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New York Commercial Real Estate

NEW TOWER ON FIFTH

Multi-Employer Property Trust and Bentall Kennedy—which last month purchased Jersey City’s Newport Tower for $378M, the Garden State’s largest single-office asset sale ever—are at it again. The team just announced that it's developing a 35-story, 165-unit apartment building at 309 Fifth, committing over $100M in equity.
The building will total 122k SF, including over 10k SF of retail space on the street and basement levels. Other features: 24-hour doorman/concierge services, fitness center, bike storage, and a landscaped rooftop terrace. Bentall Kennedy, on behalf of MEPT (a$5.3B open-end commingled real estate equity fund), has brought on an experienced project team that includes developer Urban Development Partners, GC Lend Lease, and project architectSLCE Architects. It’s being built for LEED cert.

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