GlobeSt.com EXCLUSIVE: $190M Condo Will Rise in Midtown

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.”