Developer Plans to Demolish 3 Buildings, Build 1 Big 54-Story Building in Flatiron

FLATIRON, NY — A New York City developer filed plans last week to construct a new 54-story building it hopes will go in place of the three buildings that currently stand at 29th Street and Fifth Avenue, according to city records.

The plan for the new building, addressed 262 Fifth Ave., includes an outdoor terrace, a gym, and a pool, according to the permit filed by Five Points. The first two stories will be dedicated to retail, and the others will be dedicated to residential units.

Five Points has been buying up 258-264 Fifth Ave. one-by-one over the past two years, city records show. The company, which The Real Deal reported is owned by Israeli-Russian billionaire Boris Kuzinez, spent a total of $101.35 million since February on the three buildings it is hoping to demolish.

In December 2014, a "mystery billionaire" bought 264 Fifth Ave. for $25 million. Then Five Points bought 262 Fifth Ave. in March 2015 for $17.3 million. Five Points then also purchased 260 Fifth Ave. in February 2016 for $59 million, city records show. The development company in August spent $5.8 million on air rights over 256 Fifth Ave.

Five Points did not immediately respond to request for comment.

The city approved the demolition of 262 and 264 Fifth Ave., but demolition permits haven't been filed yet for 258-260 Fifth Ave., according to city records. The buildings currently house Megerian Rug Cleaners and Royal Sari House, among other businesses.

Photo credit: Google Maps