From the July issue: Fifth Avenue is not usually a New York City laggard, but it’s been a decade since a major development has gone up on the tony stretch.
Back in 2006, the Midtown-based Stawski Partners built the 325,000-square-foot tower at 505 Fifth Avenue (at the corner of 42nd Street). That building is home to the private equity firm American Capital and Norges Bank on the office floors and H&M’s more upscale brand COS on the retail levels.
Before that, you’d have to go back a few more decades to the boom of the 1980s, when a certain developer (who is now running for president) built the 58-story Trump Tower at 725 Fifth Avenue. “The reality is that Fifth Avenue is kind of a tired block,” said Eric Anton, an investment-sales specialist at the commercial brokerage HFF. [more]