The DNAinfo archives brought to you by WNYC.
Read the press release here.

54-Story Apartment Tower Planned for Fifth Avenue, Plans Show

By Noah Hurowitz | September 26, 2016 5:39pm | Updated on September 27, 2016 5:38pm
 A former rug store stands vacant on Fifth Avenue. Permits were filed on Sept. 23 for a new 54-story building on the site.
A former rug store stands vacant on Fifth Avenue. Permits were filed on Sept. 23 for a new 54-story building on the site.
View Full Caption
DNAInfo/Noah Hurowitz

FLATIRON — The owner of three Fifth Avenue buildings just north of the Flatiron filed plans last week to build a new 54-story apartment building in their place, records show.

The developer is looking to build the residential tower with ground-floor retail at 258-264 Fifth Ave. on the corner of West 29th Street, according to permits filed last week with the Department of Buildings.

The owner of the three buildings is a limited liability corporation called Five Points Development LLC, which is owned by Israeli-Russian billionaire Bors Kuzinez, according to The Real Deal.

The tower will include 10,850 square feet of commercial retail space on the first two stories, a third floor for building mechanical systems, and the rest would be dedicated to amenities and nearly 140,000 square feet of residential space, according to the permit.

The fourth floor will include a gym, pool and an outdoor terrace, records show.

Five Points has already paid more than $101.35 million and spent a year assembling the parcel, including $25 million for the corner building, $17.35 million for 262 Fifth Ave., and $59 million for the largest building, 258-260 Fifth Ave., which the firm bought in February, records show.

In August, the firm paid $5.7 million to the owner of 256 Fifth Ave. for that property’s unused development rights, according to property records.

Five Points already has the green light from the city for the demolition of 262 and 264 Fifth Ave., but no permits have been filed for the demolition of 258-260.

A representative for Five Points did not respond to a request for comment.

The building at 262 Fifth Ave. is the former home of Megerian Rug Cleaners, a cleaning and restoration company that operated an oriental rug showroom on the ground floor and whose name remains emblazoned on the window.

The corner building of the parcel at 264 Fifth Ave. is home to an electronics shop and a Rent the Runway store is currently occupying the ground floor of 258-260.