Victor Group and Lend Lease have presented the following updates:
- Demolition of existing structures is complete as of March, 2016
- Excavation will start in March, 2016
- Acquisition Lender has agreed to extend the terms of the existing loan and will continue to fund the project until the senior loan is closed
- Senior Construction Loan is expected to close in the last quarter of 2016
- Jeffrey Beers International (interior designer) is finalizing the interior finish package for the building and is presenting preliminary designs for the Lobby, Amenity Spaces and Retail Box
- Rafael Vinoly’s design for the building has been finalized and a rendering will be released soon
- Superstructure will start in November, 2016
- Sales will start in January, 2017
- Superstructure Top out in September, 2017
- First TCO in February, 2018
- Construction will be complete in August, 2018
Market Analysis Update
New York Luxury Residential Product Summary
Established market premiums and advantageous development attributes suggest that 281 Fifth Avenue could achieve pricing levels between $2700-$3300 per square foot by synergizing world-class architecture and design with a truly comprehensive luxury lifestyle. 281 Fifth Avenue will offer an alternative at a lower price to luxury buyers in New York. Below is a comparison of 281 Fifth Avenue and high end luxury condominiums in New York:
220 Central Park South
The least expensive unit starts at $5,000 PSF and the majority of the development ranges from $7,500-$10,500 PSF. Most of the units under contract are averaging $8,000 PSF. The project offers more intimately scaled floor plates with prices between 6,000-7,000 PSF.
15 Central Park West
The project continues to set record pricing despite being in 3rd generation resales. Over the past 4 years, pricing in both the front facing villa and rear tower have ranged between $7,000-$9,000 PSF. It is also important to note that the building is 548′ high and contains over 200 units.
Recent contracts in the mid- rise commanded $30-$40 million. A 14,000 SF tower floor is in contract for $ 90 million with the strong probability of achieving over $9,500 PSF on an anticipated re-sale of the residence. The building is seeing current averages of $8,500 PSF.
432 Park Avenue
432 Park is the tallest residential tower in the Western Hemisphere.This building is nearing $1 billion in sales with tower floors achieving over $8,000 PSF. A penthouse floor is currently in contract for $96 million, approximately $12,000 PSF.
281 Fifth Avenue
Each residential rental unit will include luxurious marble spa baths, extra-high ceilings, over-sized eat-in kitchens, and floor-to-ceiling windows in every direction. Attractive pricing at an average of $3,000 PSF will offer relative value to prime Midtown towers at $6,000+ per square foot such as One57, 432 Park, 220 Central Park South and 432 Park.