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565 Fifth Ave. tops out.

After hoisting a American and New York City flags above the topped out 565 Fifth Avenue, New York City's new deputy mayor for economic development, Barry Sullivan, declared: "In one respect, New York City needs a new office building like a whole in the head. In an other respect, it represents something very positive for the city. It's a demonstration of confidence."

According to Sullivan, it is important that New York City celebrate signs of confidence.

The question of why a building was topping out in this market may have been on the minds of many who attended the ceremony commemorating the completion of the frame of the structure located at the corner of 46th Street. The building's owner and leasing agent, however, spoke of a belief in the ultimate strength of the New York market and in the building's location.

Edward Gordon, president of Edward S. Gordon Company, which will lead the leasing effort for the 30-story building, said there are recognized opportunities for a building of this size and type.

"Anyone who believes what you are seeing will have any long-term effect on this city has not read the history of New York," he said.

Asking rents for the building will be in the mid-$30's, according to ESG. Floors range in size from 16,870 square feet on the lower floors, to 8,510 square feet on the upper floors.

The building is a development of 5th Midtown Company. Dr. Axel Stawski, a principal, was also on hand.

Manhattan Borough President Ruth Messinger commended the building for being in "reasonable relationship to its surroundings." At 30 stories, the building, she noted, is not large by New York standards.

The building, designed by Emery Roth & Sons, P.C./Norman Jaffe F.A.I.A., is scheduled for completion in October 1992.
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Title Annotation:new office building in New York, New York
Author:Fitzgerald, Therese
Publication:Real Estate Weekly
Date:May 27, 1992
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