Fifth Avenue, New York City's most iconic avenue, is moving ahead with a major transformation. Late last week, Mayor Eric Adams revealed plans for a $350 million redesign that will turn the stretch between Bryant Park (40th Street) and Central Park (59th Street) into a more pedestrian-friendly boulevard.
If approved as envisioned, the project will reduce the number of traffic lanes from five to three, nearly double the sidewalk width, and plant over 200 trees. The redesign aims to rival the world’s grand shopping streets, such as the Champs-Élysées in Paris and Ginza in Tokyo, while making Fifth Avenue more accessible and enjoyable for the millions of people who visit each year.
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Currently, Fifth Avenue struggles to accommodate its pedestrian traffic, especially during the holiday season. Foot traffic comprises 70 percent of trips on the strip, although sidewalks account for less than half the space. At peak times, up to 23,000 people per hour walk along this famous stretch—far more than its narrow sidewalks can comfortably handle. The new design will offer pedestrians more breathing room, expanding sidewalk space to 33.5 feet on each side and providing additional space for trees and planters. Crosswalks will be shortened for safety, and the added greenery will help cool the street in the summer.
Inspired by Art Deco landmarks and other famous retail corridors around the world, the redesign will include over 230 new trees, enhanced lighting, seating areas, and a modern stormwater system to combat flooding. These improvements aim not just to beautify Fifth Avenue, but to make it a safer, more welcoming space for pedestrians and visitors, encouraging strolls and boosting the area's appeal as a global destination.
The public space makeover is expected to have a significant economic impact. Fifth Avenue is already a major driver of the city's economy, supporting over 300,000 jobs and generating billions in wages and economic output. Since the redesign was first announced in 2022, the area has seen a surge in commercial real estate activity, with record-breaking residential sales at Aman New York Residences and more recently at 520 Fifth Avenue, which is almost 75% sold.
Construction is set to begin in 2028, following the completion of the final design in 2025. In the meantime, the city is holding public meetings to gather feedback on the proposal. As we await the overhaul, we take a look at a few new and upcoming projects planned for the iconic stretch.
New and Future Fifth Avenue Buildings
Aman New York, 730 Fifth Avenue
26 stories | 83 rooms and 22 units
Opened Summer 2022
26 stories | 83 rooms and 22 units
Opened Summer 2022
The Crown Building, a distinguished Fifth Avenue landmark, has been transformed into Aman’s first New York property. The building's historic facade and architectural details have been meticulously restored, while the interiors have been reimagined to include 83 luxurious hotel suites. Condominium residences begin on the 11th floor, offering exceptional skyline and Central Park views. Each suite showcases refined, Japanese-inspired interiors and features functioning fireplaces.
Residents and guests enjoy unparalleled amenities, including Aman’s signature concierge services, a three-story, 2,300-square-foot spa, a wine room, a subterranean jazz bar, a wraparound garden terrace, and dining options such as the Italian restaurant Arva and Japanese restaurant Nama.
Residents and guests enjoy unparalleled amenities, including Aman’s signature concierge services, a three-story, 2,300-square-foot spa, a wine room, a subterranean jazz bar, a wraparound garden terrace, and dining options such as the Italian restaurant Arva and Japanese restaurant Nama.
Tiffany & Co. flagship, 727 Fifth Avenue
Completed Spring 2023
Completed Spring 2023
Located at the prestigious intersection of Fifth Avenue and 57th Street, Tiffany & Co.'s flagship store has long been a beacon of luxury retail. In spring 2023, Tiffany opened a dramatic glass addition to the building, designed by OMA, the architecture firm founded by Rem Koolhaas. This addition replaces the darker glass structure from the 1980s, featuring sleek, undulating glass walls and column-free interiors to create a more open, airy feel.
OMA also collaborated with Tiffany’s creative director, Reed Krakoff, on a comprehensive renovation of the store's interiors. The new design immerses visitors in what Krakoff describes as "the extraordinary world of Tiffany," elevating the customer experience with elegant, reimagined spaces that reflect the brand's heritage and creativity.
OMA also collaborated with Tiffany’s creative director, Reed Krakoff, on a comprehensive renovation of the store's interiors. The new design immerses visitors in what Krakoff describes as "the extraordinary world of Tiffany," elevating the customer experience with elegant, reimagined spaces that reflect the brand's heritage and creativity.
520 Fifth Avenue
71 stories | 145 units
Completion estimated for 2025
71 stories | 145 units
Completion estimated for 2025
Located just steps from Bryant Park and NYPL's historic Stephen A. Schwarzman Building, 520 Fifth Avenue has officially topped out at an impressive 1,002 feet high. This mixed-use supertall tower offers office space on 25 floors and residential condos above, each with dedicated lobbies. According to the sales team, residences are already 72% sold, with the first penthouse entering contract at $11.95 million earlier this week.
Residents will have access to exclusive amenities, including a fitness center, pool, sports court, spa, and an elevated Sky Lounge offering sweeping views. The penthouses feature five distinct layouts, each designed to maximize views; Great Rooms focus on southeast skyline vistas, while bedrooms overlook the Hudson River. Office spaces are slated to be unveiled this winter, while residential move-ins are expected in summer 2025.
