998 Fifth Avenue is a 150-foot-tall (46 m), 12-story building designed by the architectural firm McKim, Mead & White and built by James T. Lee between 1910 and 1912.

The Italian Renaissance Palazzo-style structure is sheathed entirely in limestone except for a large matching terra cotta cornice and an inner court that is 32.5 feet (9.9 m) square and faced with off-white brick.

Panels of escutcheons and light-yellow marble decorate the structure horizontally at four-floor intervals.

Grand apartments had been built before, but those were occupied by businessmen and the nouveau riche, not the upper crust of American society.

During its construction, it was viewed as a remote and unpopular tower that invaded the city's best residential sections.

Ultimately the building's broker, Douglas Elliman, found over 100 prospects and 998 Fifth Avenue rented right away.

[4] The fact that so many wealthy people rented apartments signaled the shift from the private houses to luxury buildings.

The apartments are rarely advertised and sell, depending on square footage or view, for $20 to $40 million.