New York , NY – New York City is investing $400 million to plan the future of Fifth Ave. The construction is will take place between Bryant Park and Central Park — into a world-class, pedestrian-centered boulevard.
The total $402 million project represents the first major redesign in the avenue’s 200-year history and is projected to pay for itself in less than five years through increased property and sales tax revenue.
Fifth Avenue has long been a major driver of economic growth for New York City. The avenue is responsible for 313,000 direct and indirect jobs, generating $44.1 billion in total wages and $111.5 billion in total economic output each year. Fifth Avenue has experienced an unprecedented wave of investment in commercial renovations, record-breaking sales, and leasing activity. Since 2023, there have been more than 10 commercial real estate sales on Fifth Avenue, totaling $3.9 billion. And while the street has made huge strides in rebounding from the COVID-19 pandemic — with 80 percent of foot traffic having returned — this project will help propel this growth and attract more people back to this vital stretch of Fifth Avenue for decades to come.
“Fifth Avenue is a bustling boulevard of shopping, restaurants, businesses, and tourism, with more people walking down the street every hour than fill Madison Square Garden during a sold-out Knicks game. Thanks to hundreds of millions of new dollars we are infusing into Fifth, we are finally making what has been called ‘America’s Street of Dreams’ a pedestrian paradise by making it more walkable, greener, and safer,” said Mayor Adams. “Thanks to our ‘Best Budget Ever,’ we are bringing total investments up to over $400 million as we reclaim space for New Yorkers, their families, and tourists, and cement Fifth Avenue’s status as an economic engine and job creator for all five boroughs. What’s more is that these investments will pay for themself within five years of completion, marking a huge win for New York City. Thank you to the Fifth Avenue Association, Grand Central Partnership, Central Park Conservancy, and the Bryant Park Corporation, as well as our local elected officials, for their partnership throughout this generational project.”
The Future of Fifth Project further cements the Avenue as a global destination. It’s expected that this project will bring more customers to the stores and encourage them to stay longer. Implementing this plan will strengthen the continued revitalization of Midtown East. This redesign includes a unique opportunity for DEP to upgrade century-old water mains and sewer pipes, while aboveground improvements take place.
“Fifth Avenue has long been our ‘Street of Dreams,’ so it’s time to invest in its future,” said First Deputy Mayor Randy Mastro. “And when this project is done, from Midtown Manhattan to Central Park, we will have a tree-lined, pedestrian mecca that rivals the Champs Elysees thanks to Mayor Adams’ foresight and commitment to this transformational project. The greatest city in the world deserves to have the greatest boulevard in the world, and now, we will have it.”
