Extell files plans for 637K sf retail, office, tower on Fifth Avenue
570 Fifth Avenue also known as 574 Fifth Avenue footprint
Gary Barnett’s Extell Development filed plans for a 567-foot-tall, 29-story, 637,312-square-foot office and retail tower with the address 574 Fifth Avenue, and the alternate address of 570 Fifth Avenue, on a large parcel assembled over years between 46th and 47th streets in Midtown West, Manhattan.
The project has been expected to be a supertall, rising above 1,000 feet. It’s unclear if this is a preliminary plan or if the firm has pared back the height.
The plans were filed under job number M01093960, published on September 6, 2024. The project is being constructed on a 56,459-square-foot development parcel composed of all or portions of 14 tax lots including 27, 29, 30, 130, 31, 32, 33, 34, 35. The architect if Kohn Pedersen Fox Associates.
The building plans call for retail on the first and second floors (as well in a lower level) and office on the upper floors. The first floor will have 33,493 square feet of retail, and the second floor 26,212 square feet. The lower level will have 38,113 square feet.
Office space will occupy floors four through 28, with the exception of the 17th floor reserved for mechanicals. There will be 34,143 square feet of office on the fourth floor and between 24,428 and 16,004 square feet on the other office floors.
The entire project is within the Special Midtown District, and a portion is within the Fifth Avenue Subdistrict.
574 Fifth Avenue
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Sub-Cellar - 3 | GYM, BASKETBALL COURT, ACCESSORY JUICE BAR | Health Club/ Gym/ Fitness Center | NA | Assembly | ||
| 2 | Sub-Cellar - 3 | STORAGE ROOMS | Storage of non combustible Materials | NA | Storage | ||
| 3 | Sub-Cellar - 3 | MECHANICAL AND ELECTRICAL EQUIPMENT ROOMS, IT CLOSET, POOL MEP ROOM, EJECTOR PIT ROOM | Mechanical and/or electrical equipment room | NA | Factory and Industrial | ||
| 4 | Sub-Cellar - 2 | STORAGE ROOMS, BIKE STORAGE, STAFF LOCKERS | Storage of non combustible Materials | NA | Storage | ||
| 5 | Sub-Cellar - 2 | GYM, POOL | Health Club/ Gym/ Fitness Center | NA | Assembly | ||
| 6 | Sub-Cellar - 2 | MECHANICAL AND ELECTRICAL EQUIPMENT ROOMS, IT CLOSET, LOADING AREA, TRUCK LIFT | Mechanical and/or electrical equipment room | NA | Factory and Industrial | ||
| 7 | Sub-Cellar - 1 | STORAGE ROOMS | Storage of non combustible Materials | NA | Storage | ||
| 8 | Sub-Cellar - 1 | RETAIL | Retail Sale | NA | Mercantile | ||
| 9 | Sub-Cellar - 1 | ELECTRICAL EQUIPMENT ROOMS, IT CLOSET, | Mechanical and/or electrical equipment room | NA | Factory and Industrial | ||
| 10 | Cellar | STORAGE ROOMS | Storage of non combustible Materials | NA | Storage | ||
| 11 | Cellar | RETAIL | Retail Sale | NA | Mercantile | ||
| 12 | Cellar | ELECTRICAL EQUIPMENT ROOMS, IT CLOSET, MECHANICAL ROOMS, FIRE PUMP ROOM | Mechanical and/or electrical equipment room | NA | Factory and Industrial | ||
| 13 | 1 | RETAIL | Retail Sale | NA | Mercantile | ||
| 14 | 1 | ELECTRICAL EQUIPMENT ROOMS, IT CLOSET, | Mechanical and/or electrical equipment room | NA | Factory and Industrial | ||
| 15 | 2 | RETAIL | Retail Sale | NA | Mercantile | ||
| 16 | 2 | ELECTRICAL EQUIPMENT ROOMS, IT CLOSET, | Mechanical and/or electrical equipment room | NA | Factory and Industrial | ||
| 17 | 3 | MECHANICAL AND ELECTRICAL EQUIPMENT ROOMS, IT CLOSET, NWP. PROT. COMPS., XFMR VAULTS, SERVICE SWITCHBOARD ROOM, GENERATOR SWITCHBOARD ROOMS, DAS ROOM, MDF ROOM, ATS ROOM, ARCS | Mechanical and/or electrical equipment room | NA | Factory and Industrial | ||
| 18 | 4 | OFFICES | Office | NA | Business | ||
| 19 | 5 | OFFICES | Office | NA | Business | ||
| 20 | 8 | OFFICES | Office | NA | Business | ||
| 21 | 9 | OFFICES | Office | NA | Business | ||
| 22 | 10 | OFFICES | Office | NA | Business | ||
| 23 | 11 | OFFICES | Office | NA | Business | ||
| 24 | 12 | OFFICES | Office | NA | Business | ||
| 25 | 13 | OFFICES | Office | NA | Business |
The owner
The PincusCo database currently indicates that Extell Development owned at least 64 commercial properties with 651 residential units in New York City with 2,577,734 square feet. The portfolio has $6.9 billion in debt, with top three lenders as Guggenheim Partners, Blackstone Group, and JVP Management respectively. Within the portfolio, the bulk, or 42 percent of the 2,577,734 square feet of built space are specialty properties, with elevator properties next occupying 22 percent of the space. The bulk, or 96 percent of the built space, is in Manhattan, with Brooklyn next at 4 percent of the space.
The surrounding
Within a 400-foot radius of 574 5 Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months. Of those eight items, four were sales above $5 million totaling $125.2 million. The most recent of the four was Major Capital which bought the 13,580-square-foot, five-unit office building (O5) on 560 5th Avenue for $38 million from Riese Organization on December 18, 2023. Of those eight items, four were loans above $5 million totaling $263.3 million. The most recent of the four was Jack Elo in which borrowed $21.5 million from Hirshmark Capital secured by the 60,500-square-foot, 31-unit office building (O6) on 6 West 48th Street and one other property on November 8, 2023.
Direct link to the property’s ACRIS page and link to DOB NOW portal.