#3 Best of 2015 - Builder to Construct 750-ft Fifth Ave Tower

Condominium construction in the area just north of Madison Square Park, from 24th to 30th streets and Lexington to Sixth avenues is booming. Now construction giant Lend Lease, which has worked on building the city's tallest residential towers at One57 and 432 Park Avenue, is getting into the development game. The company plans to construct a 750-foot ultra-luxury apartment spire at 281 Fifth Avenue, on the corner of East 30th Street, and has purchased a stake in the $400 million project which it will co-develop with Victor Group.

Victor purchased the development site last June for $99 million and hired Lend Lease to handle construction of the 51-story condo tower. Talks eventually progressed to have the construction giant take an ownership stake.

Lend Lease and Victor Group will have equal control and remain sole owners of the Rafael Vinoly designed project on the Southeast corner of Fifth Avenue and East 30th Street.

The new 250,065 square foot tower will have retail at its base and ultra-luxury residences on the upper floors. Vinoly is also the architect of 432 Park Avenue, which is being built by Lend Lease.

The current wave of construction projects in the neighborhood is expected to boost the area’s profile considerably. Just down the block, an 830-foot residential tower will soon be going up at 15 East 30th Street, while a 777-foot tall condominium is slated to rise eight blocks to the south at 45 East 22nd Street.

The partners are in the process of securing a construction loan for the 140-unit building, on which they expect to break ground early next year.

"We think the NoMad neighborhood is one of the most dynamic parts of the city, an intersection for the tech sector, food and nightlife, and everything that's happening in the midtown south market," said Melissa Burch, who recently joined Lend Lease from developer Forest City Ratner.

Victor Group has been in the process of raising money for the building through the EB-5 program, in which foreign investors can put at least $500,000 into U.S. development deals in exchange for permanent green cards.

Lend Lease is currently preparing the site for demolition of the existing buildings. Construction on the new building is expected to get underway in early 2016.


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