MEPT, Bentall Kennedy, To Develop Fifth Ave. Multifamily

NEW YORK CITY-Marking the second largest development plan in Midtown East this week, Washington, DC-based Multi-Employer Property Trust and real estate advisor Bentall Kennedy announced it will develop a 35-story, 165-unit apartment building at 309 Fifth Ave., a stone’s throw away from the Empire State Building. The project, which will be located on the east side of Fifth Avenue between East 31^st and East 32^nd streets, will total 122,000 square feet, including 10,400 square feet of retail space on the ground level.

To build this project, MEPT has committed over $100 million in equity to build the project via its $5.3-billion open-end commingled real estate fund. A project team of developer Urban Development Partners, general contractor Lend Lease and project architect SLCE Architects will work on behalf of Bentall Kennedy and MEPT.