One of the city's most adored structures will soon meet the wrecking ball.

Pi Capital Partners recently filed demolition permits for 335 Fifth Avenue, a move that clears the way for a new 21-story, 82-unit mixed-use tower in Murray Hill on the corner of Fifth and East 33rd Street, just east of the Empire State Building. 

The design replaces the Demarest Building, an 1889 terra cotta building known for its dramatic three-story-high arched windows and its past life as a showroom for high-end horse carriages, as well as the location of the world's first electric elevator.

Demarest Building | The building was designed by Renwick, Aspinwall & Russell in the 1880s. James Renwick, the firm's founder, was the architect of St. Patrick’s Cathedral

Despite efforts by preservationists to save the structure from being razed, the city never found merit in its historical value. The Landmarks Preservation Commission evaluated the building on several different occasions but eventually concluded that it had been altered so many times over the years that it could not be considered a landmark.

"In a city the size of New York, we must be highly selective in proposing properties for designation as individual landmarks," the commission told amNewYork in 2019.

The January 2021 proposal (left); The updated design (right) |  Raymond Chan

The design of the new build comes from architect Raymond Chan, who has made some considerable updates to the more straightforward rendition he put forth earlier this year.

While the new design maintains its prismatic glass podium, the once sleek tower now features bands of masonry and a series of protruding balconies that echo the style of Herzog & de Meuron's 56 Leonard (a.k.a. the Jenga Building). The update is likely a response to pandemic demand, as renters and buyers increasingly seek homes that boast some degree of private outdoor space. 

According to the most recent permits filed, the new tower will have no more than five units per floor. The building will also host the usual slew of amenities, including a lounge, fitness center, bike room, and roof terrace.

City Realty, which first spotted the new rendering, points out that the office and ground floors of the Demarest are now completely cleared out, suggesting that demolition is close at hand.