316 Fifth Avenue via Kohn Pedersen Fox and CityRealty
One hundred years ago, 316 Fifth Avenue was home to Kaskel & Kaskel, a haberdashery in a Beaux Arts palace designed by Charles L. Berg. In the years after the clothiers moved uptown, the building fell into disrepair and held souvenir shops catering to Empire State Building tourists rather than Astors and Vanderbilts. However, a recently revealed rendering for a soaring tower by Kohn Pedersen Fox shows that this corner on the edge of the bustling Koreatown is gearing up for a comeback. The now-dilapidated building has been demolished, and the site has been cleared.
316 Fifth Avenue (center) circa 1903. The former Waldorf Astoria, now Empire State Building rises behind (via Dayton in Manhattan)
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Rendering of 316 Fifth Avenue via HGCIM
The new building will soar 40 floors, approximately 539 feet high and have 33,766 square feet of retail space and 27 condos on top. Developer HGC Investment Management says the apartments will target the middle market, but full-floor condos with sweeping views in a central location are bound to demand a high price. According to YIMBY, the apartments will start on the eighth floor, and there will be a full floor of amenities with a terrace.
The Koreatown building is rising in an area especially rich in development. Three blocks south, a 1,000-foot-tall condominium is planned for 266 Fifth Avenue. A few doors away, a joint venture between Victor Group and Lendlease is wrapping up work on 277 Fifth Avenue, where several units have already entered contract; remaining availabilities start at $1.799 million.
316 Fifth Avenue just prior to demolition (CityRealty)
316 Fifth Avenue fully demolished as of July 2018 (CityRealty)
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Michelle Mazzarella
Michelle is a contributing writer and editor for real estate news in New York City
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