The Real Deal New York

New Tower Trust buying 309 Fifth Avenue

October 12, 2011 11:44AM

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]

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