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Eliot Spitzer wins approval to redevelop 985 Fifth Avenue

The approval came after a two-year effort to end rent-stabilized leases, following NYC Landmarks clearance in 2023 for luxury condos.

Reported · Written up by our desk · Industry

Former New York Gov. Eliot Spitzer has received state approval to move forward with redevelopment plans for 985 Fifth Avenue, Commercial Observer reports.

Spitzer had sought approval to not renew the building’s rent-stabilized leases, which is a necessary step before the property can be redeveloped. After an extended delay he attributed to the state’s Division of Homes and Community Renewal, the former governor ultimately secured the state’s blessing.

The plan follows a 2023 approval from the New York City Landmarks Preservation Commission to demolish the 25-story rental building and replace it with luxury condominiums. Spitzer’s Spitzer Enterprises is also continuing other parts of the project, including unveiling designs by SLCE Architects in November 2025 for a plan that would yield 25 condo units, according to New York YIMBY.

Commercial Observer also notes that Spitzer has owned the property since at least 2018, after buying seven residential buildings in the city totaling 1.5 million square feet, including 800 Fifth Avenue.

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