Mickey Rabina is developing the building, and architectural firm Kohn Pedersen Fox designed the structure and serves as architect of record.

Aby Rosen of RFR Realty, who owned 516 and 518 Fifth Avenue, unsuccessfully attempted to redevelop that site before the Great Recession of the 2000s.

[4] Later, RFR entered into a joint venture with Tahl-Propp Equities, owner of 520 Fifth Avenue, planning to either redevelop the site occupied by the three structures, or to sell the three buildings to another developer or investor.

[10] Thor did not proceed with the building, and ultimately sold the site to a joint venture between Ceruzzi Properties and SMI USA for $325 million in 2015.

[12] New York YIMBY reported that the two firms would proceed with plans for a building designed by Handel Architects, originally produced for Thor.

[15] Lou Ceruzzi had wanted to develop a structure with three stories of retail, 145 residential condominiums, and an eight-story hotel with 208 rooms.

[8] In 2017, Ceruzzi and SMI received a bridge loan from Mack Real Estate Credit Strategies, which took the place of the earlier financing.

[19] Rabina repaid Mack during the process of buying the site,[8][20] and he secured a new mortgage for $110 million from Bank OZK.

[24] Rabina received a combined $540 million in construction financing from Bank OZK and The Carlyle Group in March 2022.

[32][34][41] The building's main entrance is through a lobby with walls of walnut wood and a floor of mosaic tiles.

[23] Each of the office stories has a separate heating, ventilation, and air conditioning system, as well as outdoor terraces and movable windows.

[36] In the apartments are kitchens with walnut cabinets, bathrooms with marble floors, and ceilings measuring 10 to 14 feet (3.0 to 4.3 m) high.

[32][33] According to Vicky Charles, the residences used "rich colors, hand-printed wallcoverings, soft warm plasters, custom crystal chandeliers, buttery leathers, and luxurious plush upholstery".