A bold update from Midtown: a Kohn Pedersen Fox-designed tower rises on the edge of the Diamond District, redefining the east side of 570 Fifth Avenue. This 567-foot-tall, 32-story commercial skyscraper is on track to become the 24th tallest project in our year-end rollup, delivering nearly 1.1 million square feet of space with a heavy emphasis on Class A offices. The design includes ground-level and street-facing retail on the first two floors, plus an enormous IKEA flagship store spanning the first two basement levels (nearly 80,000 square feet). Additional amenities tucked into the below-grade levels include a gym, a swimming pool, a basketball court, and a juice bar to complement the office and retail mix. The project sits between West 46th and 47th Streets.
Work underground continues, with excavation progressing steadily below street level since the last update in early November. A fleet of machines operates within the perimeter defined by temporary wooden retaining walls, marking progress toward the tower’s foundational stages.
Images from the site show multiple views of 570 Fifth Avenue, including the ongoing excavation and the building’s evolving massing. The latest renderings depict a podium stretching the full block from West 46th to 47th Streets, a modification brought about by the inclusion of 576 Fifth Avenue into the assemblage in a $175 million addition. The tower rises with a largely uniform silhouette, punctuated by two mid-building setbacks on the east and west facades. The exterior features a glass curtain wall framed by light bronze mullions, culminating in a crown of denser metal spandrels. A square opening in the southeast corner of the crown hints at space for signage—static or digital—likely reserved for the anchor tenant.
A significant investment accompanies the project’s trajectory: IKEA’s Ingka Group acquired about a one-third stake in 570 Fifth Avenue to stage its nearly 80,000-square-foot flagship store. The estimated price for this stake ranges from $300 million to $500 million. In financing news, Extell secured roughly $340 million in refinancing for the project, aided by $9.3 million in new debt from IGIS Asset Management, a firm based in South Korea.
Earlier this year, law firm Simpson Thacher & Bartlett announced plans to lease roughly 700,000 square feet at 570 Fifth Avenue. It remains to be seen whether this would mean a relocation or an expansion from their current address at 425 Lexington Avenue.
The nearest subway access for this development includes the B, D, F, and M lines at the 47th Street–Rockefeller Center station, located to the west of the site.
Completion is targeted for late 2028, with site signage and landscaping cues aligning with the fourth quarter timeline.
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