Mayor Adams Announces Initial $150 Million+ Investment in Transformation of Fifth Avenue Into World-Class, Pedestrian-Centered Boulevard

December 8, 2024

Watch the video here at https://www.youtube.com/watch?v=XwK7Hgs5t8E&t=270s

Plan Includes Widened, Greened Sidewalks, Prioritizing Pedestrians, and Expanded Public Space

Investment Will Strengthen Historic Corridor's Economic Engine and Job Creation, Making New York City More Affordable by Providing Good-Paying Jobs for Working-Class New Yorkers

Fifth Avenue is Responsible for 313,000 Jobs, $44.1 Billion in Wages, $111.5 Billion in Economic Output

Since 2022 Project Launch, Corridor Has Seen Nearly $4 Billion in Real Estate Sales, Showing Significant Enthusiasm in Future of Fifth

New York – New York City Mayor Eric Adams today announced an initial $152.7 million city investment in the city and the Future of Fifth Partnership's plan to transform Fifth Avenue between Bryant Park and Central Park into a world-class, pedestrian-centered boulevard – bolstering the iconic corridor's status as a catalyst for economic growth and job creator for New York City. The proposed design expands sidewalks by 46 percent, shortens pedestrian crossings by a third, reduces the number of traffic lanes from five to three, and adds plantings and lighting to make for a more walkable, greener, and safer boulevard. This initial investment will cover the entire design and the beginning of construction. It will also include much-needed underground sewer and water main upgrades, which will enable underground and aboveground work to be done concurrently and efficiently. The Fifth Avenue Association will continue this public-private partnership with additional investments in this project.

Once complete, this project – the first major redesign in the avenue's 200-year history – is projected to pay for itself in less than five years through increased property and sales tax revenue. It will also bolster Fifth Avenue's status as a job and wealth creator for all five boroughs. Mayor Adams made the announcement as he concludes "Affordability Week," a week where he highlighted numerous generational projects that will make life more affordable for working-class New Yorkers and put money back into the pockets of working-class New Yorkers.

"Fifth Avenue is an economic powerhouse for New York City – it fuels more than 300,000 jobs and $44 billion in wages," said Mayor Adams. "That's well-earned money in working peoples' pockets – and with the $150 million initial investment that we're announcing today, we're supercharging that. Our transformation of Fifth Avenue will double pedestrian space, add more trees and seating, and do so much more – and it'll pay for itself within five years of completion through increased tax revenues. Fifth Avenue isn't just about the people shopping at the stores – it's about the people who work there, too, and this investment will put money in their pockets, making this city more affordable for hard-working New Yorkers. This is a huge win for New York City, and I'm grateful to the Fifth Avenue Association, Grand Central Partnership, Central Park Conservancy, and Bryant Park Corporation, as well as our local elected officials, for their partnership throughout this generational project."

"Fifth Avenue is the very heart of the holiday season. As we kick off the third annual holiday streets and the iconic boulevard's 200th birthday, we also celebrate the commitment of over $150 million to make improvements above and below ground," said Deputy Mayor for Operations Meera Joshi. "I want to thank all the groups along the corridor that came together to help design the Future of Fifth."

Future-of-Fifth bird's eye view rendering. Credit: City Hall

Future-of-Fifth typical block rendering. Credit: City Hall

Future-of-Fifth bird's eye view corridor rendering. Credit: City Hall

Fifth Avenue is currently 100 feet wide, comprised of five lanes of vehicular traffic and two 23-foot sidewalks. Even though pedestrians make up 70 percent of all traffic on the corridor, sidewalks account for only 46 percent of the space. Each block serves approximately 5,500 pedestrians an hour on an average day and up to 23,000 people an hour during the holidays – the equivalent of a full Madison Square Garden plus 4,000 additional people. The current configuration can no longer accommodate this volume of foot traffic, especially given that only 15 feet on either side is unobstructed for walking; the rest is occupied by street infrastructure like signage, bus stops, lighting, and trash cans.

The new design nearly doubles the width of the sidewalks to 33.5 feet each, expanding clear pedestrian space to 25 feet on each side and adding another 8.5-foot-wide section for trees, planters, and an alternative pedestrian path. These changes will reduce crossing lengths by more than a third, boosting pedestrian safety along the avenue. Beyond rebalancing Fifth Avenue's space to reflect its usage, the new design also greens the corridor with more than 230 new trees and 20,000 square feet of planters, new seating and activation space, better lighting, and more. Greening Fifth Avenue will create additional shade cover to protect against heat and innovative stormwater infrastructure to prevent flooding. The design draws inspiration from Fifth Avenue's historic landmarks and art deco influences, heightening the iconic architectural features integral to the avenue's visual identity. It is also inspired by other iconic shopping street redesigns, including the Champs Elysees in Paris; Calle Serrano in Madrid; Bond, Oxford, and Regent Streets in London; and Ginza in Tokyo. The effort builds on the core tenets of the "New" New York action plan, which identified public space as a key force for the city's economic recovery.

