Posted Jul 3, 2025, 5:51 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,622
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Just a note on 500 5th...
https://www.crainsnewyork.com/real-estate/aging-art-deco-tower-midtown-manhattan-gets-cash-infusion
Aging Art Deco tower in Midtown gets a cash infusion
Aaron Elstein
July 3, 2025
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An art collector has decided a fading Art Deco icon is worth keeping. The question now is whether he’ll pay what it takes to brighten the 58-story office tower.
The collector is Mexican banking scion Moises Cosío Espinosa and the fading object is 500 Fifth Ave., a landmarked tower built in 1931 and designed by the same architects as the Empire State Building.
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500 Fifth needs extensive work, said Ruth Colp-Haber, CEO of broker Wharton Property Advisors, from updated electrical and HVAC systems to entirely new office spaces. Estimated cost: $100 million.
“To attract new tenants you need space in excellent condition,” she said. “The owner could put off doing the work, but the more they upgrade, the more they’ll lease.”
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Cosío’s plans for the building couldn’t be learned. Two emails to his art foundation in Mexico City, Fundacion M, weren’t returned. Colp-Haber said the property’s small floor plates also could make it an attractive candidate for conversion to residential.
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