Lend Lease Buy Into $513 Million Manhattan Project

Victor Group, a New York city-based development company founded by Moshe Shunster, today announced it has formed a joint venture with Lend Lease to develop a US$400 million residential project at 281 Fifth Avenue in Manhattan.

Located on the southeast corner of Fifth Avenue and East 30th Street in the emerging residential neighbourhood north of Madison Square Park known as NoMad, the partnership plans to construct a condominium building with retail at the base and luxury residences on the upper floors.

281 Fifth Avenue offers an exceptional location along Fifth Avenue, which is recognised as one of Manhattan's most prosperous districts for business and retailers. It's located in the epicentre of fashion, technology, entertainment and residential living and in close proximity to Madison Square Park and multiple transportation options.

Executive Vice President and partner of Victor Group Ran Korolik said, "We are thrilled to be partnering with a major corporate player such as Lend Lease on the development of 281 Fifth Avenue.

"We look forward to the opportunity to transform this unique site into a residential building that will exemplify refined living in NoMad, which is considered one of the most exciting and cutting-edge neighbourhoods in Manhattan."Executive General Manager-development Lend Lease Melissa Burch added, "We are excited about the joint venture of Lend Lease and Victor Group and the opportunity to create a signature building in this coveted Manhattan neighbourhood. This fantastic site is located in the heart of NoMad, is surrounded by existing transportation links, world-class amenities and has direct frontage on Fifth Avenue. Our vision at Lend Lease is to create the best places, and this project will allow us to do just that."