https://www.crainsnewyork.com/real-estate/owners-abandon-conversion-plans-745-fifth-ave
The owners of a Plaza District office tower have dropped plans to convert the building into apartments and instead will keep it as offices, a decision that speaks to the extraordinary and rebounding demand for Manhattan office space — not to mention the hefty cost of residential conversions.
The developers abandoned their plans to convert 745 Fifth Ave. sometime in 2024, according to a new report from Fitch Ratings. The idea now is for co-owners Rithm Capital and the von Finck family to inject nearly $40 million of cash into 745 Fifth as part of a $275 million refinancing package. They have also pledged $25 million in future funding commitments for leasing costs, capital expenditures and other items, Fitch said.