Developers File Plans For 26-Story Building In Koreatown

MIDTOWN MANHATTAN, NY — Developers filed plans with the city Department of Buildings to construct the newest tower in the Koreatown neighborhood of Midtown Manhattan.

The new development will rise 283-feet-tall on the corner site of Fifth Avenue and East 33rd Street, according to building plans. The developer behind the project is Pi Capital Partners, which is holding the property through an entity called JPK Associates LLC, according to plans filed with the DOB. The LLC company acquired the deed to the Fifth Avenue property in 1997, according to public city finance records.

Plans indicate that the new Fifth Avenue building will be a mix of retail and residential uses. Retail spaces will occupy the building's cellar and first three floors, and the residential portion will begin on the building's fourth floor. Planned residential amenities include bike parking, a laundry room and a recreation area.

Developers plan to build 82 apartment units in the new building. With 55,977 square feet of space zoned for residential use, the average apartment will be about 682 square feet, according to building plans.

Demolition plans for the existing commercial building at the site have not been filed with the city.