1049 Fifth Avenue facts for kids

Quick facts for kids 1049 Fifth Avenue
Former names	Adams Hotel
Alternative names	1049 5th Avenue
General information
Type	Condominium
Architectural style	Functionalism
Location	1049 Fifth Avenue on 86th Street
Address	1049 Fifth Avenue, New York, NY, 10028
Town or city	New York, NY
Country	United States
Completed	1928
Renovated	1990-1993
Cost	$38 million USD
Renovation cost	$47 million USD
Client	Heller Macaulay Equities, Inc.
Technical details
Structural system	Skyscraper
Floor count	23
Design and construction
Architecture firm	Costas Kondylis Architects
Other designers	Cullman & Kravis

1049 Fifth Avenue is a tall, fancy apartment building in New York City. It has 23 floors and is located in a cool area called the Upper East Side.

It was built way back in 1928 as a hotel called the Adams Hotel. Later, from 1990 to 1993, it was completely updated and turned into luxury apartments called condominiums. When these apartments first went on sale, they were the most expensive homes ever sold in New York City! They even broke sales records in 1993 and 1994.

A Look Back: The Story of 1049 Fifth Avenue

This building started its life in 1928 as the Adams Hotel. It's a 23-story building made of beige brick. Its style is called Functionalist, which means it's designed to be useful and simple.

A famous French architect named Hector Guimard, known for his Art Nouveau designs, lived in the Adams Hotel. He passed away there in 1942.

The building is in the Upper East Side, a part of New York City known as Museum Mile. It's located between Madison and Fifth Avenues, and between 86th and 85th Streets. It's right next to another old hotel, the Croyden Hotel.

In 1990, a person named Jack C. Heller bought 1049 Fifth Avenue. He decided to turn it into 54 fancy condominiums. Each apartment was huge, about 3,000 square feet! Later, they changed the plan to have 45 apartments instead.

Why Did the Address Change?

Even though the building's official address is on Fifth Avenue, it's actually a little bit down 86th Street. There's another building, the William Starr Miller House, that sits right in front of it on Fifth Avenue.

When it was first built, the address was 2 East 86th Street. But during the big renovation, the owners asked the city to change the address. Why? Because all the apartments above the seventh floor have amazing, clear views of Central Park. Having a Fifth Avenue address makes a property much more valuable and appealing to buyers.

Changing an address is not common, but it can happen if there's a good reason. The city approved the change, and the new address became official in the spring of 1991.

Turning a Hotel into Homes

After some money problems with its previous owner, 1049 Fifth Avenue was renovated and turned into luxury apartments starting in 1990. Even though the market for expensive homes was tough at the time, these apartments went on sale in 1991. They were priced at $1,200 to $1,500 per square foot, making them the most expensive homes ever offered for sale in New York City at that time.

The First Owner: Gerald Guterman

In the mid-1980s, a developer named Gerald Guterman bought 1049 Fifth Avenue. He started renovating it and buying out the people who had lived there for a long time. However, Guterman faced big financial problems because of new tax laws and a stock market crash in 1987. The renovations stopped, and he had to declare bankruptcy. Even after a big legal fight, he lost ownership of the building, and it was ordered to be sold.

The New Owner: Jack C. Heller

On January 19, 1990, Jack C. Heller bought 1049 Fifth Avenue for $38 million. He was a partner in a real estate company called Heller Macaulay Equities, Inc. Heller also tried to buy the building next door, the former William Starr Miller House, but he didn't succeed.

Jack Heller had a lot of experience building homes. He had already built about 1,500 apartments before buying 1049 Fifth Avenue. He was very excited about this project, saying it was a once-in-a-lifetime chance to create a great building so close to Fifth Avenue.

Amazing Renovations

Heller planned to divide 1049 Fifth Avenue into 54 apartments, later reducing it to 45. Each apartment was very large, averaging 3,000 square feet. There were even four huge penthouses, some as big as 4,600 square feet! He spent $47 million on renovations, which was almost $1 million for each apartment.

The famous architects Costas Kondylis Architects designed the changes, and the fancy interior design firm Cullman & Kravis decorated the apartments. They added many luxury features:

• Separate heating and cooling for every room.
• Thick concrete floors (12 inches!) to keep things quiet.
• Big picture windows to enjoy the views.
• A butler's pantry in most apartments (a small room for food prep and storage).

Only four of the apartments have fewer than two bedrooms. Most have two or more.

The apartments on the west side of the building, above the seventh floor, have amazing views of Central Park and the Reservoir. This is because they look over the top of the shorter William Starr Miller House next door. These park views are very popular and make the apartments much more valuable. This side of the building was changed a lot, with big windows and balconies added to some apartments.

Other cool features of the building include:

• Refrigerator storage for deliveries.
• Storage lockers for residents.
• A room for bicycles.
• Elevator operators to help residents.

The renovations started in 1990 and finished in 1993. Staff apartments were also offered for sale for $100,000 each.

Selling Homes in a Tough Economy

The renovation of 1049 Fifth Avenue happened during a difficult time for expensive real estate. Many big real estate companies were struggling. Prices for apartments in New York had dropped a lot since 1989. The whole world was going through a tough economic time, called the recession of 1991.

Some experts thought Jack Heller's project was a bad idea because of the economy. One expert even said, "I think Jack Heller is crazy." But Heller was very confident. He believed his luxury apartments would sell well despite the problems, and he was right!

A Big Success in Sales

The apartments at 1049 Fifth Avenue went on sale in October 1991. They were the most expensive homes ever offered in New York City at that time.

By 1993, Heller had sold sixteen apartments. In that year, he sold two apartments for the highest prices ever for condominiums in Manhattan: $3.5 million and $3.8 million. In 1994, a huge penthouse (4,661 square feet) sold for an amazing $5.5 million! This apartment had four bedrooms, six and a half marble bathrooms, a living room with a fireplace, a media room, a library, a dining room, a granite kitchen, and a maid's room. It also had four terraces and incredible 360-degree views.

Jack Heller was very proud of this success. He said it showed that the apartment market in New York City was getting strong again. Because of his success with 1049 Fifth Avenue, Heller was named one of the "40 Under 40" top business people by Crain's New York Business in 1993.

Famous Residents: Rush Limbaugh

The famous American radio host Rush Limbaugh started his national radio show in New York City in 1988. He became very successful. In 1994, Limbaugh bought a large 10-room penthouse at 1049 Fifth Avenue for almost $5 million. This apartment had a fireplace and four terraces.

Later, Limbaugh moved his radio show to Florida. He often talked on his show about how high the state income taxes were in New York State. In 2009, New York State added a temporary tax for very wealthy people. Limbaugh then said he would sell his apartment and leave the city forever. New York Governor David Paterson joked about it, saying he would have thought about the taxes sooner if he knew that would happen.

Limbaugh did keep his promise. His apartment was sold on July 8, 2010, for a little less than $12.95 million.