April 23, 2015
Lend Lease and Victor Group have joined forces to purchase 281 Fifth Avenue, where, according to New York YIMBY, they plan to build a 51-story spire. The building would contain retail space on the ground floor and luxury residential units on the top levels. The two groups paid a total of approximately $400 million for the property. It is not known how the cost was divided, but Melissa Burch of Lend Lease told Crain’s New York that the companies would have equal control in the project.
281 Fifth Avenue sits on the corner of 30th Street. That block alone is seeing a fair amount of development these days, with JD Carlisle planning to build a 53-story residential tower at 15 East 30th Street.
With so many new residential units being created, NoMad has become a hotbed of high-profile projects. Speaking with Crain’s, Melissa Burch said, “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.”
Lend Lease is no stranger to big projects. The construction company has been involved One57 and 432 Park Avenue – two of the tallest towers in the city. We’ll be keeping an eye out for additional news on this development.