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Thread: 325 Fifth Avenue - New 40 Story Condo - by Stephen B. Jacobs Group

  1. #16

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    Quote Originally Posted by BrooklynRider
    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 400-404 Fifth a few blocks north of the Empire State Bldg. and on the west side of the avenue on a mid-block parcel? I was walking by there tonight and noticed a site that had been cleared.

  2. #17
    Forum Veteran krulltime's Avatar
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    $179M Financing Closes for Midtown Condo Project


    325 Fifth Ave.


    By Barbara Jarvie
    Last updated: January 19, 2005 07:42am

    NEW YORK CITY-Two financings--a $120-million construction loan and a $47-million mezzanine loan--close on Continental Properties and Douglaston Development’s 25-unit, 390,000-sf residential condominium at 325 Fifth Ave. The project, which is anticipated to cost in the neighborhood of $190 million, is expected to be completed some time in early 2006.

    Richard Bassuk, president of the Singer and Bassuk Organization, arranged the financing with James O’Reilly. A portion of the proceeds will be applied toward a $37.4-million bridge loan provided by HSBC Bank USA which SBO previously arranged for the initiative located between 32nd and 33rd streets. HSBC provided the construction financing, while Massachusetts Mutual Life Insurance Co. provided the mezzanine loan.

    “This should really stimulate development in this area,” says Bassuk, who has long-established relationships with both JV partners. Continental is owned by the Fisch family and Jeffrey Levine owns Douglaston Development. The 40-story tower in the shadow of the Empire State Building is near of a number of Manhattan's prominent neighborhoods: Chelsea, Gramercy and the Flatiron District.

    “In arranging the financing, we created keen competition between various lenders for the right to provide the financing for the project,” explains Bassuk. “Both HSBC and MassMutual provided financing which exceeded the borrower’s original expectations.” Recent SBO bridge loans have totaled more than $250 million.


    © 2005 by GlobeSt.com.

  3. #18
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    40 stories and only 25 units, this one will really help the housing problem. this right here speaks to why i complain about to much residential housing, this is a waste of a site

  4. #19

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    40 stories and only 25 units, this one will really help the housing problem. this right here speaks to why i complain about to much residential housing, this is a waste of a site
    As I made note of at SSP this is obviously a typo.

  5. #20

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    According to the NYC Department of Buildings 325 Fifth Avenue will have 250 units.

  6. #21

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    Quote Originally Posted by Derek2k3
    Yea I took photos of it yesterday. Taller than I expected for a 8 story building. DOB lists it at 125 feet.
    Yea, it is looking rather tall...that's the second extention that St. Francis has done for the campus...i can't wait to see it finished in person
    Last edited by Kolbster; April 13th, 2005 at 11:41 AM.

  7. #22

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    Renderings:


    (Levine Builders)


    (SkyscraperPage)

  8. #23

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    I like the penthouse at the top

  9. #24
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    I like that blue. Reminds me of the Helena.

  10. #25

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    Yet this one isnt fat like the Helena.

  11. #26

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    325 Fifth Avenue
    323-327 Fifth Avenue/4-8 East 33rd Street
    42 stories 471 feet
    Stephen B. Jacobs Group
    Dev-Continental Properties/Douglaston Development
    Residential Rental
    250 units 395,239 Sq. Ft
    Under Construction 2004-Early 2006



    The site yesterday...still digging. Check out a nice piece with photos about this and other towers rising in the area.

    http://www.usemenow.com/web-log/arch...ion/index.html

  12. #27

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    It is my understanding that deposits were being put down for offering plans as of yesterday and that units are being assigned

  13. #28

    Default 325 Fifth Avenue--prices??

    Anyone out there know prices for 325 Fifth adn what amendment they are on? Thanks

    I am thinking of buying there versus ORION

  14. #29

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    Quote Originally Posted by sarecca
    Anyone out there know prices for 325 Fifth adn what amendment they are on? Thanks

    I am thinking of buying there versus ORION
    From what i understand, prices have not yet been released. Before groundbreaking however, they asked interested buyers to submit letters of interest/intent - sight and price unseen - and demand was huge....

  15. #30

    Default How can I get more info on 325 Fifth Avenue?

    Could you please tell me info on 325 Fifth Ave?
    Thank you.

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