745 Fifth Avenue (also known as theSquibb Building) is amixed-use skyscraper inMidtown Manhattan, New York City, United States. Measuring 435 feet (133 m) high with 32 stories, it was designed byAlbert Buchman andEly Jacques Kahn, and opened in 1930. The building has a granite-and-marble facade on its lower stories and a white-brick facade on its upper stories. Inside, there is 50,000 square feet (4,600 m2) of retail space on the lower stories and up to 410,000 square feet (38,000 m2) of rentable office space above. The lobby is a two-story space with a ceiling mural painted byArthur Covey.
The building was developed by Abe Adelson on the site of several townhouses and apartment buildings. Plans for the building were filed in May 1929, and the building opened on May 1, 1930. It was originally named for the primary tenant,E. R. Squibb & Sons, who occupied 12 floors. Another major tenant, the toy storeFAO Schwarz, was housed there from 1931 until 1986. The building was renovated in the late 1980s after FAO Schwarz moved out. The men's store of luxury department storeBergdorf Goodman opened in the building in 1990, across the street from the women's store (located in theBergdorf Goodman Building).
In the late 19th century, the area around the plaza had severalGilded Age mansions.[7] The Squibb Building occupies part of the former site of Mary Mason Jones's "Marble Row",[8] a group of marble townhouses developed on the eastern side of Fifth Avenue between57th and 58th streets in the late 1860s and 1870s.[9][10] By the 1900s, the site of 745 Fifth Avenue was occupied by several of the Marble Row houses and a bank.[11] Although the area to the south had become a commercial area,[11] there were upscale residences to the north.[12] During the 20th century, the area around the plaza became known for its hotels and high-end retail.[3][7]
The facade was designed in a simple style, with the majority of the decorations on the upper stories.[18] Originally, the lowest six stories were supposed to have a marble facade[19] with scallop ornamentation andfluting.[20][21] At the time, it was uncommon for commercial buildings in New York City to have marble facades.[17] The main entrance is through an arch made of bronze and marble, and there were originally supposed to be vertically oriented black panels on the lowest stories.[17][22] The entrance has a cast-nickelcanopy and a geometric grille with vertical details,[18] designed in theArt Deco style.[20] The entrance vestibule has rose marble, while the doorways were surrounded by decorative metalwork borders.[18] In the 1980s, the lower-story facade was rebuilt with green marble and black granite panels, accented with metalwork.[2]
There aresetbacks above the base.[21] The upper stories have a white brick facade[17][19] with Art Deco details.[20] The color was intended to complement the other buildings that existed at the neighborhood at the time, which also had white facades.[9][19] According to the historianChristopher Gray, there was speculation that a white facade was used to save money, as Kahn's other designs had multicolored decorations; the original architectural drawings indicate that the building was supposed to have white decorations from the outset.[20] The windows on different stories are separated byspandrel panels with geometric patterns,[17] including plaques of various designs.[21] There areterracotta decorations, which are painted white to blend in with the rest of the facade.[21] At the building's pinnacle arepilasters grouped in sets of threes, as well as rectangular medallions.[18]
The lobby is a two-story space, with burgundy-rose marble in the elevator lobbies.[19] The walls are made of rose marble, similarly to the entrance vestibule, while the floors are made oftravertine limestone.[18] One wall contains a mural, likely painted byArthur Covey, which depicts thepurchase of Manhattan and the number "24" (possibly a reference to the sales price).[23][a] The lobby ceiling features a mural ofManhattan attributed to Covey, which depicts airplanes flying over it. The mural includes three square panels, depicting the city's industries, and is surrounded by emblems depicting various academic disciplines.[17][20][25]Cove lighting is embedded into the ceiling, providing indirect lighting to the lobby.[18] The elevator lobby was originally illuminated by minimalist rectangular glass lamps on the ceiling.[26] The elevators themselves contain bronze doors sculpted byVally Wieselthier,[27][20] which are decorated with stepped bands, marine motifs, and fauna.[28]
There is 50,000 square feet (4,600 m2) of retail space on the lower stories.[29][2] The Bergdorf Goodman men's store was designed byLos Angeles-based J.T. Nakaoka Associates, and is marked by its use oflacquer wood,marble, andPersian carpets.[30] The men's store occupies 30,000 square feet (2,800 m2) on the lower stories.[31] This space was occupied by the toy storeFAO Schwarz from 1931 to 1986.[32] The interior has about 390,000 square feet (36,000 m2)[5] or 410,000 square feet (38,000 m2) of rentable office space.[29][2] The top two stories have apenthouse unit,[14] which included an executive office for the president ofE. R. Squibb & Sons, the original primary tenant.[33]
