The Real Deal New York

Cottonwood planning a 40-story condo tower on Fifth Avenue

27-unit project would be part of developer's luxury brand Echelon
By Will Parker | July 06, 2017 11:40AM

Kaskel & Kaskel building at 316 Fifth Avenue

Developer Cottonwood Management wants to bring 27 expansive luxury condominium units to a new 40-story tower one block south of the Empire State Building, according to plans filed Thursday with the city’s Department of Buildings.

The project is the second in a luxury lifestyle brand Cottonwood has less than subtly dubbed “Echelon,” which includes a 733-unit project already underway in Boston.

The New York development, slated for 316 Fifth Avenue, would replace the 113-year-old Kaskel & Kaskel Building at the corner of 32nd Street. Plans call for what will be a slim, 535-foot tower that will hold just 59,240 square feet of space. Retail space is scheduled for the ground floor and two units on the higher floors will be two-level apartments. Amenities include terrace space, a gym and a reading room.

Cottonwood purchased the development site for $19.3 million in 2016.

A spokesperson for Cottonwood did not immediately respond to a request for comment.

Aside from development, Cottonwood is actively lending in Manhattan, ponying up $67 million for hotel developer David Marx in May.

(To view more new development projects in Midtown, click here)