5th Avenue Development Site Sold: Another New Condo To Come?

A 5th Avenue building marketed as a development site has been sold, which could mean even more apartments for the growing strip.

The two-story building at 578 5th Avenue, between 16th Street and Prospect Avenue, recently sold for $2.5 million in an all-cash transaction, according to the selling agent Cushman & Wakefield.

There is currently a storefront on the ground floor, and the second floor has two additional retail units, but as the listing for the building noted, the zoning allows for 7,500 buildable square feet. And though the name of the buyer has not been released, if you can plunk down all that cash, it seems likely that you’re hoping for a good return on your investment — which could very well mean a new apartment development.

And while 4th Avenue has been, and continues to be, where the large-scale development has been taking place in our area, 5th Avenue is starting to see quite a fair share of its own. Currently, a new seven-story apartment building is under construction at the corner of 5th and 17th Street, and a developer has plans to add 7,500-square-feet of apartments to the old Frost building on 5th at 19th Street.

So what do you think — does 5th Avenue have room for all these new rooms, and the people who’ll be living in them?