NEW YORK CITY — Rabina, along with general contractor Suffolk Construction, has topped out 520 Fifth Avenue, an approximately 1,000-foot-tall high-rise development situated at the intersection of Fifth Avenue and West 43rd Street in the Midtown neighborhood of Manhattan. Once completed in 2025, the tower will rise 88 stories and feature 100 condominiums and 25 floors of office space, as well as a social club called Moss.
In March 2022, Rabina secured $540 million in construction financing for 520 Fifth Avenue that comprised a $410 million senior loan from Bank OZK and $130 million in mezzanine financing from Carlyle.
The residential component of the project is called Five Twenty Fifth Residences. Condos will come in one- through four-bedroom layouts. Residents will have access to amenities such as a library, game room with billiards, private dining rooms and a solarium. Seventy percent of the condos have already been sold since sales launched in April.
The mixed-use tower will also offer office space from floors 10 to 34. Office spaces will range from 500 to 12,000 square feet and feature 12-foot tall ceilings, private terraces and open-air covered corridors. The office component has been dubbed 520 Offices.
Corcoran Sunshine Marketing Group is serving as the marketing and sales agent for Five Twenty Fifth Residences, and JLL is the official leasing company for 520 Offices. 520 Fifth’s residential sales and office leasing gallery is located adjacent to the development site.
Kohn Pedersen Fox (KPF) designed the building, and Vicky Charles of AD100 design firm Charles & Co. provided interior design services.
According to Rabina, the architectural style of the tower pays homage to the historic Beaux-Arts style of architecture, which was popular in New York in the 20th century. The building exterior features design elements such as tiered setbacks, arched windows and materials like terra cotta and enameled metal.
“This entire construction process to date has been an extraordinary testament to ingenuity, commitment to quality and carefully choreographed execution,” says Ian Klein, senior vice president and head of development at Rabina. “We are excited to have achieved this significant milestone and look forward to occupancy next year.”
Rabina is an investment and development firm based in New York City. The company has owned more than 30 million square feet of residential, office, retail, mission critical and industrial assets throughout the United States and abroad since its founding in 1956.
— Channing Hamilton