In July 1927, the real-estate developer Frederick Brown agreed to lease several houses at 745–753 Fifth Avenue, as well as two six-story apartment buildings at 2–12 East 58th Street, from Mary Mason Jones's estate for 63 years.[34] This transaction required court approval because the houses were owned by several trusts,[35] who continued to own the land itself.[36] The early plans called for a 44-story tower with stores on the lowest ten stories, and offices and apartments above.[37] The terms of the lease were finalized in January 1928. which required the leaseholder to develop a building at least 18 stories tall.[38] That June, Brown sold the lease to Abe Adelson,[39][37] the developer of2 Park Avenue andFilm Center Building.[40] Adelson subsequently negotiated to lease the lowest ten stories to a commercial tenant,[37] as he believed the neighborhood would shortly become a major shopping district.[40]
Adelson filed plans for a 32-story building at 745 Fifth Avenue in May 1929; the building, designed byBuchman & Kahn, was to cost $2 million.[41] He received a $4 million loan for the building's construction shortly afterward,[42] and the existing buildings on the site were demolished the same month.[43]E. R. Squibb & Sons became the primary tenant that July, leasing the top 12 floors for 21 years at $7 million.[36][44] The building was subsequently named the Squibb Building.[43][44] Adelson later stated that the lease was "added evidence of the desirability of this upper Fifth Avenue district as a prestige location".[43] At the time, work on the building'sfoundation had not yet started.[44] Later the same month, S. W. Straus & Co. sold $4.5 million in bonds to finance the building's construction.[45] To preserve views from the building, Adelson leased the adjacent site at 743 Fifth Avenue in August 1929.[46]
Three major iterations offloor plans were considered for the building before the final plan was resolved.[47] The building was constructed by Shroder & Koppel[44] and was almost complete by late 1929.[48] Thescaffolding around the facade was disassembled in early 1930.[19] 745 Fifth Avenue was one of Kahn's last large office-building designs, as theGreat Depression had reduced demand for new office development.[33]
Adelson made twocoupon payments to mortgage bondholders before hedefaulted on the mortgage. A committee of bondholders bought the ground lease and transferred it to a newly formed company, the Jones Estate Corporation.[58] In 1932, Straus proposed forming a new company to take over the building and pay outpreferred stock to bondholders;[59] the company instead decided to issue asecond mortgage after criticism from the bondholders' committee.[60] The reorganization plan took effect in 1933.[58] Three of the ground-floor storefronts were combined in 1935 to create a 500-seatReuben's restaurant.[61] New tenants during the mid-20th century included the stock traderJesse Livermore,[62] the radio stationWGN-TV,[63] the personal care companyRevlon,[64] and the organ manufacturerHammond Instrument Company.[65] Squibb and FAO Schwarz also continued to occupy the building, and numerous advertisers and theNew York Yankees maintained offices there as well.[66]
The Squibb Corporation's parent companyMathieson Chemical sold its majority ownership stake in the Jones Estate Corporation in September 1953,leasing back its office space.[67] That November,Roger L. Stevens, Alfred R. Glancy, andBen Tobin bought the Squibb Building, paying $2.5 million in cash and taking over two mortgages totaling $7.5 million.[66][68] The ground floor was renovated in 1961 after Marchal Jewelers expanded its storefront in the building.[69] In 1963, the First National Real Estate Trust bought theleasehold for the land under 745 Fifth Avenue.[5] Squibb moved its pharmaceutical division out of the building in the late 1960s after developing a new building in New Jersey.[70] The rest of Squibb's offices were relocated from the building in 1972,[20] andRolling Stone magazine moved there in the mid-1970s.[71]
The building continued to be known as the Squibb Building until the 1980s, when people began referring to it by its address.[2] By then, the building's tenants included a studio for the fashion designerDiane von Fürstenberg,[72] the fashion firmYves Saint Laurent,[73] and the fashion firmLa Perla.[74] The tenants (which included medical professionals and attorneys) generally occupied small offices.[2] Over the years, the original architectural details had been modified. Ventilation ducts had been installed in the lobby's ceiling mural, and the facade had been painted over, with the entrance screen being removed.[20]
