A site at 309 Fifth Avenue, between 31st and 32nd
streets, is in contract to be sold to an entity controlled by New
Tower Trust, which is based in Bethesda, Md., the New York Post
reported.
The Post described the site as a 27,000-square-foot building that is actually a 150,000-square-foot
development site being sold by an entity controlled by a fashion
company and Urban Development Partners. The site was last sold in 2006
for about $50 million and carried a $31 million mortgage from Arbor.
The fashion company also sold a $50 million building at 63 West 38th
Street to Savanna Partners recently.
None of those involved in the deal could be reached for comment.
[Post]