Mayor Adams' $152.7 million investment has been fueled by the project and its anticipated economic impact. Fifth Avenue has long been a major driver of economic opportunity for New York City. The avenue is responsible for 313,000 direct and indirect jobs, which, in turn, generate $44.1 billion in total wages and $111.5 billion in total economic output each year. Moreover, since Mayor Adams announced this project in December 2022, 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 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.

Last year, the Adams administration launched the Future of Fifth public-private partnership, which brings city agencies together with the Fifth Avenue Association, Grand Central Partnership, Central Park Conservancy, and Bryant Park Corporation to further this project. The group selected firms Arcadis, Sam Schwartz and Field Operations to lead the design and study, and schematic design is underway and slated for completion by the summer of 2025.

"There's no better way to celebrate the holidays and the 200th birthday of Fifth Avenue than pedestrian packed streets," said Chief Public Realm Officer Ya-Ting Liu. "As Fifth Avenue looks forward to its next 200 years, we will be continuing our work to redesign and rebalance the iconic street into a world class, tree-lined, pedestrian boulevard."

"Our Future of Fifth Partnership plan will transform the iconic corridor into a pedestrian-friendly epicenter of unprecedented activity. Inspired by the Holiday Season open streets that generated $3 million in additional consumer spending, the reimagining of Fifth Avenue will remove traffic lanes, expand sidewalks by 46 percent, and add much-loved greenery to our concrete jungle," said New York State Assemblymember Jenifer Rajkumar. "We will enhance pedestrian safety while boosting foot traffic and commercial activity to new heights. This $150 million investment is a wise one, expected to generate so much added property and sales tax revenue that it will pay for itself in under five years. From Central Park to Bryant Park, Fifth Avenue will become one of the most vibrant urban hubs in the world."

"Fifth Avenue is among our most heavily used corridors by pedestrians, bringing workers, shoppers, and visitors from across the city and the world. Massively expanding pedestrian and sidewalk space on Fifth Ave will make for a safer, more sustainable, more enjoyable boulevard for pedestrians," said Manhattan Borough President Mark Levine. "While there is still work to do to ensure this plan will meet the needs of all travelers and users of the streetscape, this initial investment is a major step forward in this new vision. I'm looking forward to working with the Future of Fifth Partnership, City Hall, DOT and local stakeholders to bring a new era to this famous avenue."

"Fifth Avenue is a global icon, and this transformation is a bold step towards ensuring its future as a pedestrian-friendly, dynamic hub for all New Yorkers and visitors alike," said New York City Council Majority Whip Selvena N. Brooks-Powers. "This investment not only enhances safety and accessibility but also strengthens Fifth Avenue's role as an economic powerhouse, creating jobs and fostering community engagement. I applaud the Administration for their leadership and commitment to reimagining one of our city's most beloved corridors."

"This historic investment is the start of a brand-new chapter for Fifth Avenue that will see this iconic street transform from an outdated and over-crowded road, into a beautiful tree-lined boulevard that puts pedestrians first, befitting of the most famous avenue in the world," said Madelyn Wils, interim president, Fifth Avenue Association, and co-chair, Future of Fifth Steering Committee. "Every holiday season, our sidewalks are heaving with people spilling into the roadbed and Fifth Avenue can simply no longer accommodate the people on it. We are grateful to Mayor Adams and his administration for championing a bold and thoughtful plan that will breathe new life into Fifth Avenue for workers, businesses, shoppers and all New Yorkers."

"There's no question that this significant financial commitment represents the administration's concrete commitment to advancing this new vision for Fifth Avenue," said Fred Cerullo, president and CEO, Grand Central Partnership. "We look forward to continuing to work with the city and our midtown stakeholders on the next phase of this project which will provide more open spaces for pedestrians and promote increased economic activity along this iconic corridor."

"Fifth Avenue has a proud history as one of the most iconic boulevards in the world, and with this investment its future will be just as bright," said Betsy Smith, president and CEO, Central Park Conservancy. "We commend Mayor Adams for working with stakeholders to create a plan that will transform Fifth Avenue into a vibrant, pedestrian-friendly boulevard that will stretch from Central Park to Bryant Park and provide a new, tree-lined corridor in the heart of Manhattan for generations to come."