The Fifth Avenue supertall deliberate by 5 Factors Improvement has gone by means of plenty of modifications because it was introduced in 2017.
The modifications have included its projected top, unit rely and even the assemblage. Now, add the gross sales crew to the checklist.
Sotheby’s Worldwide Realty’s Nikki Subject and Ben Pofcher from The Subject Workforce are taking on gross sales at 262 Fifth Avenue, in partnership with Sotheby’s Worldwide Realty Improvement Advisors. Douglas Elliman’s Michael Graves had beforehand been tapped to steer gross sales heading into the venture, which received approval from the New York State Legal professional Normal’s workplace on the finish of 2024.
However by July 2025, the venture nonetheless had not launched gross sales. A spokesperson instructed The Actual Deal on the time that gross sales had been delayed to “guarantee we’re coming to market on the most advantageous second.”
The venture priced solely 5 of its 26 models upon receiving its approval, and has but to report a signed contract. After topping out in 2024, improvement stays underway on the constructing famend as a lot for its width, or lack thereof, as its top.
Nonetheless, the crew will likely be transferring forward with personal showings starting subsequent month. The constructing’s simplex houses will begin at $7.5 million, its mezzanine residences at $8.75 million and its duplex residences at $18 million, in accordance with a spokesperson for the venture.
“As we close to completion, we are going to start partaking a choose group of patrons, presenting a restricted and extremely thought-about residential offering,” 5 Factors head Boris Kuzinez stated in a press release.
It has been a winding highway for constructing up to now. Kuzinez initially purchased three plots of land at 260, 262 and 264 Fifth Avenue for $102 million 10 years in the past, earlier than promoting 260 Fifth Avenue for $52.5 million in 2021.
He additionally minimize the constructing’s proposed unit rely in half and introduced the peak down from 1,000 toes to 860 toes. The constructing sits on simply 5,000 sq. toes of land simply north of Madison Sq. Park and is topped with a 70-foot oculus and inverted golden arch.
The venture introduced in $180 million in financing from Madison Realty Capital and Cottonwood Group in 2023. Final June, Cottonwood purchased out Madison Realty’s $90 million observe secured by the constructing’s apartment models.
Subject’s transfer to 262 Fifth comes after she efficiently circled what had beforehand been lagging gross sales at 111 West 57th Road, the place she bought 25 of the tower’s 27 remaining units after taking on gross sales in July 2024.
It additionally offers her the excellence of being the gross sales agent on the town’s two skinniest buildings above 40 tales.
Whereas the constructing will likely be launching gross sales throughout a interval through which new improvement stock has dried up, it’s going to have some competitors on to the south.
The conversion of the Flatiron Constructing at 175 Fifth Avenue has seen plenty of dear offers, together with contracts for full-floor models on the seventh and twenty first flooring asking $30.5 million and $58.5 million.
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