| Bulding Address: | 587 Fifth Ave, New York NY 10017 |
| Building Alternate address: | 587 5th Ave |
| Zip Code: | 10017 |
| Neighborhood: | Plaza District |
| Borough: | Manhattan |
| Stories: | 10 |
| Year Built: | 1920 |
| Building Class: | B |
| Block & lot: | 01283-0072 |
587 Fifth Avenue, located between 47th and 48th Streets in Manhattan, is a significant building within New York City's iconic shopping district. It was constructed in 1921 as a mixed-use property, featuring both retail and office spaces.
The building has experienced several ownership changes over the years. In 2016, Steven Kassin's Infinity Collective acquired a majority stake in the building's leasehold, marking the end of a four-year legal dispute between previous owners. Infinity partnered with Xerxes Group and Elyass Eshagian, with the new owners obtaining a substantial mortgage for renovations.
Notably, 587 Fifth Avenue became a part of history in 2024 when it hosted the third location of The Travel Agency, a cannabis retail store. This marked the first licensed cannabis dispensary to open on Fifth Avenue, reflecting a shift in the area's commercial landscape.
The building's strategic location, adjacent to major attractions like Rockefeller Center, makes it a prime destination for both locals and tourists. With its mix of retail and office spaces, it continues to play a role in Manhattan's vibrant commercial scene.
587 Fifth Avenue is a commercial building located in Midtown Manhattan, NYC. Built in 1921, it features 10 stories and offers office spaces with a mix of retail areas. The property is situated on a 3,750 square foot lot and benefits from its frontage along Fifth Avenue. It was last purchased for $8,000,000 in 2016 and has a tax assessed market value of $17,669,000. The building is part of the Plaza District office submarket.
587 Fifth Avenue, located in Manhattan, NYC, offers a range of amenities and features ideal for businesses:
- 30 Foot Ceilings on the Ground Floor: High ceilings provide an open and airy space for retail or office use.
- Boutique Flagship Space: Situated in the heart of the Fifth Avenue Shopping Corridor, offering prime visibility.
- Accessibility and Location: Proximity to Grand Central Station and numerous transportation options makes it highly accessible.
- Surrounding Amenities: Close to various restaurants, hotels, and shopping options, enhancing convenience for employees and clients.
- Professional Setting: Ideal for businesses seeking a central, professional environment in Midtown Manhattan.
- Multi-Tenant Facility: Allows for a diverse range of businesses to co-locate.
With a compact lot size of 0.09 acres, this ten-story building provides approximately 45,000 square feet of office space.
587 Fifth Ave, Manhattan, NYC - Office Tenants Overview
587 Fifth Avenue is a 10-story mixed-use commercial building located between 47th and 48th Streets in Midtown Manhattan, New York City. Built in 1921, the property offers approximately 38,600 square feet of office space above 4,000 square feet of retail space along Fifth Avenue.
The building is currently about 66% leased with multiple tenants occupying various office suites. It features column-free floorplates with large windows facing Fifth Avenue, offering natural light and flexibility in office layouts. The lobby underwent renovation around 2018 to enhance the tenant experience.
Available office space includes a 4,425 to 4,500 square feet turnkey shell space on the 5th floor, ready for immediate occupancy with negotiable lease terms and customizable improvements. The space is suitable for office or medical use, with 12-foot finished ceilings and mostly open floor plan layouts.
Location benefits include direct access to multiple Metro bus lines and convenient proximity to subway stations, making it highly accessible for commuters.
The building is managed on site, ensuring prompt service and maintenance for tenants. The property's prime Midtown location on Fifth Avenue makes it an attractive option for businesses seeking prestigious office space in a high-traffic corridor.
- Verizon Fios: Fiber up to 2 Gbps (high availability in Manhattan)
- Astound Broadband (RCN): 1.5 Gbps fiber/cable plans
- Spectrum: 1 Gbps cable widely available
- Optimum: 8 Gbps fiber options (limited availability)
- T-Mobile Home Internet: 5G up to 415 Mbps
- Xfinity: 2 Gbps cable plans
587 Fifth Avenue, Manhattan, NYC
Cross Streets
Located at the intersection of Fifth Avenue and West 47th Street in Manhattan, New York City.
Transportation
Subway Lines Nearby: 7, N, Q, R, W (at 5th Ave/47th St station); B, D, F, M (at 47-50th Sts Rockefeller Ctr station); E, M (at 5th Ave/53rd St station).
Bus Routes: M1, M2, M3, M4 run along Fifth Avenue near this location.
Subway Stations Close By:
- 5th Ave/47th St (7, N, Q, R, W trains)
- 47-50th Sts Rockefeller Ctr (B, D, F, M trains)
- 5th Ave/53rd St (E, M trains)
Cross Streets: Fifth Avenue and West 47th Street, with close proximity to West 48th Street and West 46th Street.
