Amazon has purchased the vacant office building at 522 Fifth Ave. for $456 million, adding to its growing footprint in Midtown Manhattan. The 23-story, 600,000-square-foot property is located at the corner of 44th Street, which is a short walk from Grand Central Terminal and Bryant Park.

The building was sold by RFR Realty, which bought it for $350 million from Morgan Stanley in 2020 – a notable price jump at a time when many office assets are trading at steep discounts.

RFR faced a foreclosure lawsuit last year after defaulting on a $224 million mortgage tied to the property in a dispute that was resolved in March 2025. The timing of that resolution appears to have cleared the way for the transaction.

Amazon has not shared its plans for the building, but a spokesperson said that the company continues to assess its office needs in support of its business and employees. Since last fall, Amazon has leased or acquired around 1.5 million square feet of office space in Manhattan, including a lease at 452 Fifth Ave. earlier this year.

Built in 1898 as the Sherry Hotel and designed by McKim, Mead & White, 522 Fifth Ave. was converted to office use in 1919 and expanded in 1960. It has served as a base for financial institutions, including JP Morgan, and underwent renovations in 1996 and 2016.

The building includes an on-site cafeteria, auditorium, conference center and outdoor terraces with views of the Empire State Building. Its condition and existing amenities may limit the need for major renovations, potentially allowing for faster occupancy.

The timing could also prove helpful for Amazon: The company’s return-to-office (RTO) plans in New York and other cities have faced delays, in part due to limited space. In fact, reports from late 2024 noted that full implementation of RTO mandates was pushed to mid-2025, with some employees continuing to work remotely in the meantime.

A Textbook Deal in Q1 2025 for Manhattan Office

RFR’s decision to sell the vacant building likely stemmed from financial pressure related to the earlier foreclosure proceedings. Despite that backdrop, the $456 million sale suggests continued demand for high-quality office space in Midtown — especially among larger corporate tenants.

According to data from CommercialEdge, Manhattan office properties averaged $439 per square foot in March 2025 — the second-highest rate nationally. Manhattan also led the nation in total investment activity in Q1 with sales volume reaching $2 billion — double the total from a year earlier.

More broadly, the market has seen a shift toward “flight to quality” as tenants prioritize well-located, Class A buildings with amenities and infrastructure that support new patterns of office use.