860-Foot, 26-Unit NoMad Condo Tower Wins Approval
Five Points Development has scored a key approval for a luxury skyscraper that will tower over NoMad but hold just over two dozen units.
The New York Attorney General signed off this week on Boris Kuzinez's plan to develop an 860-foot, 26-unit tower at 262 Fifth Ave. Sales are expected to launch this spring on a handful of units with an average asking price of $16M.
The tower will be adorned on top with a 70-foot "oculus" and golden arch, according to a press release. Sales are expected to launch in the spring and be led by Douglas Elliman's Michael Graves.
The tower is “designed to harness the full potential of modern, advanced living in one of the world’s most dynamic urban centers,” Graves said in a statement. “It thoughtfully combines art, architecture, and performance with a focus on well-being — creating a new and timeless paradigm for refined living in New York.”
Rising on the corner of Fifth and 29th streets, three blocks north of Madison Square Park, the tower has been designed by Moscow-based architecture firm Meganom, with interiors by Danish firm Norm Architects.
Only five of the units have projected prices in the AG-approved plan, The Real Deal reported. The cheapest is a 2,200 SF full-floor unit asking almost $9.2M, while the most expensive is a $23.3M duplex on the 60th floor spanning 2,859 SF.
Israeli billionaire Kuzinez, who formed Five Points Development in 2017, originally planned a 1,001-foot tower across the assemblage he bought at 260, 262 and 264 Fifth nine years ago for $101.8M, TRD reported. He shrank the plans after selling off one of those parcels for more than $50M.
The skinny tower is just one of a wave of luxury projects developers are bringing to New York City's skyline that have far fewer units than their sites allow, chasing luxury buyers that can pay eight-figure sums.
