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KRE Sells NoMad Property for a Record $99 Million

Wednesday June 4, 2014

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Kushner Real Estate recently sold three properties in the NoMad District for a combined $99 million

Kushner Real Estate Development, KRE, recently sold three parcels of NoMad property in what is being touted as one of the most expensive residential deals in Manhattan real estate history.

KRE co-founder Jonathan Kushner, who partnered with Ironstate Development, headed the deal, which signed over three lots at 281 Fifth Avenue to Victor Homes for $99 million. The deal calculates to a rate of $750 per buildable square foot and includes the properties’ air rights.

The location garnered some attention last year when KRE announced plans to turn the site into a 40-story luxury tower. Given that the property now belongs to Victor Homes, who developed the nearby 241 Fifth Avenue high-rise, one can imagine that 281 Fifth Avenue at the corner of 30th Street is still on track to becoming one of the largest condominium towers in the NoMad District.

 

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