A near supertall skyscraper is coming to NoMad, according to a recent Department of Buildings filing for 262 Fifth Avenue. Boris Kuzinez, an Israeli-Russian billionaire, submitted plans last week for a 54-story, 928-foot-tall mixed-use tower on the southwest corner of Fifth Avenue and 29th Street where a trio of pre-war buildings currently stand. The tower will certainly make a dent on the NYC skyline, and will be the tallest structure between Midtown and Downtown if it finishes before several other projects now in the works.
While the lot spans three sites on the block, it is not certain if all the structures will be demolished and how the tower will be massed. The lots include 260 and 264 Fifth Avenue, which Kuzinez acquired in February of last year for $101.8 million from Renaissance Properties. His plans call for a tower with a paltry 41 condos at an average of 3,400 square feet per unit, for a total of 139,168 square feet of residential space. For those numbers to pencil out, units will likely be grand in scale, and the permit fling also indicates a large amount of the homes will be duplexes.
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Plans designate 10,850 square feet of retail for the first two floors of the tower, topped by a mechanical room on the third and amenities on the fourth. Beyond there, the tower will host its condo residences, all of which will be full-floor or duplex layouts. Amenities at the tower will include a fitness center, a swimming pool, a fourth floor outdoor terrace, a shared rooftop terrace, and a 14-car garage.
The plans list Yoram Barel as the owner’s representative and cites Five Points JV, L.P. as the business name. Mario Yao of SLCE Architects applied for the permits. Along with his $101.8 million purchase, Kuzinez also bought $5.8 million of air rights from surrounding properties.
Situated in the Flatiron District, the condos will join 189 other units currently for sale at a median price of $3,622,500, or $2,164 per square foot. The average closing price for a condo in September was $2,120 per square foot, up from last September’s closing price of $1,939 per square foot.
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Contributing Writer
Katy Cornell
Katy Cornell is a Long Island native with a passion for writing about real estate in the big city. She recently graduated from the University of Virginia with a BA in English and is a frequent contributor to CityRealty's Market Insight and NYC real estate blog 6sqft.
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