Extell's Plans For 5th Avenue Skyscraper Are Revealed

MIDTOWN MANHATTAN, NY — After spending years demolishing nearly a dozen buildings that once lined a Midtown block, the developer Extell has revealed what it plans to construct there: an 1,100-foot-tall skyscraper containing either offices or a hotel with apartments.

The plans were uncovered in a set of documents that the company submitted to the city this week as it prepares to build on the site, which spans the west side of Fifth Avenue between West 46th and 47th streets.

The documents describe two possible uses for the enormous tower. In one scenario, it would house 1.5 million square feet of offices, including an event venue and a huge below-ground retail space. Alternatively, it could serve as a 1,520-room hotel, along with 468 regular apartments.

Before starting construction, however, Extell must get the city to approve a number of zoning changes in order to build taller. To sweeten the deal, Extell says it will fund improvements to the Fifth Avenue-53rd Street subway station, taking advantage of the new city program that gives developers square-footage bonuses in exchange for transit fixes.

The work will make the station ADA-accessible, including a new street entrance on East 53rd Street east of Fifth Avenue, two new stairways within the station, two new elevators, two new escalators and a brand-new mezzanine area under East 53rd Street, according to the planning document.

As far back as 2016, Extell began demolishing the series of low-rise buildings that stood along West 46th Street west of Fifth Avenue. Those teardowns were soon followed by the 12-story corner building at 562 Fifth Ave. and the distinctive Tudor-style building next door known as "Finchley's Castle."

The company secured $440 million in financing for the project in 2019 as it prepared to break ground. By spring of this year, the entire site was empty.

Rumors have swirled for years about what Extell — who kicked off the "Billionaire's Row" of supertall skyscrapers a few blocks north — would build on the site. Possibilities included a shopping mall topped by a hotel or apartments.

According to Extell's planning documents, the office building would have its main entrance on Fifth Avenue, with retail entryways on Fifth as well as 46th and 47th streets. The hotel tower, meanwhile, would have its main entrance on West 47th Street, while apartment dwellers would enter on 46th.

Assuming the city approves the tower, construction would begin in 2023 and last four and a half years before wrapping up in 2028.

If the zoning changes are not approved, Extell says it would develop a smaller, 24-story, 417-foot office building on the same site.