Excavation is progressing deeper 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, 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 development is located between West 46th and 47th Streets.
Crews have unearthed the expansive site below street level since our last update in late February, when work was just getting started. A team of excavators is still at work while pilings continue to be inserted across the property. Work is also now underway at 576 Fifth Avenue, which previously stood fenced off at the corner of Fifth Avenue and West 47th Street over the winter. Extell purchased 576 Fifth Avenue for $101 million in 2021, according to The Real Deal.
570 Fifth Avenue. Photo by Michael Young.
570 Fifth Avenue. Photo by Michael Young.
570 Fifth Avenue. Photo by Michael Young.
Temporary wooden walls are holding up the surrounding earth as crews continue their descent. The new reinforced concrete foundation slab, perimeter walls, and substructure will likely become more visible toward the end of this year, followed by the rise of the superstructure sometime in early 2026.
570 Fifth Avenue. Photo by Michael Young.
570 Fifth Avenue. Photo by Michael Young.
570 Fifth Avenue. Photo by Michael Young.
570 Fifth Avenue. Photo by Michael Young.
570 Fifth Avenue. Photo by Michael Young.
570 Fifth Avenue. Photo by Michael Young.
The main rendering above and the two below renderings were released last July and depict the skyscraper rising around the now-demolished 576 Fifth Avenue, indicating an outdated design. Nevertheless, they provide a good indication of what to expect.
The multistory podium will span the full footprint of the parcel and will be clad with transparent glass windows for the retail frontage, while the entrance to the IKEA will be located at the corner of Fifth Avenue and West 46th Street. A three-story-high cutout can be seen at the southeast corner of the main tower that leads to an expansive 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.
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’s anticipated completion date is slated for the fourth quarter of 2028, as noted on site.
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Fairy tame and inoffensive.
You meant ‘fairly’, right? 🙂
Fairy Tame… Great band.
this should be twice the height considering what they destroyed
Usually like KPF work, sure it will be detailed nicely and quality but wish the overall form was a bit more interesting feels a bit safe for such a prominent site but developer probably guilty for that
This looks really nice for Extell. I look forward to seeing the final project.
An inoffensive design that should age well. It’s actually better than the typical snoozer from Extell. But damn, I really wish the beautiful 576 could have remained a holdout. Will nothing be left of prewar Midtown except Rockefeller Center?
Those ‘cutouts’ in the tower help elevate it up a notch from the mundane.
they should make the base out of ikea parts and see if it holds up
Snore. Next.
Have always liked KPF. Of the big corporate firms, over the years, they have had more artistic claim than most. This tower seems fairly unimaginative though. Frankly they could have phoned it in.
Wow, now I looked at 576. Yes, that is a tragic loss.
576 still showing in rendering?
Have I been misinformed?
Not sure why this rendering keeps getting put up. It shows the old building still on the corner. We know that’s part of the footprint now.
Wishing it was as exciting as the Robinson Raod building KPF designed in Singapore.
The distinctiveness of Fifth Avenue, and of 57th Street, was that the classy brick and limestone mansions were replaced with commercial buildings that had classy brick and limestone facades. That’s being lost with every demolition nowadays. There’s nothing classy about a glass wall.
I say boring. Uninspired. Almost ugly.