NEW YORK | 281 5th Ave | 663 FT | 52 FLOORS


#1

Kushner Cousin Sells NoMad Lot For Record-Setting $99M

Monday, June 2, 2014, by Zoe Rosenberg

Not many can say they set into motion one of the city’s most expensive residential transactions to date over a relaxing cup of morning coffee, but according to a press release, it’s true for Jared Kushner’s cousin Jonathan Kushner of KRE. KRE, along with development partner Ironstate, have agreed to sell a parcel of three NoMad lots at 281 Fifth Avenue with air rights a-plenty to Jersey home developer Victor Homes for the outlandish sum of $99 million, or $750 per buildable square foot. The Journal refers to the sale that closed on Friday as “one of the highest rates paid for a residential site in Manhattan.” Prior to the sale, the development firms had planned a 40-story, 132,000-square-foot ultra-luxury tower at the 30th Street and Fifth Avenue corner. Victor Homes, who last year completed a luxury high-rise at nearby 241 Fifth Avenue, is likely to follow up with similar plans.


#2

Victor Homes Buys NoMad Buildings for $35M

BY LAUREN ELKIES SCHRAM 10/29 3:41PM

The owners of two NoMad buildings, one commercial and the other residential, have sold the two properties for $35 million. The new owner, New Jersey-based developer Victor Homes, plans to “combine them in some manner” with two other parcels it owns on the block and erect “a residential condo project,” said Victor Homes’ attorney in the deal, Samuel Ofsevit of Phillips Nizer.

On Oct. 22, Victor Homes closed on the $19.5 million acquisition of the four-story, 8,060-square-foot office building 273 Fifth Avenue and $15.5 million purchase of the five-story 9,280-square-foot residential 275 Fifth Avenue, between 29th and 30th Streets.

The sellers were the Jackson Group, a Midtown company run by brothers Ike, Elliott and Gabriel Chehebar, and Rinel Realty, the owner of Regal Home Collections. Earlier this year they successfully defeated legal efforts by the Rabsky Group to enforce the sale of the two buildings, The Real Deal previously reported.

Victor Homes, which opened a 20-story condominium tower in the neighborhood at 241 Fifth Avenue last year, was not concerned about the litigation.

“There was some litigation that died a long time ago,” Mr. Ofsevit said. “It’s not anything.”

Victor Homes will combine 273 and 275 Fifth Avenue with 279 Fifth Avenue and 281 Fifth Avenue, Mr. Ofsevit said. The developer bought those two buildings in May for $50.3 million, property records show.

Asked whether the buildings would be demolished, Mr. Ofsevit said the plans were still under development.


#3

#4

Semi-Revealed: Viñoly Designing 51-Story 281 Fifth Avenue

BY: NIKOLAI FEDAK ON DECEMBER 22ND 2014 AT 7:00 AM


281 Fifth Avenue, massing diagrams from EB-5 presentation

Even before trading from Jonathan Kushner’s KRE to Victor Homes for $99 million earlier this year, 281 Fifth Avenue has been primed for redevelopment. The assemblage includes a substantial portion of air rights that could yield a major condominium tower, so it is no surprise that the site’s latest owner is moving forward with plans.

Victor Homes is now pitching the project to EB-5 investors with the promise of a building designed by Rafael Viñoly, according to a promotional video reviewed by YIMBY.

The images included in the pitch are just massing diagrams, however they illustrate significant height for 281 Fifth Avenue, which the developers say will become one of the tallest buildings in New York City. In order to achieve this, and as the diagrams illustrate, cantilevers to boost the bulk of the project’s square footage above the lower levels will be needed.

Per the EB5 page,

281 Fifth Avenue is located on the Southeast corner of Fifth Avenue and East 30th Street in the “NoMad” district of Midtown South Manhattan. Victor Group plans to construct a new 51-story, 250,065 gross square-foot condominium building with retail at the base and luxury residences on the upper floors. 

While renderings of the tower are elusive in the video, the similarities between one of the massing diagrams and a mystery proposal revealed by YIMBY this past October are uncanny. Whether that footage was produced for 281 Fifth Avenue remains to be seen — and the location of the “mystery” tower is slightly removed from the corner of Fifth Avenue and 30th Street — but the coincidence is certainly compelling.


Mystery Tower — image by AJSNY

Midtown South has some residential towers of moderate heights, but the current wave of projects will boost the neighborhood’s profile significantly. Down the block from 281 Fifth Avenue, an 830-foot residential tower is also set to rise at 15 East 30th Street, and Eichner’s 777-foot tall 45 East 22nd Street is just eight blocks south.

No completion date for Victor Homes’ latest undertaking has been formally announced.


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#7

Glad this is starting up. I was starting to wonder about this. Lost in the endless sea of projects.


#8

Hi, amigo

Good to see you hear!

We need to plan our Cervezas!

This is the Age of Ramses!


#9

This is the Age of Ramses!

Viva la J.R. Ewing!


#10

Hi JR,
It’s good to see you here. The SSP NY section is really suffering because they banned you. It looks like i’ll be coming here for updates on NY projects from now on!


#11

Thanks, dude!

Spread the word: “SSC and SSP are dead for NY! NY action is on Yimby Forums!!”


#12

Spread the word. The more updaters we can get, the better.


#13

Awesome!


#14

Filed last week:

http://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=2&passjobnumber=121193136&passdocnumber=04


#15

Permits were filed with the DOB today to erect scaffolding at 277 5th Ave. Demo permits were previously filed on 5-7-15.


#16

Are they to demo the small white boxy building directly adjacent?? No one will miss that thing.


#17

I belueve so. The white building is actually quite nice, but I’d sacrifice it for a solid 800’ tower on 5th.


#18

Papers were filed on 9/29 to erect scaffolding in connection with the demo.


#19

Demo papers were filed today, Oct. 2, 2015


#20