An 88-storey supertall skyscraper by architecture studio Kohn Pedersen Fox that pays homage to New York City's beaux-arts architecture has topped out in Midtown Manhattan.

Located at 520 Fifth Avenue in Midtown Manhattan, the skyscraper will rise 1,002 feet (305 metres) and contain 100 luxury apartments, residential amenities, office space and a member's club.

The project is being developed by local agency Rabina, which announced its topping out in late October following the release of the building's design earlier this year.

"This tower will stand as a symbol of the continual renaissance of Midtown Manhattan, honouring its past and offering a new blueprint for how we as New Yorkers live, work and enjoy life in the center of one of the world’s most iconic neighbourhoods," said Rabina CEO Josh Rabina.

Renders of the building show a tower clad in a facade of terracotta and enamelled metal with wide, arched windows. It is composed of tiered volumes that taper up to a thin top with elongated windows.

Terraces line the top of the volumes at the structure tapers up.

The design takes cues from the historic towers of Midtown Manhattan.

"The tower's architectural brilliance lies in its modern homage to the historic 20th century beaux-arts buildings of New York, with an intricate design of tiered setbacks and grand arched windows," said the team.

According to the KPF, it is a "modern interpretation" of the city's stepped skyscrapers developed after the citywide zoning law of 1916, which introduced restrictions on the height and shape of tall buildings to allow light and air to reach the streets below.

"520 Fifth Avenue's design is a modern interpretation of the architecture of stepping towers that has given Midtown Manhattan its distinctive character since the adoption of the zoning laws of 1916," said Kohn Pedersen Fox president James von Klemperer.

The building's interior is being designed by Vicky Charles of design studio Charles & Co.

Interior renders show a palette of neutrals and jewel tones, with tall ceilings and wood, brass and crystalline accents.

"It has been an honor to work alongside the Rabinas on this extraordinary project that will create a new architectural landmark along Fifth Avenue, and appear prominently on the skyline," said von Klemperer.

The tower is slated for completion in 2025.

Other New York skyscrapers that topped out recently include a Flat Iron-like tower in Brooklyn and Foster + Partners supertall skyscraper on Park Avenue.

The images are by Binyan Studios unless otherwise stated.