New York’s Mayor is providing an additional 220 million euros in new investments to build on the 134 million initial investment he first announced in December 2024. The total 350-million-euro project represents the first major redesign in the avenue’s 200-year history and is projected to pay for itself in less than five years through increased property and sales tax revenue.
Fifth Avenue is currently 30 meters wide, comprised of five lanes of vehicular traffic and two 7-meter 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 weekday 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 4,5 meters on either side is unobstructed for walking; the rest is occupied by street infrastructure like signage, bus stops, lighting, and trash cans.
The redesign between Bryant Park and Central Park will expand sidewalks by 46 percent, shorten pedestrian crossings by a third, reduce the number of traffic lanes from five to three, and add plantings and lighting to make for a more walkable, greener, and safer avenue, explains a recent release by the city of New York. The city will begin construction to update much-needed underground sewer and water main upgrades, which will enable underground and aboveground work to be done concurrently and efficiently, while the main construction phase is not expected to start until 2028, officials said.
Beyond rebalancing Fifth Avenue’s space to reflect its usage, the new design also greens the corridor with more than 230 new trees and 1,900 sq m of planters, new seating and activation space, better lighting, and more.
Fifth Avenue has long been a major driver of economic growth for New York City. The avenue is responsible for 313,000 direct and indirect jobs, which, in turn, generate 39 billion euros in total wages and 98 billion euros in total economic output each year. Moreover, since the project’s announcement 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 3.4 billion euros. And while the street has made huge strides in rebounding from the COVID-19 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.
