Murray Hill development site trades

By Adam Pincus | May 22, 2008 05:05PM

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.

Time Square Construction’s other projects include the 123-unit condo 785 Eighth Avenue and 47 East 34th Street, a 110-unit tower at Park Avenue.