Lynton Property & Reversionary, Sir Robert McAlpine & Sons and Greycoat are to carry out a redevelopment on Fifth Avenue in Manhattan which will have a total cost of around $60m.
The development is in Midtown Manhattan, at 546 Fifth Avenue.
Lynton and McAlpine bought the property in 1983 with the intention of carrying out a redevelopment. They have now come together with Greycoat, whose New York office will act as the local managing party for the scheme.
The new scheme, designed by architects Emery Roth & Sons, will total about 170,000 sq ft in a 23-storey block.
It is intended that the development will be retained by the partners as an investment.
