Plans for a 25-story condominium are set to go forward following the sale of two neighboring vacant Murray Hill parcels for $29 million.
Time Square Construction purchased the plots at 325-327 Lexington Avenue and 39th Street on May 13, according to city property records posted today.
Kevin O’Sullivan, president of Time Square Construction, said construction would begin in about a week, and be completed in about 18 months. He estimated the project’s cost, counting land and construction costs, at about $80 million.
The Department of Buildings had previously approved plans for a 91,000-square-foot building with 116 units. The new developer planned a building of the same size but with about 100 apartments made up of mostly one- and two-bedrooms, as well as two duplex penthouses.
O’Sullivan said he was drawn to neighborhood. “Location, pure location,” he said.
He said the troubled housing market did not dissuade him.
“It is always a concern when the credit is tight, but when credit is tight it is better to buy,” he said.
The seller’s name was not listed on the deed.