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Mixed-use tower going up at 425 Fifth Avenue.

No address personifies the grandeur of New York better than Fifth Avenue. That tradition continues with the addition of the Avenue's newest signature development--the 67-story mixed-use tower now rising at 425 Fifth Avenue, at the northeast corner of 38th Street.

Being built by developers Davis & Partners and RFR Holding LLC, and designed by noted architect Michael Graves, 425 Fifth Avenue's top 27 floors will contain 81 distinctive condominiums and feature a variety of studio, one, two and three bedroom layouts. Prices for the tower's 17 studio homes will range from half-a-million to three-quarters of a million dollars while the price tag for its largest penthouse residences will range from $7 million to $10 million, according to Adrienne Albert, president of The Marketing Directors, Inc., exclusive marketing and sales agent for the property.

With its offering plan recently approved by the State Attorney General's office, condominium sales are now officially underway.

425 Fifth Avenue will also feature 16 floors of exclusive extended stay residences to be operated by Envoy Club, four levels of offices and/or professional space, and two floors of retail facilities. The development is expected to be ready for occupancy in early 2003.

"Like our nearby neighbors, the Empire State Building to the south and the Chrysler Building to the north, 425 Fifth Avenue has been designed as a classic tower that will add yet another important new dimension to the Manhattan skyline," asserted developer Trevor Davis.

Designed by Michael Graves & Associates to embody the casual elegance of life in Manhattan, 425 Fifth Avenue will feature a lush urban landscaped plaza designed by architect Tom Balsley. The building's entranceway will be highlighted by an elliptical-shaped lobby designed by Michael Graves. It will feature an intricate floor pattern combining two varieties of imported Italian Cipollino stone--Creme Tirrento with a darker classico accent--and Baldinger pendant and sconce fixtures for lighting.

Residences at 425 Fifth, which were custom designed by Michael Graves, will feature gourmet kitchens with granite countertops and backsplashes, custom cherrywood cabinetry, slate porcelain tile floors, Miele stainless steel appliances; and bathrooms of patterned tile and marble, separate glass-enclosed showers and Kaldewei soaking tubs.

A highlight of the building is The Fifth Avenue Club -- two full floors of amenities featuring an indoor attended swimming pool, wraparound outdoor terrace, steam and sauna rooms and his-n-her lounges and changing rooms.
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Title Annotation:RFR Holding LLC building information
Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Aug 22, 2001
Previous Article:Mack-Cali acquires 2 buildings, 168,000 SF.
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