Victor Homes Makes Big Parcel Buy in Midtown South

NEW YORK CITY—An offer they couldn’t refuse has prompted Kushner Real Estate Group and Ironstate Development Co. to sell a 132,000-square-foot development site at 281 Fifth Ave. Victor Homes has acquired the site for $99 million in a sale that closed Monday and set a record for price per buildable square foot in the Madison Square Park neighborhood.

KRE had bought three adjacent buildings at the corner of Fifth and 30h Street from SK Properties in 2007, and spent the past few years acquiring air rights for what was going to be a 40-story luxury condominium apartment building, partnering with Ironstate this past winter. However, says KRE’s Jonathan Kushner, “Victor Homes built a beautiful building just a few blocks south at 241 Fifth Ave., and simply put, we felt comfortable making a deal with them and they offered us a price we couldn’t refuse.”