Residents will have access to exclusive amenities, including a fitness center, pool, sports court, spa, and an elevated Sky Lounge offering sweeping views. The penthouses feature five distinct layouts, each designed to maximize views; Great Rooms focus on southeast skyline vistas, while bedrooms overlook the Hudson River. Office spaces are slated to be unveiled this winter, while residential move-ins are expected in summer 2025.
Rolex Tower, 665 Fifth Avenue
419 feet high | 21 stories
Completion 2026
419 feet high | 21 stories
Completion 2026
Shortly before the pandemic, it was announced that British architect David Chipperfield had won the competition to design the new Rolex USA headquarters in New York. His winning proposal calls for a 25-story glass tower that replaces Rolex’s long-standing, drab mid-century office tower at the southeast corner of Fifth Avenue and 53rd Street.
The building is aiming for LEED Platinum certification. The design features five stacked cubes that reduce in size toward the top, creating a dynamic, jagged profile with planted terraces on each level. Sawtoothed glazing allows for diffused views for tenants inside.
A recent visit to the construction site shows the building is now several stories above ground and will likely top out sometime in 2025. The 165,000-square-foot building will house office spaces for Rolex staff and tenants and incorporate an all-new Rolex retail store at ground level.
The building is aiming for LEED Platinum certification. The design features five stacked cubes that reduce in size toward the top, creating a dynamic, jagged profile with planted terraces on each level. Sawtoothed glazing allows for diffused views for tenants inside.
A recent visit to the construction site shows the building is now several stories above ground and will likely top out sometime in 2025. The 165,000-square-foot building will house office spaces for Rolex staff and tenants and incorporate an all-new Rolex retail store at ground level.
574 Fifth Avenue
Completion 2028
Completion 2028
In July 2024, Ingka Group, the primary retailer of IKEA stores worldwide, announced a strategic investment in Extell’s long-anticipated 570 Fifth Avenue development, between West 47th and 48th streets, just south of Rockefeller Center.
According to the press release, the 1,000,000-square-foot Class-A office and retail tower will feature 80,000 square feet of retail space over two levels, which will include an IKEA “customer meeting point.” The partnership will represent the largest Fifth Avenue development in over 60 years. The building aiming for LEED Gold certification and occupancy is scheduled for 2028.
According to the press release, the 1,000,000-square-foot Class-A office and retail tower will feature 80,000 square feet of retail space over two levels, which will include an IKEA “customer meeting point.” The partnership will represent the largest Fifth Avenue development in over 60 years. The building aiming for LEED Gold certification and occupancy is scheduled for 2028.
Tower Fifth, 5 East 51st Street
1,556 feet high | 96 stories
Completion TBA
1,556 feet high | 96 stories
Completion TBA
In 2019, legendary developer Harry Macklowe announced plans for "a 21st-century office building" with a soaring height and a Closed Cavity system that would drastically reduce solar heat gain.
Designed by Gensler, the supertall tower would setback from St. Patrick’s Cathedral, and would offer premier tenant amenities, including a lap pool, yoga room, multi-level running track, and a public observatory.
However, the project remains in limbo as Macklowe has failed to acquire all the lots in assemblage or gain full approvals from the Landmarks Preservation Commission and NYC Planning.
Designed by Gensler, the supertall tower would setback from St. Patrick’s Cathedral, and would offer premier tenant amenities, including a lap pool, yoga room, multi-level running track, and a public observatory.
However, the project remains in limbo as Macklowe has failed to acquire all the lots in assemblage or gain full approvals from the Landmarks Preservation Commission and NYC Planning.
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Residential listings on and near Fifth Avenue between 40th and 60th streets
Number 5, #5A (Berkshire Hathaway HomeServices New York Properties)
Trump Tower, #30H (Nest Seekers LLC)
The Centria, #31A (PROMEST)
Olympic Tower, #26F (City Connections Realty Inc)
Parc V, #9B (Corcoran Group)
Olympic Tower, #27C (Douglas Elliman Real Estate)
The Bryant, #19C (Nest Seekers LLC)
Mandarin Oriental Residences Fifth Avenue, #23B
$4,750,000
Midtown East | Condominium | 1 Bedroom, 1.5 Baths | 1,070 ft2
Mandarin Oriental Residences Fifth Avenue, #23B (Douglas Elliman Real Estate)
The Sherry Netherland, #1101
$4,950,000
Park/Fifth Ave. to 79th St. | Cooperative | 2 Bedrooms, 2 Baths
The Sherry Netherland, #1101 (Douglas Elliman Real Estate)
53 West 53, #20D (Douglas Elliman Real Estate)
The Plaza, #1605 (Douglas Elliman Real Estate)
Mandarin Oriental Residences Fifth Avenue, #16A
$7,250,000
Midtown East | Condominium | 2 Bedrooms, 2.5 Baths | 1,569 ft2
Mandarin Oriental Residences Fifth Avenue, #16A (Douglas Elliman Real Estate)
Trump Tower, #41FG (Keller Williams NYC)
The Plaza, #1601 (Douglas Elliman Real Estate)
520 Fifth Avenue, #PH74 (Corcoran Sunshine Marketing Group)
Olympic Tower, #33/34EF (Douglas Elliman Real Estate)
Aman New York Residences, #19B
$28,000,000
Midtown West | Condominium | 3 Bedrooms, 4 Baths | 3,498 ft2
Aman New York Residences, #19B (Sothebys International Realty)
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?
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