Maryland-based trust to build 35-story tower on Fifth Avenue

TRD New York /
Nov.November 17, 2011 02:13 PM

A real estate fund is about to begin construction on a 35-story Residential Rental Tower On Fifth Avenue, Crain’s reported. Multi-Employer Property Trust, which last month bought the site at 309 Fifth Avenue, between 31st and 32nd streets, is the lead investor in the project, which is being developed by Urban Development Partners. The plan calls for a 122,000-square-foot property with 165 rental units and 10,400 square feet of retail. It is slated to open in September 2013.

“Currently, there is a limited pipeline of new projects,” said David Antonelli, vice president at Bentall Kennedy, Multi-Employer Property Trust’s real estate advisor. “We believe demand for new apartments will remain strong for the foreseeable future due to demographic and economic trends.”

Multi-Employer Property Trust is based in Bethesda, Md. but has invested in several New York City rental properties, including the Ventura at 300 East 64th Street, 1659 Second Avenue and the Octagon Apartments on Roosevelt Island. It’s also invested in the W New York-Union Square. [Crain’s]


Related Articles

arrow_forward_ios
Union Square W Hotel at  201 Park Avenue South (Credit: Wikpedia)

Marriott buys Union Square W Hotel

Marriott buys Union Square W Hotel
Sush Torgalkar and the W Union Square

Westbrook close to buying the W Union Sq. hotel for $168M

Westbrook close to buying the W Union Sq. hotel for $168M
Capstone and Highgate score $130M loan to buy W hotel

Capstone and Highgate score $130M loan to buy W hotel

Capstone and Highgate score $130M loan to buy W hotel
Capstone in contract on W Hotel for $190M

Capstone in contract on W Hotel for $190M

Capstone in contract on W Hotel for $190M
National Cheat Sheet

National Cheat Sheet: Realogy’s new growth plans, Toll Brothers public offering raises $400M … & more

National Cheat Sheet: Realogy’s new growth plans, Toll Brothers public offering raises $400M … & more
Capstone and HEI are in talks to buy W Hotel for $209M

Capstone and HEI are in talks to buy W Hotel for $209M

Capstone and HEI are in talks to buy W Hotel for $209M
Extell increases One Manhattan Square loan to $750M

Extell increases One Manhattan Square loan to $750M

Extell increases One Manhattan Square loan to $750M
Marriott closes on $13B Starwood purchase

Marriott closes on $13B Starwood purchase

Marriott closes on $13B Starwood purchase
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...