Skyline Developers, the New York affiliate of Garden Homes Development, one of the largest family owned and operated residential and commercial builders in the country, announced that it has secured a $26 million construction loan for a ground-up new development in Midtown.
Bank of America provided the financing to facilitate building of a 24-story luxury rental building that will be located at 1050 Avenue of the Americas, between 39th and 40th Streets.
“1050 Avenue of the Americas will meet the market demand for luxury residential in a truly central Manhattan location where residents can live, work and play while being in the center of it all,ˮ said Orin Wilf, president of Skyline Developers. ‘This building is a short walk to many surrounding office buildings and in close proximity to major transportation hubs. Bryant Park is an incredible amenity, as are its many surrounding restaurants and nearby Fifth Avenue retail.”
Skyline Developers has commissioned Gene Kaufman of GKA Architects to design the boutique building, which is on track to break ground later this spring. Occupancy is slated for fall 2018.
1050 Avenue of the Americas is near several subway lines at Bryant Park and a short walk to Grand Central Station.