The Real Deal New York

Victor Homes buys Midtown South site for nearly $100M

Jonathan Kushner and Ironstate had sought to build 40-story condo tower on property

June 02, 2014 10:59AM

jon-kushner

281 Fifth Avenue and Jonathan Kushner

Victor Homes paid $99 million for a three-story, onetime deli on a Midtown South site. The sellers, Kushner Real Estate Group and Ironstate Development Company, had sought to build a 40-story condominium tower on the property.

Under the deal, the home builder also received development and air rights for 281 Fifth Avenue near East 30th Street. Victor paid roughly $750 per buildable square feet.

In January, Kushner Real Estate Group’s Jonathan Kushner, first cousin of fellow developer Jared Kushner, partnered with Ironstate to construct a 132,000-square-foot tower on the site. Kushner began acquiring three buildings at that corner from SK Properties in 2007, with the intention of developing a residential project.

JLL’s Glenn Tolchin and Yoav Oelsner represented both sides in the deal, which closed Friday, the Wall Street Journal reported. [WSJ]Mark Maurer

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