5th Avenue’s Frost Building Purchased For $8.5 Million

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Friendly Frost Ghost Sign, 657 5th Avenue at 19th Street

It’s not Wal-Mart, but it does appear that the long-vacant Frost building, located at the corner of 5th Avenue and 19th Street, has been purchased by¬†CS Management for $8,500,000.

The mixed-use lot includes “30,500 square feet of space and comes with approximately 7,500 square feet of air rights,” according to a report by Brownstoner on Friday. As one would expect, the developer plans to add 7,500 square feet of additional apartments.

Translation: condos are on the way.

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It might be sentimental, but we’ve always had a soft spot for this old building and its ghost signs. What are your thoughts on the sale? Do you think they’ll actually renovate the building, or tear it down? If you take a look at the Yelp page for CS Management, the reviews are a bit scary to say the least. Has anyone worked with this management company in the past, and if so, would you agree with the posted Yelp reviews?

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6 COMMENTS

  1. Can’t stop “progress.” Would be a real shame if they knock it down. I’ve been in there and it’s got a real unique loft space (that will probably be torn down to make more bedrooms.

  2. It’s going to be rentals, not condos. We represent the ground floor, if you have a restaurant concept which you think would work here, I’d love to speak to you.
    212 366 0408

    Nigel Shamash, 5CRE

  3. “Long vacant”? No, I’ve rented out the top floor for 15 years. Another example of developers f’ing up the hood. Get off of my lawn.

  4. This property is still untouched and abandoned. Real shame. Wondering if you can investigate what’s going on? Thanks! (Disappointed neighbor.)

  5. I noticed this building for the first time just a few months ago. Like Ms. Bush, I have a soft spot for the Friendly Frost name. For me, the one I grew up with was in New Hyde Park. It was nice to see the name again, though something does need to be done with the building.

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