This thing is not happening. It’s all about 175 Park at this point. Our best shot at getting to a new roof top tallest.
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Per NYguy via SSP:
Fortress Investment Group initiated foreclosures tied to two of Macklowe’s properties: a site near the Dadeland Mall in Miami and Midtown rental where Macklowe once planned a supertall office tower.
Fortress is seeking to foreclose on Macklowe’s equity interests in 5 East 51st Street in Midtown Manhattan and 8609 Southwest 72nd Avenue in Miami. A U.C.C. foreclosure avoids the judicial process and allows a lender to take over a company that indirectly owns property. Often, these foreclosures are halted by a bankruptcy filing.
Macklowe took on $191 million in loans from Fortress in 2019 for three Midtown properties, including a six-story rental building at 5 East 51st. The properties were part of assemblage where Macklowe tried to build a super-tall office tower known as “Tower Fifth.” The project would rise 1,500 feet, span 1 million square feet and cost upwards of $1 billion. But those dreams appear to be over. Macklowe failed to close on the purchase of another piece of the assemblage at 14 East 52nd Street last year.
Macklowe, in his late 80s, is a titan of New York real estate. But lately he’s faced some troubles throughout his company and personal portfolio. CIM Group initiated a foreclosure on his personal units at 432 Park Avenue, but he stopped the foreclosure by putting the company that controls the properties into bankruptcy. He is listing his Hamptons estate for $38 million.
Fortress, an investment firm with $48 billion in assets, is among the more active buyers of distressed real estate. It has taken over as the lead developer 125 Greenwich, a stalled 71-story condo building in Lower Manhattan.
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The assemblage is happening, but Tower Fifth, as previously described, is likely not happening, as Macklowe is losing the site.
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175 or bust for a new tallest rooftop imho
Unpopular opinion, but unfortunate that this one is dead. I thought it brought a whole new dimension to the skyline. Any chance something goes up on this assemblage? FAR is favorable.
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Something will go up eventually. I think it’ll come down to a shorter supertall of some sort.
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I would’ve liked seeing this one go up, if only for the impressive height and off-set top floors that would’ve made the skyline more dramatic and different 
It’d be nice if whatever arises keeps a similar height, but even something 1200+ would make for a striking addition!
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Ramirez told Crain’s Monday that he intends to make the entirety of both 7-story buildings the company’s new corporate headquarters, moving the firm from 61 Broadway, where it’s been located since 1971, to Midtown, several hundred feet from St. Patrick’s Cathedral and Rockefeller Center. Ramirez said he just completed interior renovations on No. 14 and will be doing the same at No. 12. Both buildings are currently vacant, he said.
It’s unclear why Macklowe’s plans for what he called Tower Fifth never came to fruition. Ramirez declined to comment on what happened, and Macklowe did not return a request for comment by press time.
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I agree, the unique design and height would’ve made it a standout! Even if something slightly shorter takes its place, it could still make a major impact on the skyline.
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