In 2012, Kushner Real Estate Group and Ironstate Development acquired the three buildings at 277, 279, and 281 Fifth Avenue. The developers planned a 40-story, 132,000 square feet (12,300 m2) high-end condo building designed by HWKN Architects.[5] Victor Group purchased the site in June 2014 for $99 million and later purchased 273 and 275 Fifth Avenue for $50.3 million.[6] In total, Victor Group reportedly spent a total of $174.1 million for the land and air rights underpinning the project.[2] In early 2015, the Australian Lendlease purchased a stake in the project which valued it at approximately $400 million.[7]
Plans for the building were first announced later in 2015,[8] and construction began in 2016.[9] In February 2017, the developers received a $269 million construction loan from three Singaporean banks including United Overseas Bank, OCBC Bank and DBS Bank.[2] Chinese firm Beijing Shokai Group also invested $100 million in preferred equity in the project.
The building topped out in March 2018 and was completed by the end of the year.[10]
Usage
The building is residential. The building offers a fairly limited set of amenities compared to other, similar buildings.[11]