Exterior entrance to the Bergdorf Goodman men's store on 57th Street (2018)
FAO Schwarz announced plans in 1986 to relocate to the neighboringGeneral Motors Building.[2][75] That year, 745 Fifth Avenue was acquired by the Dutch firm Hexalon, an affiliate ofRodamco;[20] by then, leases for half of the office space were scheduled to expire in three years.[2] Subsequently, Hexalon announced plans to spend $30 million renovating the lower stories' facade and the lobby.[2][29] The project also included splitting the lower-level retail spaces into 11 storefronts.[2][76]Thomas Hall Beeby was hired to design the renovation.[2] Bergdorf Goodman announced plans in 1988 to relocate its men's apparel department to 745 Fifth Avenue from the neighboring Bergdorf Goodman Building.[77][31] This required another $10 million in renovations.[31] The new men's store opened in August 1990,[78] occupying the building's lowest three floors.[79]
The building was placed for sale in 1999.[80][81] However, Rodamco's tax issues prompted the firm to stop offering it for sale.[80] It was placed for sale again in the early 2000s, at which point the building was expected to sell for $500 per square foot ($5,400/m2).[82][83] By then, the publisherPrimedia was the building's primary tenant,[82] and the structure also included offices for tenants such asBally, von Fürstenberg, andHermès.[84]Simon Property Group, which had acquired Rodamco North America during the sales negotiations,[85] sold it in early 2002 to the German conglomerate Paramount Group for over $270 million,[b] or $540 per square foot ($5,800/m2).[87][88] Paramount also took over the existing mortgage loan on the building.[89]
745 Fifth Avenue's occupants in the early 21st century includedPeebles Corporation[90] andMDC Partners.[91] In 2010, Paramount refinanced the building with an $180 million loan fromHSBC andDekaBank.[92] Several companies offered to buy the building in 2024, including the fashion conglomeratesLVMH[79] andChanel.[93] Paramount still owned the building as of June 2024.[72]
When the building was completed, it had mixed reviews.[28] The criticTalbot Hamlin spoke favorably of the building as "a beautiful glowing white mass",[17][94][95] while the architectArthur T. North said the all-white facade had "nothing to distract attention from the fine modeling of the masses of the building which alone is sufficient to attract and hold discrimination attention".[28]Harry Allan Jacobs, another architect, felt that the building would have benefited from more color.[94] The criticLewis Mumford praised the building as a "consistent piece of work" whose design exuded "general restraint and sincerity", despite his reservations about the panels on the facade.[17][22]Paul Goldberger wrote in 1990 that 745 Fifth Avenue, the Bergdorf Avenue,the Sherry-Netherland hotel, and the formerSavoy-Plaza Hotel "produce[d] the quintessential New York ensemble, a set of different buildings that formed an elegant, harmonic grouping".[96]
John Cushman Fistere ofVanity Fair regarded the building as Kahn's best design due to its simplicity.[94] Kahn himself liked the design so much that, as a condition for agreeing to design the building, he required Adelson to consult him for any modifications to the design,[20][27] to which Adelson agreed.[94] Ata 1931 costume party held by theSociety of Beaux-Arts Architects, Kahn dressed up as the Squibb Building, which the writer Jewel Stern called "the wittiest salute" to the design.[97]
^Stern, Robert A. M.; Mellins, Thomas; Fishman, David (1999).New York 1880: Architecture and Urbanism in the Gilded Age. Monacelli Press. p. 578.ISBN978-1-58093-027-7.OCLC40698653.
^abc"Merchants and Tenants Inspect Squibb Building: Adelson Shows Fifth Ave. What He Has Contributed to Avenue".New York Herald Tribune. May 2, 1930. p. 41.ISSN1941-0646.ProQuest1113173573.
^Stratton, Kelly (July 26, 2012). "Carr Workplaces to Open Central Park Location in Midtown Manhattan".National Real Estate Investor.ProQuest1034890433.
^abcde"Central Park District Is Good for Offices: 18 Floors Rented in Squibb's Building, 5th Ave; and 58th St".New York Herald Tribune. February 23, 1930. p. E2.ISSN1941-0646.ProQuest1113252308.
^"Mason-Jones Holding in Long-term Lease: Fifth Avenue Corner Reported to Have Been Taken Over by Frederick Brown".The New York Times. July 26, 1927. p. 38.ISSN0362-4331.ProQuest104012305;"Real Estate Transactions in City and Suburbs".New York Herald Tribune. July 26, 1927. p. 30.ISSN1941-0646.ProQuest1133070966.
^"Petition to Sell 5th Ave. Corner Filed With Court".New York Herald Tribune. September 10, 1927. p. 23.ISSN1941-0646.ProQuest1131542300.
^ab"Fifth Avenue Lease for Squibb Firm: $7,000,000 Rental at 58th St. Shows Business Trend in That Area".The New York Times. July 14, 1929. p. RE2.ISSN0362-4331.ProQuest104742907.
