Construction is progressing on 685 Fifth Avenue, a 100,000-square-foot office-to-condominium conversion in Midtown, Manhattan. Designed by Marin Architects and developed SHVO in partnership with BLG Holdings and Deutsche Financial, the project involves the addition of ten floors atop the existing existing 20-story structure, bringing it to a total height of 350 feet tall. The $135 million project will yield 69 condominium units designed by March & White and managed by Mandarin Oriental Hotel Group, as well as retail space with Fifth Avenue frontage marketed by Brookfield Properties. The property is located at the corner of Fifth Avenue and East 53rd Street.
685 Fifth Avenue
Scaffolding and black netting shrouds nearly all of 685 Fifth Avenue in preparation for a 100,000-square-foot office-to-condominium conversion. The project will also add ten floors atop the existing 20-story structure, which sits at the corner of Fifth Avenue and 53rd Street. Developed by Michael Shvo’s SHVO in partnership with BLG Holdings and Deutsche Financial, the finished building will stand 350 feet tall and contain 69 condominiums managed by Mandarin Oriental Hotel Group. Marin is the architect of record and designer for the $135 million project with March & White handling the interior designs. Brookfield Properties is in charge of marketing the Fifth Avenue retail space, which is still home to the Coach, Stuart Weitzman, and Tag Heuer flagship stores.
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.
In April, news broke that Istanbul-based Gulaylar Group entered into contract to acquire the entire 90,000-square-foot office portion of the 20-story, 115,000-square-foot multi-use commercial building at 685 Fifth Avenue, on the corner of East 54th Street in Midtown. The deal includes the development rights to vertically expand the building by five stories. Those air rights were made available after property owners General Growth Properties and Thor Equities repositioned the building’s three stories of retail space, which now measures 23,400 square feet and is being made into Coach’s flagship store. Now, Gulaylar has disclosed plans to convert the office portion they are buying, along with the future expansion, into a 90-key boutique hotel, The Real Deal Reports. Five hotel chains, including Oetker Collection, AccorHotels, and LVMH’s Cheval Blanc, are currently in negotiations with the developer. The building’s remaining office tenant is moving out in August. Walter Marin’s Midtown-based Marin Architects is the architect of record for the expansion.
Earlier this week, YIMBY reported on applications to expand, by five stories, the 20-story, 115,000-square-foot multi-use commercial building at 685 Fifth Avenue, located on the corner of East 54th Street in Midtown. It was previously reported that Michael Shvo was in contract to acquire, from property owners General Growth Properties and Thor Equities, 90,000 square feet of office space (the entire office portion). That deal has since fallen through, and now, Gulaylar Group is in contract for the office space, according to The Real Deal. As part of the deal, the new owner will also develop the five-story office expansion. The sale is expected to close later this year. The lower portion of the building is currently undergoing a retail redevelopment. Its 23,400 square feet was leased to Coach in February and will become the retailer’s flagship store.