Eliot Spitzer wins approval to redevelop 985 Fifth Avenue

Former New York Governor Eliot Spitzer has received state approval to redevelop 985 Fifth Avenue following a legal dispute with the Division of Homes and Community Renewal (HCR). Spitzer sued the state after a 26-month delay in processing his application to end rent-stabilized leases, a necessary step for the proposed demolition and reconstruction of the 25-story rental building.

The redevelopment plan involves demolishing the existing structure to construct a 20-story luxury condominium building featuring approximately 25 to 26 units. To meet regulatory requirements, Spitzer demonstrated sufficient financing for the project, including $110 million from Deutsche Bank.

The New York City Landmarks Preservation Commission previously approved the demolition in 2023. Spitzer’s development firm, Spitzer Enterprises, has already unveiled architectural designs for the new property.