Victor Group Purchases More Properties to Assemble 281 Fifth Avenue Project

June 19, 2015

The Victor Group’s planned tower at 281 Fifth Avenue will encompass five plots along Fifth Avenue and one on 30th Street.  In addition to the 281 corner property, the developer purchased commercial properties 273 and 275 late last year and now has acquired 277 Fifth Avenue.

In 2014, Victor Group bought 273 and 275 Fifth from Jackson Group for a total of $35 million. 277 Fifth was purchased just this month for $35.1 million, which speaks to how much property values in the NoMad neighborhood have increased in less than a year. 277 Fifth Avenue is six stories tall and contains 13,400 square feet of commercial units, including space for retail and storage. The property was purchased from Mirsal LLC, which is registered to lawyer David Horowitz, according to The Real Deal.

All of these properties will be integrated into the footprint of 281 Fifth Avenue, which will be one of the tallest buildings in the neighborhood. In addition to condo units, reports on the building from YIMBY describe a two-floor retail center. It seems possible that that retail center that will likely extend over the 273, 275 and 277 properties.

With the three-story retail center planned at the upcoming Virgin Hotel and this large retail space, NoMad is likely to be home to some very impressive new shopping experiences.