If you’ve walked down 5th Avenue recently, you know the vibe is shifting. The stretch between 40th and 42nd is basically the soul of Midtown, and right in the thick of it stands 489 5th Avenue NYC. It’s not one of those glassy, super-tall needles that look like they might tip over in a stiff breeze. No, this is a 34-story Kahn & Jacobs classic that’s been holding down the corner since 1970.
Honestly, it’s kinda funny. People talk about "flight to quality" in the office market like it only applies to buildings finished last Tuesday. But 489 5th Avenue is proving that being "vintage" doesn't mean being obsolete.
The Real Story Behind the Address
Most people just see the facade, but this place has history. It was originally the HQ for Irving Trust Company Bank—back when banks felt like fortresses—before they merged into what eventually became Bank of New York. You’ve got the New York Public Library right across the street and Bryant Park basically serving as the building's backyard.
Current ownership, Kalimian Equities, has been pretty aggressive lately. They aren't just sitting on their hands. They’ve dumped serious capital into a lobby renovation and elevator upgrades that actually make the place feel premium rather than just "well-maintained."
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What’s the Space Actually Like?
If you’re looking at floor plans here, they are incredibly consistent. Most floors are roughly 4,988 rentable square feet. It’s perfect for those mid-sized "boutique" firms—think hedge funds, ad agencies, or tech boutiques—that want a full-floor identity without needing to lease 50,000 square feet.
- 12th Floor: Total "creative" vibes. We're talking polished concrete floors and exposed ceilings.
- 23rd Floor: This one is a sublet hit—turnkey with glass offices and views that basically stare down the Empire State Building.
- 34th Floor: The penthouse. It’s got that "I’ve made it" feel with massive light because, well, there isn't much blocking you at that height in this specific pocket.
Why 489 5th Avenue NYC is Gaining Value Right Now
There is this massive project called the "Future of Fifth." The city is dropping over $400 million to turn Fifth Avenue into a pedestrian-first boulevard. Think wider sidewalks, way more trees, and fewer cars.
While that sounds like a headache for commuters, it’s a goldmine for property values. By 2028, when the major construction hits its stride, the "walkability" score here is going to jump even higher than it already is (and it’s currently a 99/100).
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The Tenant Mix
It’s not just banks anymore. Talon, the big ad agency, expanded their U.S. headquarters here recently. They took over 5,838 square feet. Why? Because you can’t beat the commute. You are a five-minute walk from Grand Central. If your employees are coming in from Westchester or Connecticut, they aren't going to complain about this location.
- Walk to Grand Central: 0.09 miles. Basically, you can finish your coffee by the time you hit the platform.
- Bryant Park Access: Great for mental health, even better for "casual" meetings that are actually just excuses to eat outside.
- The "Pre-built" Strategy: The landlord has been building out these "plug-and-play" suites. You move in, bring your laptops, and you're in business. No three-month build-out drama.
Let's Talk About the Market Reality
Is it the cheapest rent in Midtown? No. You’re looking at prices in the high $60s to mid $80s per square foot depending on the floor and the installation. Some of the higher "trophy" floors are asking $84 PSF.
But compare that to a new build at Hudson Yards where you might pay $150 PSF for a space that feels like a suburban airport terminal. 489 5th Avenue NYC gives you the prestige of the zip code without the "new glass" tax.
The "B" Class Label is a Lie
Some listing sites still call this a Class B building. Honestly, that’s just lazy data. With the 24/7 manned lobby, the brand-new amenity center (which includes a gym and tenant lounge), and the massive windows overlooking the library, it punches way above its weight class.
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Actionable Takeaways for Businesses
If you're actually looking at 489 5th Avenue NYC for your team, here is what you need to do:
- Tour the Sublets First: There are some high-floor sublets available through 2027. You can often snag these at a discount compared to a direct lease from the landlord.
- Check the HVAC: Older buildings can sometimes have "quirky" cooling. Ask specifically about the 2024/2025 HVAC upgrades on the floor you're eyeing.
- Leverage the Redesign: Use the city's "Future of Fifth" plan as a retention tool. Tell your employees the commute is about to get a whole lot greener and easier.
- Negotiate the "Work Letter": Even though many units are pre-built, the landlord is often willing to tweak the layout if you’re signing for 5+ years.
Basically, this building is for the company that wants to be in the center of the world without being a cliché. It’s professional, it’s updated, and it’s right where the action is.
Check the current availability on LoopNet or through Newmark—they handle most of the leasing. If you see a full floor open up on the 30th or above, move fast. Those views don't stay on the market for more than a few weeks.