Page 1 of 13 1234511 ... LastLast
Results 1 to 15 of 195

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

  1. #1

    Default 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.

  2. #2

    Default

    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.

  3. #3

    Default

    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.

  4. #4
    Banned Member
    Join Date
    Dec 2002
    Location
    Park Slope, Brooklyn, NY
    Posts
    8,113

    Default

    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.

  5. #5
    Banned Member
    Join Date
    Dec 2002
    Location
    Park Slope, Brooklyn, NY
    Posts
    8,113

    Default

    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.

  6. #6

    Default

    Quote Originally Posted by BrooklynRider
    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.

    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

  7. #7
    Banned Member
    Join Date
    Dec 2002
    Location
    Park Slope, Brooklyn, NY
    Posts
    8,113

    Default

    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.

  8. #8

    Default

    Is 404 Fifth actually on 5th? I can't picture it.

  9. #9
    Banned Member
    Join Date
    Dec 2002
    Location
    Park Slope, Brooklyn, NY
    Posts
    8,113

    Default

    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.

  10. #10

    Default

    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

  11. #11
    Banned Member
    Join Date
    Dec 2002
    Location
    Park Slope, Brooklyn, NY
    Posts
    8,113

    Default

    I like the design. Also, the building below on that site, St. Francis extension, is moving along nicely in Brooklyn Heights.

  12. #12

    Default

    Yea I took photos of it yesterday. Taller than I expected for a 8 story building. DOB lists it at 125 feet.

  13. #13

    Default

    Quote Originally Posted by Gulcrapek
    325 Fifth Avenue, probably mentioned before: now with renderings

    http://www.sbjgroup.com/325fifthave.html

    They seem to be inspired by Fox&Fowle...

  14. #14

    Default

    325 Fifth Avenue. 9 January 2005.


  15. #15

    Default

    This will be a nice building!

Page 1 of 13 1234511 ... LastLast

Similar Threads

  1. Why do 1-story buildings exist in midtown Manhattan?
    By normaldude in forum New York Real Estate
    Replies: 26
    Last Post: April 9th, 2013, 03:58 PM
  2. Hotel Gansevoort
    By Edward in forum New York City Guide For Visitors
    Replies: 14
    Last Post: January 20th, 2006, 11:21 PM
  3. New 51-story tower Downtown
    By NYguy in forum New York Real Estate
    Replies: 41
    Last Post: January 17th, 2006, 10:20 PM
  4. The Tate - 535 West 23rd Street - by Rockwell Group
    By Edward in forum New York Real Estate
    Replies: 0
    Last Post: May 26th, 2003, 02:58 PM
  5. 101 West End Avenue
    By Edward in forum New York Real Estate
    Replies: 1
    Last Post: February 24th, 2003, 11:27 PM

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


Google+ - Facebook - Twitter - Meetup

Edward's photos on Flickr - Wired New York on Flickr - In Queens - In Red Hook - Bryant Park - SQL Backup Software