NEW YORK | 570 Fifth Avenue | ? FT | ? FLOORS

The site as of July 16, 2014:


11th of August, 2014


Could this be part of the assemblage?

Extell Hotel Rumors Swirling Around Diamond District


With 100 tenants either moved out or in the process of moving out of 2 West 47th Street in Midtown’s Diamond District, business owners and brokers in the area are speculating about what will become of the building with few definitive answers available.

As whispers swirl around the district about a potential hotel on the building’s footprint via a lot assemblage by Extell Development Company, nobody seems to know for sure what will become of the building that once housed ABS Partners Real Estate’s jewelry exchange on the ground floor and top jewelry designers like Sasha Primak in the floors above.


But the Extell hotel rumor is legit, said brokers who represented parties in the deal that moved Sasha Primak off 47th Street into Leo Schachter Diamonds’ former space in the Fifth Avenue building. Both TOWN Fifth Avenue associate broker Leah Rubin and Andrew Stein of Vicus Partners corroborated the talk that’s been whirling over 47th Street like unused air rights.


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It looks like something is about to happen.
I now recall that SL Green was marketing the property last summer. Here’s the story:

As per ACRIS, 562 Fifth was deeded to 46/47 owner, LLC on August 4, 2015.

Also, Nos. 570 and 574 Fifth were deeded to 46/47 Owner, LLC on August 4, 2015.

There has been no change of ownership for No. 564, the faux Tudor (below). However, I believe it was sold and the deed has not yet been recorded because the filthy souvenir shop has signs stating that “everything must go.” Alternatively, Thor, the current owner, Is the mystery developer.

This POS (and the two on either side) can’t come down soon enough!


I am pretty sure I know who bought this and I am also fairly certain they plan on demolishing the old Tudor-style building which would be a travesty. At the very least the facade should be saved, as it is truly a one-of-a-kind structure on this stretch of Fifth.


I don’t like the Tudor.

Anyway, I hope that the developer builds something nice here. 520 Fifth and a nice project here can spur redevelopment of this one shlocky stretch of Fifth.

The buildings on 46th are ready to come down.


SL Green unloads two 5th Avenue retail development sites
SL Green Realty Corp today announced it has reached an agreement to sell two Fifth Avenue retail development sites to a single buyer for $125.4 million or $13,690 per zoning square foot.

These sales represent another step in the strategic real estate disposition and reinvestment strategy SL Green outlined in conjunction with the acquisition of Eleven Madison Avenue. The transaction is expected to be completed prior to year-end 2015, subject to customary closing conditions.

The sites, located at 570 Fifth Avenue and 574 Fifth Avenue, were acquired by SL Green in November 2013 for a total of $78.7 million. The Company subsequently vacated the tenants in the existing buildings in preparation for a comprehensive retail development.

SL Green Managing Director Brett Herschenfeld commented, “With this transaction, SL Green will realize returns on its original investment that are consistent with our original underwriting without having incurred any development risk. In addition, the sale provides a source of equity capital that can be tax efficiently redeployed into Eleven Madison on an immediately accretive basis.”

P.S.: Upon reading in this article that SLG sold 570 and 574, I looked up the status of 572 on ACRIS. It hasn’t been conveyed since 1992. Thus, the mystery buyer is probably trying to get it. That being said, it’s already a huge site with the assemblage that runs from 562 through 570 and includes 3-13 W 46th.

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Further prep today for demolition on the 46th St side!

PS: The retail tenant has vacated 562 5th, but it appears that the offices are still occupied at the moment. It looks like the souvenir shop will imminently vacate 564.

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Hopefully, a 900’+ tower will replace this junk.


The corner building, 562 5th (pictured in the post above) is now completely vscant! I hope that something as tall and great is planned here, as Ceruzzi plans for 520 5th.

Here are the 46th St parcels, which are ready to fall! The 46th ST side of 562 5th is seen to the right of them.


Today was the last day for The horrible souvenir shop in 564 Fifth! They were packing up all of their junk and removing all of the fixtures!!

NoA. 562, 564, 566, and 570 Fifth Ave (and 3-13 W 46th)!likely will be gone by the spring!

I can’t wait for this junk to come down. The only missing piece is 572 5th, which houses the Barrington Gallery. In the photo below, it’s located between the two buildings on the right side that are draped in black, demo curtains.

I don’t know how many air rights this site has, but it’s a huge site. It’s a lot bigger than Ceruzzi’s site at 520 5th and that tower will be 950’ tall.



Interestingly, 2-10 W 47th St appear to be coming down. The tenants have been cleared out.

They are nice old office towers, and they’re adjacent to 3-13 W 46th St. I assume it’s all one assemblage. This can turn out to be a gigantic site. I suspect that there will be a huge retail component.

Everything seen in this photo is included in this huge site except for a small building at 572 5th and the gorgeous old corner building at 576 Fifth, which I hope will be preserved. This site is tremendous.

These two buildings on W 47th St. are part of the site. They’re quite nice, but they’re clearly coming down.

The two 47th St buildings are the second and third in from the corner of 47th and 5th (below).


This site presently consists of shown in the ariel photo, but for the 3 parcels with blue x’s


Today was a beautiful day because scaffolding was being erected to take down these eyesores!

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Jan 8, 2016

The developer owns everything, but for the little white building with the arched windows – for now!!

Demo permits were filed on Jan 13, 2015 for 3-13 W 46th St., which is part of this assemblage. Here are some of them:

Extell has roughly 615,000 square feet of development rights if he goes ahead and demolishes what he currently owns/is ground leasing. The little white building on Fifth can add to that, as well as air rights within the block.