New 35-Story Apartment Tower Slated for Fifth Avenue

Real estate fund teams up with developer Urban Development to build 165-unit, market-rate rental building one block below Empire State Building. Construction of the new 35-story apartment building at 309 Fifth Avenue will begin in a few weeks and create hundreds of construction jobs.

A new 35-story, market-rate apartment tower with 165 rental units will rise at 309 Fifth Ave. in Manhattan. The news was announced Thursday by Multi-Employer Property Trust, a real estate fund that invested more than $100 million in equity in the project.

The opening date for the 122,000-square-foot property on the east side of Fifth Avenue between East 31st and 32nd streets has been set for September 2013. The building will boast 11,000 square feet of ground-floor and basement retail space. It will be developed by Manhattan-based Urban Development Partners. Construction is expected to begin in a few weeks, according to Multi-Employer Property Trust, adding that the prior owner of the site started the foundation work.

The new tower is expected to be LEED-certified. Multi-Employer Property Trust projects it will generate more than $265 million in economic activity for the city, and create more than 1,000 jobs. Once open, it will boast 24-hour doorman/concierge service, a fitness center, bike storage and a landscaped rooftop terrace. Apartments will have nine-foot ceilings, stainless steel appliances, and some will have views of the Empire State Building.

The general contractor for the 309 Fifth Avenue project is Lend Lease. The architect is SLCE Architects.