The Real Deal New York

Lend Lease lands stake in proposed condo tower at 281 Fifth

Construction firm will have equal control over development with Victor Group

April 20, 2015 04:05PM

281 Fifth Avenue

Lend Lease’s Melissa Burch and 281 Fifth Avenue

Construction firm Lend Lease has acquired an unspecified stake in the proposed condominium project at 281 Fifth Avenue in NoMad.

Lend Lease will co-develop the $400 million project with investment firm Victor Group, which bought the site at the corner of East 30th Street earlier this year.

Victor Group has been attempting to raise money for the 750-foot building through the EB-5 program, which allows foreign investors to pour money into U.S. developments in exchange for green cards, according to Crain’s.

Lend Lease executive Melissa Burch did not disclose the company’s interest in the project but confirmed to Crain’s that it would have equal control with Victor Group in its development.

New Jersey-based Kushner Real Estate Group originally planned a 40-story, 135,000-square-foot condo tower at the site. Victor Group acquired the property for $99 million last year. [Crain’s]Rey Mashayekhi

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