The Kaskel & Kaskel building at 316 Fifth Ave. will be replaced by a mixed-use skyscraper, according to plans filed with the DOB this week. View Full Caption Wikimedia Commons/Beyond My Ken

NOMAD — A 40-story tower with two dozen apartments is planned to rise at the corner of Fifth Avenue and West 32nd Street, replacing a 114-year-old building currently at the site, city records show.

Kohn Pedersen Fox Associates filed plans with the Department of Buildings Thursday to build the 539-foot-tall tower at 316 Fifth Ave., records show.

The tower would have retail space on the first three levels, including the cellar, and condominiums would start on the eighth floor and include two duplexes on the top four floors, plans show.

The building's amenities would include bike storage, an open terrace for residents, an exercise room and a library.

The new building would replace the Beaux Arts Kaskel & Kaskel building that originally housed a men's clothing store that catered to the rich and famous, according to the Daytonian in Manhattan blog.

The building opened in 1903, according to the "AIA Guide to New York City." There were no demolition plans filed for the address as of Friday.

Cottonwood Management, a Southern California real estate asset management company, is also behind the development. Both Cottonwood and KPF declined to comment on Friday.