500 Fifth Avenue was designed with a facade of bronze, limestone, and terracotta at the base; it is clad with brick above the fourth floor.

[9] The Real Estate Record & Guide called the area "the most valuable building site on Manhattan Island north of Wall Street".

[11][12] It was built simultaneously with the Empire State Building nine blocks south, which Shreve, Lamb & Harmon also designed.

[13][14] William F. Lamb, a lead associate at the firm, called 500 Fifth Avenue "a thoroughly frank expression of the requirements of an up-to-date office building.

[11] At the time of 500 Fifth Avenue's completion in 1931, the heights of skyscrapers in New York City were limited by the perceived economic feasibility of the upper floors.

[20] For the lot that 500 Fifth Avenue occupied, this maximum height was considered to be 59 stories including a penthouse, or roughly 697 feet (212 m).

[5][6] Despite being similar in design to the Empire State Building, 500 Fifth Avenue never became as prominent due to its asymmetrical massing, its lack of spire, and its smaller proportions.

The second through fourth floors contained decorated limestone piers as well as light-green spandrels ornamented with chevrons and folds.

The facade above the fourth floor consisted of recessed brick spandrels with black terracotta panels, which provided "vertical accents" to the building.

[22] The northern elevation of the facade is a largely uninterrupted brick wall with three vertical strips of black terracotta.

[26] Offices above the sixth floor were designed so that each unit was a maximum of 30 feet (9.1 m) away from a window or other source of natural light.

[4] Though the floor area is relatively small compared to other buildings of similar height, 500 Fifth Avenue nonetheless has had a high occupancy rate throughout its history.

[27] In 1903, he signed a 20-year lease for the lot at the northwest corner of Fifth Avenue and 42nd Street, which was occupied by the Hotel Bristol, an eight-story structure built in 1875.

[31] The New York Supreme Court's Appellate Division ruled in June 1929 that Meinhard was entitled to a half-stake in the site.

[29] Similar to the Empire State Building nine blocks south, which was being constructed simultaneously by Shreve, Lamb & Harmon, each structural component at 500 Fifth Avenue was planned in advance.

[24] According to architect Richmond Shreve, a lead associate at the firm, the former's construction "required feats of organization in some respects never before attempted.

[22] Conversely, at the beginning of 1931, Fifth Avenue was experiencing high demand for storefront space, with only 12 of 224 stores being unoccupied.

[56] Salmon had said in December 1930 that, although he foresaw it might take a long time to fill the space at 500 Fifth Avenue, "the enterprise was undertaken with the greatest faith in the future of midtown expansion and development.

[57] Rental activity continued and, by the end of the year, lessees included Electrolux,[58][59] Western Universities Club,[60] and several railroad companies.

[63][64] 500 Fifth Avenue was the original transmitter site for CBS Radio's New York City FM station (W67NY, later called WCBS-FM) in 1941.

[66] The terms of the sublease specified that the portion of any structure at 508 Fifth Avenue could not be more than 63 feet (19 m) tall, or obstruct the adjacent skyscraper in any other way.

[22][66][a] The Manufacturers Trust Company Building at 508–514 Fifth Avenue was completed in 1954,[69] and ultimately contained four stories and a penthouse.

The Manufacturers Trust penthouse was set back from the lot line at 508 Fifth Avenue because it rose above the maximum height permitted in the sublease agreement.

[72][73] In 1980, a Yugoslavian bank on the 30th floor was bombed, with Croatian nationalists claiming responsibility, though no one was hurt and the structure suffered minimal damage.