Boris Kuzinez might be planning a $75M penthouse at 262 Fifth Ave. Here’s what the floor plans show

The Real Deal obtained a "test the market" application that also includes potential unit pricing for the upcoming luxury tower

New York /
Aug.August 22, 2017 02:15 PM

Israeli developer Boris Kuzinez could list a triplex apartment at 262 Fifth Avenue for as much as $75 million, according to filings with the New York State Attorney General office obtained by The Real Deal.

The documents, included in a “test the market” application that does not constitute an offering of sale to the public, show floor plans for 39 apartments Kuzinez hopes to bring to a 1,001-foot tower planned in NoMad.

Almost all of them are massive, especially by New York standards.

The largest unit cited in the application is the 9,901-square-foot triplex penthouse. Tagged “Villa 3,” the three-bedroom mansion would cover the entire 51st through the 53rd floors. The potential pricing for such an apartment is given as a range: $59 million to $75 million, or $5,958 to $7,574 per foot.

“Villa 2,” down on the eighth and ninth floors, is 5,297-square foot apartment with a spiral staircase and what looks like 2,000 square-feet of outdoor space. That unit would be priced somewhere between $20 million and $45 million, according to the filings.

The potential lowest price at the tower is $2.7 million for a one-bedroom unit.

Yuri Grigoryan, an acclaimed Russian architect who worked with Kuzinez on developments in Moscow, is designing 262 Fifth Avenue. The project is the first American project for Grigoryan’s studio, Meganom.

A “test the market” application, or CPS-1, allows a developer to do basic advertising for a future project, in order to gauge buyer interest before embarking on the complicated and expensive process of putting together an offering plan. Kuzinez and his company Five Points Development are yet to file such plan with the AG.

The most expensive listing currently available in the Flatiron/Midtown South area is the 7,028-square-foot penthouse at Ian Bruce Eichner’s Madison Square Park Tower, which is currently listed on StreetEasy for $48 million.

Kuzinez, who has not yet scored a construction loan, appears to be planing the ultra-luxury project during a difficult moment for the top end of the condo market. If he receives a loan, he’ll also face competition from product in the pipeline on Billionaires’ Row, where developers Vornado Realty Trust and Extell Development are planning dozens of units priced over $50 million.

Earlier this month, Kuzinez’s ex-broker sued him alleging he was cheated out of commissions in air rights deals he negotiated for Kuzinez. The broker also said that Kuzinez decided to build the tower after scanning Manhattan for a luxury residence of his own and finding the pickings slim.

A representative for Kuzinez did not immediately respond to a request for comment.

262 Fifth Avenue would be Manhattan’s tallest building between Downtown and Midtown, a title it would take from Madison Square Park Tower, if it gets built.


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