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.
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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