A rendering of an overview of a future Fifth Avenue | Photo courtesy of City Hall
NEW YORK – Plans are underway to transform Fifth Avenue in New York City, between Bryant Park and Central Park, into a world-class, pedestrian-centered boulevard. According to city officials, the city has invested an initial $152.7 million in the Future of Fifth Partnership. The proposed design expands sidewalks by 46 percent, shortens pedestrian crossings by a third, reduces the number of traffic lanes from five to three, and adds plantings and lighting to make for a more walkable, greener, and safer boulevard.
This initial investment will cover the entire design and the beginning of construction. It will also include much-needed underground sewer and water main upgrades, enabling underground and aboveground work to be done concurrently and efficiently. The Fifth Avenue Association will continue this public-private partnership with additional investments in this project.
Once this project is completed—the first major redesign in the avenue’s 200-year history—it is projected to pay for itself in less than five years through increased property and sales tax revenue. It will also bolster Fifth Avenue’s status as a job and wealth creator for all five boroughs.
Mayor Eric Adams announced as he concluded “Affordability Week,” a week where he highlighted numerous generational projects that will make life more affordable for working-class New Yorkers and put money back into the pockets of working-class New Yorkers.
“Fifth Avenue is an economic powerhouse for New York City — it fuels more than 300,000 jobs and $44 billion in wages,” said Adams. “That’s well-earned money in working peoples’ pockets — and with the $150 million initial investment we’re announcing today, we’re supercharging that.”
Adams added that the project would pay for itself within five years of completion through increased tax revenues. “This is
huge win for New York City.”
Last year, the Adams administration launched the Future of Fifth public-private partnership, which brings city agencies together with the Fifth Avenue Association, Grand Central Partnership, Central Park Conservancy, and Bryant Park Corporation to further this project. The group selected Sam Schwartz and Field Operations firms to lead the design and study, and schematic design is underway and slated for completion by the summer of 2025.
The new design draws inspiration from Fifth Avenue’s historic landmarks and art deco influences, heightening the iconic architectural features integral to the avenue’s visual identity. It is also inspired by other iconic shopping street redesigns, including the Champs Elysees in Paris; Calle Serrano in Madrid; Bond, Oxford, and Regent Streets in London; and Ginza in Tokyo. The effort builds on the core tenets of the “New” New York action plan, which identified public space as a key force for the city’s economic recovery.
According to the Adams administration, the city’s $152.7 million investment has been fueled by the project and its anticipated economic impact. Since Adams announced this project in December 2022, the city administration said Fifth Avenue has experienced unprecedented investment in commercial renovations, record-breaking sales, and leasing activity. Since 2023, there have been more than ten commercial real estate sales on Fifth Avenue, totaling $3.9 billion.
While the street has made considerable strides in rebounding from the pandemic, with 80 percent of foot traffic returning, the administration said this project will help propel this growth and attract more people back to this vital stretch of Fifth Avenue for decades.
“There’s no question that this significant financial commitment represents the administration’s concrete commitment to advancing this new vision for Fifth Avenue,” said Fred Cerullo, president and CEO of Grand Central Partnership. “We look forward to continuing to work with the city and our midtown stakeholders on the next phase of this project which will provide more open spaces for pedestrians and promote increased economic activity along this iconic corridor.”
–-With Jay Domingo/PDM
