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Carlos V
1,003 Posts
Discussion Starter · #1 · (Edited)

penthouse :eek2:

(from wired NY)

325 Fifth Avenue
323-327 Fifth Avenue/4-8 East 33rd Street
42 stories 471 feet
Stephen B. Jacobs Group
Dev-Continental Properties/Douglaston Development
Residential Rental
250 units 395,239 Sq. Ft
Under Construction 2004-Early 2006

demolition under way

By Barbara Jarvie

NEW YORK CITY-Two financings--a $120-million construction loan and a $47-million mezzanine loan--close on Continental Properties and Douglaston Development’s 250-unit, 390,000-sf residential condominium at 325 Fifth Ave. The project, which is anticipated to cost in the neighborhood of $190 million, is expected to be completed some time in early 2006.

Richard Bassuk, president of the Singer and Bassuk Organization, arranged the financing with James O’Reilly. A portion of the proceeds will be applied toward a $37.4-million bridge loan provided by HSBC Bank USA which SBO previously arranged for the initiative located between 32nd and 33rd streets. HSBC provided the construction financing, while Massachusetts Mutual Life Insurance Co. provided the mezzanine loan.

© 2005 by

303 Posts
woow! Very glassy, I love the top!
Early 2006! Not to far away, keep us updated
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