Rendering of the top of 212 Fifth Avenue
In January, a joint endeavor between Madison Equities, Building and Land Technology (BLT) and Thor Equities received a $275 million construction loan to acquire and complete the gut renovation of 212 Fifth Avenue.
The partners gained the financial support from Midtown-based iStar Financial, allowing them to close on the purchase of the 220,000 square foot office property from Extell Development for $260 million. Owner Joe Sitt of Thor Equities stated, “that the 212 address was half the reason he bought the building, since the numerical sequence is the area code synonymous with Manhattan.” The trio plans to convert the flagship property into 42 luxury apartments, with ground-level retail. Helpern Architects plans to replace all the building's windows and perform a full rehabilitation of the brick, limestone, and terra cotta facade.
Originally designed by Schwartz & Gross and completed in 1913 – the building was adorned in a neo-Gothic fashion, similar to the Woolworth Building and was initially occupied by several garment factories, textile manufactures, and carpet purveyors. The approved rehab plans – headed by Helpern Architects will restore the 220,000-square-foot, 350-foot-tall tower to its turn-of-the-century grandeur.
The buildings sales office is expected to open later this spring, and is aiming to be “a younger hipper version of 15 Central Park West.” You can watch AJSNY’s miraculous vision for 212 Fifth Ave here.