In the 19th century, the site of 520 Fifth Avenue was occupied by the Colored Orphans Asylum, which burned down in the
1863 New York City draft riots. The site was then occupied by three buildings: 516 and 518 Fifth Avenue, and an office building at the 520 Fifth Avenue address. 516 Fifth Avenue sold antiques, shoes, and goods, while 518 Fifth Avenue was an office for the Spanish airline
Iberia. The original 520 Fifth Avenue had an art gallery in the late 20th century, which was replaced by a gift shop. Later, RFR entered into a joint venture with Tahl-Propp Equities, owner of 520 Fifth Avenue, planning to either redevelop the site occupied by the three structures, or to sell the three buildings to another developer or investor. RFR did not redevelop the site, and
Thor Equities began the process of purchasing the buildings from Rosen's firm in 2011, ultimately finalizing its purchase in 2012. An image of a six-story retail component for the site was released in February 2014. In December 2014, Thor filed to build a 71-story, 920-foot skyscraper on a three-story retail podium.
Handel Architects was the architect of record for this design. The firms received financing in the form of loans from
JPMorgan Chase and
Fisher Brothers.
New York YIMBY reported that the two firms would proceed with plans for a building designed by Handel Architects, originally produced for Thor. In an interview in 2015, Louis Ceruzzi, founder of Ceruzzi Properties, stated the firm intended to begin construction on the site in early 2016. Lou Ceruzzi had wanted to develop a structure with three stories of retail, 145 residential condominiums, and an eight-story hotel with 208 rooms. Lou Ceruzzi died that year, New York City developers including
Extell and Zeckendorf were among the potential partners considered. Mack placed the loan for sale through
HFF. Rabina repaid Mack during the process of buying the site, Bank OZK made the construction loan to the project's developer despite a drop in foot traffic on Fifth Avenue (attributed to the
COVID-19 pandemic) due to project's residential component and the enduring strength of the Manhattan residential market. At the time, the developers tentatively planned to construct a 76-story skyscraper rising .
Kohn Pedersen Fox (KPF) received the commission after KPF's president
James von Klemperer heard rumors about Rabina's plans and
cold called him. KPF's plans were filed in early 2021, replacing the earlier Thor (and subsequently Ceruzzi and SMI) plan designed by Handel Architects. The plans called for a skyscraper rising , with about 100 residences. Rabina received a combined $540 million in construction financing from Bank OZK and
The Carlyle Group in March 2022. Excavation began at some point between the redesign and the financing and was still underway in July 2022. Work on the building's foundation began later in 2022. The project was constrained by the small site and the fact that the neighboring streets could not be closed to traffic. As a result, several cranes had to be used to construct the
superstructure, and a series of hoists were installed to accelerate deliveries of materials. Construction was above street level as of March 2023.
New York YIMBY reported that the installation of the building's facade was underway in October 2023. Sales at the building began in April 2024, with the cheapest apartments selling for $1.7 million. Three-fifths of the apartments had been sold by that October, Steelwork was completed at the end of that December. The first office tenants leased space that July. Among the building's early commercial tenants was the conglomerate
JAB Holding Company and
Texas Capital. Rabina refinanced the building in December 2025 with a $640 million loan from the Carlyle Group. , construction was expected to be finished on June 1, 2026. The penthouse had been sold by May 2026. ==Architecture==