Well-priced condo building near major hubs, guised in a commercial facade
With a rushed appraisal, one can easily be duped into thinking Fifth Avenue Tower, the 33-story building situated at the corner of 39th Street, is purely commercial. That’s because the 1986-built development’s façade with its dark glass panels and bronze framing, recalls the design language pioneered by Mies van der Rohe in the Seagram Building — the first office tower in the world to utilize these elements as a defining feature. Despite its look and location in a traditional commercial district, Fifth Avenue Tower is a mixed-use building, with its first eight floors used as office space, and residential units above set back from the street. “Location is key,” says Chandru Ramnani (an RSNY Realty agent who facilitates both sales and rentals in the building) while explaining the popularity of its condos. “You’ve got transportation — Grand Central, Penn Station, and then you have the Port Authority — and they're all in walking distance.”
Designed by Emery Roth & Sons, the Tower abuts the Stavros Niarchos Foundation Library, and the city’s main library branch is on the edge of Bryant Park just half a block away. Indeed, residents here are only a few steps away from popular attractions and the energy for which midtown Manhattan is known. Being located at the door to many of these major hotspots, but not directly at them, is what Randolph Rogers of eXp Realty believes keeps prices at the full-service building reasonable, and makes location its number one asset. “It's a nice setup for anyone who wants to be central to most places, but doesn’t want to go about spending two or three million in order to do that.”
Well-maintained apartments with room for upgrades
Original apartment design at Fifth Avenue Tower includes galley kitchens, parquet floors and air and heat units hidden behind grilles. Many apartments seem to have been renovated about 10 or 15 years ago and even though they are well-maintained their black, and sometimes white appliances, suggest they’re ready for the next round of upgrades. Kitchens that have been renovated usually command a slightly higher price. Almost all owners have stuck with their parquet floors and galley kitchens, although a few have opened the wall between the kitchen and the living space. Large, operable picture windows envelope units, providing ample sunlight and expansive city views no matter an apartment’s direction. For lucky residents on the 9th floor, the setback provides a private terrace to each unit.
Many investor-owned condos, but few ever appear on the market
Since Fifth Avenue Tower’s residential units are condominiums, there are no restrictions on ownership. As a result, 40 percent of its units are investor-owned, according to Ramnani. Normally, a building with a similar ownership split may result in a high turnover, but such is not the case at Fifth Avenue Tower. Apartments rarely surface for sale and only about three apartments per month in the 176-unit building come up for rent, suggesting contentment with the building. Studios fall within the 500 to 545-square-foot range; the last time one was offered for sale, it was a 511-square-foot unit for $733,000 in December of 2023. Most one-bedrooms (which make up the majority of units) range from 650 to around 720 square feet and cost between $1 - $1.2 million. Starting on the 19th floor, there are also a few one-bedroom duplexes that average around 948 square feet and even surpass 1,000 square feet in some instances. Most two-bedrooms are around 1,000 square feet but there hasn’t been one on offer for sale since 2021. Although few in number, three-bedroom combinations do exist.
A full-service building with a circumvented entrance and a POPS at its doorstep
Amenities at Fifth Avenue Tower are plentiful. The building’s lobby with its warm tones, grand chandelier, wood paneling and marble floors, is on the larger side. Full service is offered, including a 24-hour doorman, a concierge, porters and a live-in super. The rooftop was recently renovated to include numerous plants and shrubs, turf and several areas for dining and sunbathing. There is a large laundry room in the basement, a bicycle room, storage units, an updated children’s playroom, and a fully-equipped gym on the top floor with walls of windows that reveal cityscapes. It should be noted that developers placed the residential entrance, not on the busy avenue side of the building (it was probably financially wiser to place a storefront there) but tucked deep inside the 39th Street end, as a side entrance. This does allow residents to shake off city bedlam and have a moment of peace before entering their lobby; however, there is a POP (POPS) or Privately Owned Public Space directly in front of the entrance, separated only by a colonnade. POPS are privately owned plazas open to the public, a zoning incentive used to increase publicly accessible spaces in the city. In exchange, developers earn the right to build larger buildings, for example. According to Ramnani, the space is monitored by the doorman and concierge.
Luxury shopping, places to relax and retail for locals, all within walking distance
Fifth Avenue is arguably the most prestigious shopping avenue in the world; coupled with its museums uptown, they make it one of Manhattan’s most visited corridors. Fifth Avenue Tower’s 39th Street location puts residents right at the mouth of all of the action with high-street brands like Zara, Cos and Aritizia populating the avenue in the 40s, and department store Bergdorf Goodman along with other luxury stores further up. The legendary Macy’s flagship store is a short walk away at Herald Square on 34th Street. Despite the area around the building regularly teeming with people during the day, one can still consider it a place of respite. The iconic New York Public Library steps are always occupied with weary tourists and pedestrians resting or taking pictures and Bryant Park’s four-acre lawn welcomes anyone looking to take a load off. Surrounding the park are several restaurants and bars like longtime staple Bryant Park Grill and the newer Heritage Grand Restaurant and Pizza Bar. And yes, tourist attractions like Summit One on Vanderbilt and The Morgan Library are nearby but potential buyers will be happy to know that places catering to residents — like the Whole Foods on 6th Avenue, directly across from Bryant Park, and the Target at Herald Square — are also within walking distance.
Access to Nine train lines and a crosstown bus in less than 10 minutes
Living on a corner like 39th and Fifth means residents can access most of Manhattan from the B, D, F, M and 7 trains at Bryant Park — which is only five minutes on foot — and the 4, 5, 6 and Long Island Railroad trains only a nine-minute walk away at Grand Central station. If residents don't mind walking a little further afield, the N, Q, R, and W are 10 minutes away at Herald Square and 12 minutes away at Times Square, where the A, C, E, 1, 2, and 3 also stop. And for those who prefer riding the bus, the M1 - M5 lines run up and down Fifth Avenue, in addition to several outer borough lines; the M42 which is crosstown stops on 42nd and Fifth.
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Quantarium
Current List Price
Sold Price
Area Factors
Low Crime
Crime Score®
3/ 10
Very Bikeable
Bike Score®
85/ 100
Walker's Paradise
Walk Score®
98/ 100
Rider's Paradise
Transit Score®
100/ 100
Sources: WhatIsMyCrimeRisk.com, Walk Score
Sources: WhatIsMyCrimeRisk.com, Walk Score
WhatIsMyCrimeRisk.com, Powered by CAP Index provides objective, accurate, and consistent data to help measure, compare, and mitigate crime risks. Walk Score® measures the walkability of any address. Transit Score® measures access to public transit. Bike Score® measures the bikeability of any address.
Sound Score® measures the noise level of any address. Environmental risk data is provided by First Street Foundation® and is designed to approximate risk and not intended to include all possible scenarios.
Parks in this Area
J.J. Byrne Playground
5 min walk
Picnic Area
Soccer
Trails
Washington Park Dog Run
7 min walk
Dog Park
Picnic Area
Trails
Park Slope Playground
12 min walk
Basketball
Trails
Playground
Harmony Playground
13 min walk
Bike Trails
Picnic Area
Trails
Detective Joseph Mayrose Park
15 min walk
Bike Trails
Dog Park
Trails
Slope Park Playground
2 min drive
Picnic Area
Playground
St Mary's Playground
3 min drive
Basketball
Skateboard
Playground
Dean Playground
4 min drive
Basketball
Playground
Multi-Purpose Field
Thomas Greene Playground
4 min drive
Basketball
Pool
Skateboard
Schools
Source:
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