325 Fifth Avenue - New 40 Story Condo - by Stephen B. Jacobs Group
The article following was posted was posted on GlobeSt.com on Sep. 9, 2004 (P.S.: As there are many beautiful, old buildings on 5th and a few dilapidated ones, I hope that this building will replace the latter....):
$190M Condo Will Rise in Midtown
By Barbara Jarvie
Last updated: Thursday, September 9, 2004 04:07pm
NEW YORK CITY-A $37.4 million bridge loan closed for 325 Fifth Ave., a 250-unit, 390,000-sf residential condominium project with an estimated development cost of $190 million. Richard Bassuk, president of the Singer and Bassuk Organization, tells GlobeSt.com that the developers—a joint venture between Continental Properties, owned by the Fisch family, and Jeffrey Levine’s Douglaston Development—feel this project will “change the face of this Midtown area.” The site is between 32nd and 33rd streets. Work will begin shortly and the building is expected to be completed some time in early 2006.
“This should really stimulate development in this area,” says Bassuk, who has long-established relationships with both JV partners. In fact, he introduced them. He says the 40-story tower in the shadow of the Empire State Building is at the intersection of a number of Manhattan's prominent neighborhoods: Chelsea, Grammercy and and the Flatiron District. "It will really change the character of the neigborhood."
HSBC Bank provided the bridge loan to facilitate the acquisition and start of development. “The substantial interest shown by HSBC is testimony to the project and its owners," Bassuk points out. Levine says Bassuk was “instrumental in obtaining the bridge loan we required to acquire the property and related development rights on highly advantageous terms.” Steven Fisch says it took SBO's "special expertise in coordinating the financing of a project with its development and construction requirements.”
SBO has obtained a $130 million construction loan and a $42 million mezzanine loan for the project. The 325 Fifth Avenue bridge loan transaction is the latest bridge-loan financing arranged recently for SBO clients. Recent SBO bridge loans have totaled more than $250 million in seven transactions.
P.S.: There's a rendering of just the crown on Globest.com, but from that, it appears that the tower will be clad in dark glass, have nice angles and a slanted roof.
The area of 5th that really needs development is that portion between 42nd and 49th (particularly on the west side of the street), Hopefully, that area will be developed over the next decade.
I went up there during lunch, and the buildings on the site for this tower are vacant and the scaffolding is up. The buildings on the site are ok, but there's one small one at the south end of the site that it would be nice if they could save and incorporate into the new structure.
There are a few buildings under construction on the side streets near this one. This area is potentially magnificent, as there are many amazing, old structures there.
Was by the site last week, scaffolding is up as is safety mesh. It doesn't yet seem that demolition has commenced. The building is going to have nearly the whole of Fifth between 32nd & 33rd as its west facade. Pretty big slice. It will be very interesting to see this building go up. I think it will be easily visible on the skyline as there are few buildings of height at the foot of the ESB.
So, there is this 40-storey tower going up on the East side of 5th at 32nd Street.
There are a couple of other projects I'm wondering about, if anyone has info:
1) The is a mid-block parcel (post demolition) that is cleared on the west side of Fifth Ave between 35th and 36th Streets.
2) There is a midblock building going up on W. 31st Street between 5th & 6th Aves. Concrete construction, which is fair to assume is residential (Although our days of identifying building types by superstructure might be waning).
Any details?
Thanks folks.
Originally Posted by BrooklynRider
400-404 Fifth Avenue
Fifth Avenue between West 37th and 38th Streets
The Far West Side/Penn Station Area
~50 stories
SLCE Architects
Dev-Trevor Davis/Chetrit Brothers
Residential Condominium
Proposed 2005-2007
9 West 31st Street
31st Street between Fifth Avenue and Broadway
41 stories 450 feet
Costas Kondylis & Partners
Dev-Jack Halpern Management
Residential Rental
283 units 262,117 ft²
Under Construction 2004-2006
9 West 31st Street is up to the 13th floor.
325 Fifth is picking up with the buildings to be demo'd cut down to about 4 stories.
400-404 Fifth - Site is cleared.
Is 404 Fifth actually on 5th? I can't picture it.
If I am correct in my assumption it is two blocks up from the ESB on the West side of Fifth Ave. It is a midblock parcel bounded on three sides by existing structures. It is not large. Perhaps half the foot print of 425 Fifth.
Farther down....
4 West 21st Street
17 stories 185 feet
H3 Hardy Collaboration Architecture/SLCE
119,136 Sq. Ft. 62 units
Under Construction 2004-Early 2006
http://www.aiany.org/eOCULUS/Current...ml#projectnews
I like the design. Also, the building below on that site, St. Francis extension, is moving along nicely in Brooklyn Heights.
Yea I took photos of it yesterday. Taller than I expected for a 8 story building. DOB lists it at 125 feet.
325 Fifth Avenue. 9 January 2005.
This will be a nice building!
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