Located in Manhattan’s Plaza District neighborhood, this existing 20-Story property located at 685 Fifth Avenue was built in 1926 on the block encompassing “the world’s most expensive real estate” and the country’s highest retail on average annually at $3,000/SF in 2017, as referenced by the New York Times. This most prestigious corner property located on 54th Street & Fifth Avenue between Central Park and Rockefeller Center will undergo a significant upgrade structurally removing the existing roof structure and adding 5-Stories to this historical residential building. This monumental undertaking will add roughly 20,000 SF of residential space expanding the existing 20-Stories totaling 115,000 SF of building to newly constructed 25-Stories totaling some 135,000 SF, while converting what was once 148-residential units into 56-ultra-luxurious condominium residences. While maintaining such exclusive retail tenants such as TAG Heuer and COACH, the Residences at Mandarin Oriental create a most exquisite lifestyle experience bringing together the palatial amenities and opulent services of the legendary Mandarin Oriental with the elegance and ambience of a private home setting.
“The Rinaldi Group is honored and sincerely feels privileged to be building such a significant project for such a dynamic and truly remarkable real estate mogul and developer the likes of Michael Shvo, who we have been pursuing as an organization for quite some time”, Mr. Rinaldi noted as the firm’s CEO and President.