NEW YORK | 574 5th Ave (Extell) | 567 FT | 32 FLOORS

[SkyHigher]

This is all rather odd. Either way taller the better to fill up this part of the skyline. Getting Blade Runner vibes.

Maybe someone can pop this design in the view from Top Of The Rock and from the ESB.

[mrnyc]

^ i wouldn’t bother as its just a design firm practicing their chops with a random vision.

[NYguy]

MAY 31, 2024


Hope Barnett upsizes this project to stand with the bigger boys in Midtown. 1,300 ft would be nice.



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Meanwhile, 270 Park looms above...


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[ChiND]

I really hope that Extell goes with the condo/hotel format and that it gets a new design. The initial designs shown to the Community Board were mediocre. 520 Fifth, by contrast, is utterly spectacular.

[NYguy]

I found the designs to be pretty nice. We would be lucky to get either, and not some bland, boring blue box. But if Extell moves forward with the mixed-use tower, they could perhaps reach for more height. It’s becoming harder to compete on the Manhattan skyline. 1,000 ft is the new 700 ft.

[ChiND]

Didn’t KPF design this, 520 Fifth and 347 Madison? I find those buildings mundane but for 520 Park, which is gorgeous. However, as noted elsewhere, 347 Madison apparently has a new, striking design which is more apropos for KPF.

[TKD]

520 Park is not the same as 520 5th Ave, 520 Park is a RAMSA building.

Also whatever happens here regardless of the design being updated or not/whatever we end up getting, the proposals we know of are not mundane at all, there's no doubt that the quality of the cladding would be extremely high. Not everything needs to be overly embellished to be nice.

[NYguy]

Yeah, I’m expecting Extell to put up something nice here in either case.

[NYguy]

https://www.streetinsider.com/dr/new...23419228&gfv=1

INGKA INVESTMENTS MAKES INVESTMENT ON FIFTH AVENUE
Ingka Investments, the investment arm of Ingka Group, the largest IKEA retailer, invests in Extell's new world-class office and retail tower.





July 1, 2024

Ingka Investments, the investments arm of Ingka Group, which owns the majority of IKEA stores worldwide, announced today a real estate investment on New York City's iconic Fifth Avenue. The investment in 570 Fifth Avenue will be part of the real estate portfolio of Ingka Investments and marks a significant step in Ingka Group's long-term strategy to enhance its city center retail presence.

The new Class-A retail and office tower is being developed by Extell Development Company, one of the nation's premier development firms. The building is scheduled for tenant delivery in 2028.

This strategic alliance between two industry leaders marks the largest development on Fifth Avenue in more than 60 years. Located at the intersection of the Plaza and Grand Central Districts, 570 Fifth Avenue will be a 1,000,000-square-foot mixed-use commercial building, with an outstanding address, exceptional access to transportation, world-class architecture, and next level services and amenities. A new IKEA customer meeting point will be located in the building's prime retail space of 80,000 sq ft arranged over two large cellar levels with a corner entrance on Fifth Avenue. With a focus on sustainability and wellness, the tower is targeting a minimum LEED Gold certification and will exemplify high sustainability standards and low carbon operation principles.

Gary Barnett, Founder & Chairman, Extell Development Company: "We have been working on assembling this project for almost two decades and Ingka Investments' substantial commitment allows us to move forward with the construction and leasing of the best new office building in New York. This will be the first office tower to begin construction in the city post pandemic and it is a great sign of New York's resilience. We are thankful to the Ingka Group team for their confidence in the project and New York's future and look forward to a rewarding partnership. We are also thankful to our lenders, Meritz Securities and IGIS, for their continued commitment to the project."

Ingka Investments will hold a one-third stake in the project alongside preferred equity components and full ownership of the prime retail space where the IKEA customer meeting point will be located. Extell will hold a two-thirds stake in the project.

[ChiND]

It looks a little different, but since the 47th St building is still there, I assume that the design has not been finalized.

Also, it seems that the IKEA entity will have an ownership stake. I assume that this will rise on a spec basis given the 2028 completion date.

[Zapatan]

Looks way shorter, barely 500 feet even compared to its surroundings.

[ChiND]

It looks a lot better with the extra setback. The first setback is also much lower now. See the comparison to the corner building on 47th.

[Busy Bee]

This rendering is irrelevant as 576 Fifth is current being demolished.

[Crawford]

That rendering clearly isn't accurate, as it will be a full-block building.

So IKEA will have an ownership stake? Weird. Also strange that this would be offices instead of condos. I'd assume condos would be much more valuable at this location and point in time.

But I'm ok with the shorter, bulkier office option if this actually gets going. Hate to look at block-long empty sites.

[NYguy]

570 Fifth Avenue will be a 1,000,000-square-foot mixed-use commercial building

The proposal has lost a half million sq ft, as the larger versions of the tower never completed the approvals process. The smaller tower will be easier to fill, which makes moving forward on spec make better sense.

[ChiND]

Post 130 included information that the office tower would have “approximately 1,543,759 gross square feet.” Did the require city approval to build that amount and they just gave approval for 1m sf?

[Busy Bee]

It kinda feels like we don't really know anything here.

[NYguy]

Originally Posted by ChiND

Post 130 included information that the office tower would have “approximately 1,543,759 gross square feet.” Did the require city approval to build that amount and they just gave approval for 1m sf?

They never completed the approval process. The alternative is to build as-of-right, meaning what the site is already zoned for.

[Crawford]

The development rights have now changed, as it's now a full-block site. I assume, if they need zoning changes, they'll have to resubmit under new assumptions.

To me, a multilevel IKEA flagship on Fifth Ave. in the 40's is kinda weird. That corridor is packed with foreign tourists. They're really going discount furniture shopping? I guess this will serve as a giant global billboard, of sorts?

[Busy Bee]

I don't know why but I always thought a flagship Manhattan IKEA would be cool in Astor Place or Union Square if downtown, Herald Square if Midtown and at B'way/72 if Uptown.