A new apartment building is planned across from the Empire State Building in Midtown Manhattan, GETTY IMAGES (ANDREW THOMAS)

By Kevin Smith

A new residential tower is planned across the street from the Empire State Building in Midtown Manhattan.

Manhattan-based Slate Property Group and Queens-based Pi Capital Partners announced they have partnered to develop an apartment building at 335–339 Fifth Ave.

The developers plan to build a 95-unit, 18-story building with studio, one- and two-bedroom apartments. Ground-floor retail is also planned at the building as well as amenity programming.

The site is currently an empty lot. It has been owned by the Pi family since 1997.

"We’ve safeguarded this site for decades, waiting for the ideal moment and the right partner," Jerry Pi, founder of Pi Capital Partners, said in a statement.

Developers expect to break ground on the development in mid to late 2026.

The project will utilize New York's 485-x tax abatement program, which provides 35-year tax breaks to developers that reserve 20% of a building's units for households earning a weighted average of 80% of the area median income. That income range begins at about $91,000 for a one-person household, according to NYC Housing Preservation and Development.

The new development comes as New York City continues to grapple with a housing shortage and skyrocketing residential rent.

"As Manhattan’s housing shortage grows, Slate Property Group is leveraging decades of development expertise to deliver exceptional Class A multifamily residences," Martin Nussbaum, co-founder and principal at Slate Property Group, said in a statement.