Five Points Development’s 262 Fifth Avenue Receives AG Approval

Five Points Development got the attorney general to sign off on its super-skinny supertall at 262 Fifth Avenue — but don’t hold your breath for a sellout number.

Boris Kuzinez’s approved offering plan lists prices for only five of the 26 residences at the 860-foot tower in Flatiron.

Kuzinez’s Five Points wrote that it had “decided to delay” the pricing of some units in the offering plan “until it can assess market conditions and receptivity.”

That doesn’t mean discounts are on the horizon, said Douglas Elliman’s Michael Graves, who is leading sales at the project.

“There will certainly be no negotiations at 262,” he said. “The prices are only going to go one direction.”

The least expensive of the five units is a 2,200-square-foot simplex priced at $9.15 million — $4,100 per square foot. The priciest is $23.25 million for a 2,859-square-foot duplex on the 60th floor — $8,220 per square foot.

Views from unit 22, a a 2,859-square-foot, full-floor duplex on the 50th and 51st floors

Not included in the initial offering is the building’s 9,600-square-foot quadruplex, which includes a private terrace on the 79th floor and a pool.

Graves declined to provide a total sellout figure but described the current pricing — $79.3 million across the five units — as indicative that the building will be “north of what’s currently on the [Downtown] market right now.”

The project has gone through a number of iterations since Kuzinez, an Israeli developer, bought the lots at 260, 262 and 264 Fifth Avenue for $101.8 million nearly nine years ago.

In 2021, Kuzinez parted ways with 260 Fifth for $52.5 million. That parcel was part of the original vision, a 1,009-foot-tall condominium tower with 41 apartments, according to plans filed with the Department of Buildings.

The sale followed a multi-year period during which Five Points failed to obtain construction financing, but in 2023, the firm nabbed a $180 million loan from Madison Realty Capital and Cottonwood Group.

This year, the tower topped out with its 70-foot oculus and inverted golden arch overlooking Madison Square Park. Graves expects it to get a temporary certificate of occupancy in the next 12 months.

The skyscraper, at the southwest corner of 29th Street, holds the somewhat infamous claim as the city’s skinniest at 49 feet wide. Its 56 stories pokes up from just 5,000 square feet of land. (The floor-to-height ratio of 1-to-20 is, however, eclipsed by the 1-to-24 ratio of 111 West 57th Street.)

Last year, it was revealed that the Five Points project was downsizing to 26 apartments.

“When the developer first had his vision of this building, the market was a different place,” Graves said of the changes. “The desires of the marketplace were very different too.”

Ultra-luxury condo sales began slowing down shortly after Kuzinez put together his assemblage in 2015 and 2016. Developments such as Gary Barnett’s Central Park Tower, the world’s tallest residential tower, have sold units at significant discounts in recent years.

But Graves pointed out that many of the competing ultra-luxury skyscrapers have significantly more units than 262 Fifth Avenue. He said the slow rollout of the offered units adds to the building’s air of exclusivity.

“What we recognize is the audience for this building is small and that we only have 26 tickets to this concert,” Graves said. “It’s a very, very exclusive club — far more exclusive than any other luxury tower that New York has ever seen.”

Sales are expected to launch in the spring.