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277 Fifth Avenue

277 Fifth
277 Fifth Avenue.jpg
277 Fifth seen in October 2018.
General information
StatusComplete
LocationNew York City
Address277 Fifth Avenue
CountryUnited States
Coordinates40°44′44″N 73°59′11″W / 40.745661°N 73.986275°W / 40.745661; -73.986275
Topped-outMarch 2018
Completed2018
Cost$470 million[1]
Height673 feet
Technical details
Floor count55
Floor area268,441 square feet (24,939.0 m2)
Design and construction
ArchitectRafael Viñoly
DeveloperVictor Group
References
[2]

277 Fifth (also called 281 5th Avenue) is a condominium tower in the New York City borough Manhattan designed by architect Rafael Viñoly. The building rises 55 stories and contains 130 residential condominiums.[3] It is tied with two other buildings, One Grand Central Place and the Barclay Tower as the 81st tallest building in New York. It has been compared to another building of Viñoly's, 432 Park Avenue.[3]

History

In 2012, Kushner Real Estate Group and Ironstate Development acquired the three buildings at 277, 279, and 281 Fifth Avenue. The developers planned a 40-story, 132,000 square feet (12,300 m2) high-end condo building designed by HWKN Architects.[4] Victor Group purchased the site in June 2014 for $99 million and later purchased 273 and 275 Fifth Avenue for $50.3 million.[5] In total, Victor Group reportedly spent a total of $174.1 million for the land and air rights underpinning the project.[1] In early 2015, the Australian Lendlease Group purchased a stake in the project which valued it at approximately $400 million.[6]

Plans for the building were first announced later in 2015,[7] and construction began in 2016.[8] In February 2017, the developers received a $269 million construction loan from three Singaporean banks including United Overseas Bank, OCBC Bank and DBS Bank.[1] Chinese firm Beijing Shokai Group also invested $100 million in preferred equity in the project.

The building topped out in March 2018 and was completed by the end of the year.[9]

See also

References

  1. ^ a b c Schram, Lauren (February 27, 2017). "Lendlease, Victor Group Land $369M in Financing for NoMad Condo". Commercial Observer.
  2. ^ "277 Fifth Avenue". CTBUH Skyscraper Center.
  3. ^ a b Walker, Ameena (18 July 2017). "Rafael Viñoly's 55-story Nomad tower is on the rise". Curbed. Retrieved 19 July 2018.
  4. ^ Hylton, Ondel (March 12, 2018). "NoMad's Tallest Spire, 277 Fifth Avenue, Now Topped Out". City Realty.
  5. ^ "What's the Deal: Commercial Property Transactions". The Wall Street Journal. June 1, 2014.
  6. ^ Geiger, Daniel (April 20, 2015). "Lend Lease buys stake in planned $400M Fifth Avenue condo tower". Crain's New York.
  7. ^ Wilson, Reid (22 April 2015). "51-Story Luxury Residential Tower At 281 Fifth Avenue To Break Ground By 2016". YIMBY. Retrieved 19 July 2018.
  8. ^ Wilson, Reid (18 November 2016). "Foundation Work Underway On 52-Story, 141-Unit Mixed-Use Tower At 281 Fifth Avenue, NoMad". YIMBY. Retrieved 19 July 2018.
  9. ^ "Viñoly-Designed 277 Fifth Avenue Officially Tops Out At 55 Floors and 663 Feet in NoMad". New York YIMBY. 2018-03-09. Retrieved 2018-08-13.