^abc"$35,000,000 Deal Closed For Fifth Avenue Corner: F. Brown Will Get $24,000,000 Rent for 58th St. Site From Builder Who Plans 44-Story Improvement Cleveland Store Will Have Ten Floors".New York Herald Tribune. June 22, 1928. p. 37.ISSN1941-0646.ProQuest1113458050;"May Co. Denies N. Y. Store Plans: Reported To Be Negotiating For 10 Floors In Proposed 5th Ave. And 58th Street Skyscraper".Women's Wear Daily. Vol. 36, no. 146. June 22, 1928. p. 2.ProQuest1654105619.
^"18 Stories at Least Must Be Erected on Mason Jones Corner".New York Herald Tribune. January 31, 1928. p. 41.ISSN1941-0646.ProQuest1113426886.
^"Adelson Files Plans for $2,000,000 5th Ave. Building".New York Herald Tribune. May 22, 1929. p. 45.ISSN1941-0646.ProQuest1109671228;"Textile – Apparel Real Estate News: File Plans For New Adelson Building".Women's Wear Daily. Vol. 38, no. 101. May 23, 1929. p. 5.ProQuest1727901365.
^"$4,000,000 Lent For New Building On Fifth Avenue: Straus Corp. Arranges the Financing of 32-Story Structure at 58th Street".New York Herald Tribune. May 25, 1929. p. 29.ISSN1941-0646.ProQuest1109683937.
^abcd"$7,000,000 Rent For Space on Fifth Avenue: E. R. Squibb & Sons Lease 12th floor in Skyscraper for 58th Street Corner".New York Herald Tribune. July 9, 1929. p. 41.ISSN1941-0646.ProQuest1111709534.
^"New Bank Buildings and Hotels in Mid-Manhattan Area: Early Social History. The John Mason Purchase. How Property Was Divided. Auction at Perth Amboy".The New York Times. November 10, 1929. p. RE2.ISSN0362-4331.ProQuest104866591.
^"F. A. O. Schwarz To Move Uptown Tuesday".Women's Wear Daily. Vol. 42, no. 34. February 18, 1931. p. 15.ProQuest1653715855.
^"Tourist Bureau Leases Squibb Building Space: Brokers Report Activity in Garment District and Lower Manhattan Zone".New York Herald Tribune. November 29, 1930. p. 30.ISSN1941-0646.ProQuest1113763198.
^"Real Estate News and Projects: Eastman Kodak Takes $850,000 Avenue Lease Camera Makers to Occupy Squibb Building Store in Growing Retail Zone".New York Herald Tribune. July 2, 1930. p. 41.ISSN1941-0646.ProQuest1113252617.
^"Real Estate Transactions and Projects in City and Suburban Fields: Rice Leaders Will Locate On Fifth Ave Association Takes 4 Floors in Building Nearing Completion at 58th Street".New York Herald Tribune. February 20, 1930. p. 37.ISSN1941-0646.ProQuest1113121502.
^"Mid-Manhattan Business Space In Good Demand: Literary Firm Takes Offices on Lexington Ave.; Squibb Building Store Leased".New York Herald Tribune. September 30, 1931. p. 36.ISSN1941-0646.ProQuest1114131256.
^"Real Estate News and Projects: Space Leasing Shows Activity On 5th Avenue Jesse Livermore, Wall St. Operator, Taking Large Unit in Squibb Building Ready for Tenants Next Fall".New York Herald Tribune. March 28, 1940. p. 39.ISSN1941-0646.ProQuest1264427453.
^"Group of Artists Lease Store in 56th Street".New York Herald Tribune. November 11, 1940. p. 28.ISSN1941-0646.ProQuest1255947457.
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^Burggraf, Helen (April 14, 1986). "New Owners Won't Play Games in Reviving F.A.O.".Crain's New York Business. Vol. 2, no. 15. p. 3.ProQuest219176588.
^"Bergdorf Reportedly Eyes Adding Space On Fifth Ave".Women's Wear Daily. Vol. 156, no. 33. August 17, 1988. p. 2.ProQuest1445627929.
^Born, Pete (August 31, 1988). "Bg To Relocate Men's Wear: Bgs Men's Wear Move Frees Space For Women's".Women's Wear Daily. Vol. 158, no. 43. pp. 1, 39.ProQuest1445676128;Barmash, Isadore (August 31, 1988)."Bergdorf Will Open A 2d Store".The New York Times.ISSN0362-4331.Archived from the original on October 30, 2023. RetrievedAugust 4, 2024.
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New York City Subway:N, R, and W trains atFifth Avenue–59th Street_02_-_5th_Avenue_Bus_Lane.jpg)
