Rabina files plans for 452K sf mixed-use tower with 98 apartments in Grand Central

Rabina Properties, on January 4, filed a permit application for construction of a 98-unit, 452,134-square-foot mixed-use building at 520 Fifth Avenue in Grand Central.

The plans call for the construction of a 896-foot tall, 70-story mixed-use building.

The project is described in the filings as: new building construction for 70-story mixed-use building as per plans filed herewith.

The building’s sub-cellars and cellar, per the plans, will have exercise rooms, a spa, lockers, lounges, a squash court, and offices. The ground floor will have retail space, a residential lobby, an office lobby, and a restaurant lobby. Floors two and three will have restaurant space. Floors four through 28 will be used for office space. The upper floors will be used for residential units. The building will have several penthouses, located on floors 63 through 68.

Ceruzzi Properties and SMI USA had originally planned to construct a large mixed-use tower on the property. However, after a series of delays and road blocks, the developers defaulted on a $200 million loan that Mack Real Estate Credit Strategies provided the partners in June 2017. The debt consisted of a $130 million senior mortgage as well as $70 million in mezzanine financing.

In May of 2019, reports stated that the partners planned to bring on Rabina Properties to stave off a foreclosure. The $205 million deal was eventually made on July 1, 2019, with Rabina now in charge of the development and the original partners taking “a back seat.”

Direct link to Acris document. LINK

Direct link to DOB document. LINK