, but several new details have emerged on the project along with this rendering reveal.
From what we know so far, retail will occupy the first three floors of this 71-story building. A hotel is planned for 21 floors above that, and everything on top of the hotel would be apartments. Plans called for 208 hotel rooms, and 145 apartments, the latter spanning about 1,300-square-feet on average.
YIMBY reports that the site is currently occupied by a flea market with the start date of construction still unknown. Last year the developer had speculated that it would be the spring of 2016, but that did not go as planned. YIMBY suggests that it probably had to do with the slowdown in the luxury market, but now that that market is seeing a slight uptick again, it’s likely that this project will forward—whether this design will stay however is still up in the air.