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520 Fifth Avenue Update 03/10/22

$540M Construction Loan Secured for 76-Story Midtown Skyscraper

NYC-based development firm, , has just landed a $540 million construction loan for 520 Fifth Avenue; a 76-story, mixed-use tower project in Midtown, Manhattan. The financing package was issued by Bank OZK, which supplied $410 million, and The Carlyle Group, which brought forth an additional $130 million.

General contractor, Construction, recently broke ground on the project, and excavation subcontractor, EDC NY, is currently in the process of digging down to foundation depth, which sits 4-stories beneath the surface. 

The completed building will contain residential condo units,  square feet of office space, and square feet of commercial space, containing restaurants and retail. Some of the planned tenant amenities are a fitness center & spa, a pool, and a recreational sports area.

Designed by , 520 Fifth Avenue is set to stand feet tall, amassing square feet. Because of all the work that lies ahead, it'll be quite some time before the structure tops out among the clouds. That being said, with construction expected to finish in 2026, it has a shot at becoming the 17th tallest building in NYC, provided that no other current projects beat it to the chase.

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