Following the success of the supertall and superthin 432 Park AvenueRafael Viñoly's next New York City project has moved a step closer to realization after Victor Group and Lendlease received a $269 million construction loan. The 55-storey tower at the corner of East 30th and Fifth Avenue will include 130 residences and an extensive retail podium. 

281 Fifth Avenue, image via Rafael Viñoly Architects

The lender is a consortium of three Singapore-based banks: United Overseas Bank Limited, Oversea-Chinese Banking Corporation Limited, and DBS Bank Ltd. Additionally, Beijing SHOKAI Group invested $100 million for a Preferred Equity position in 281 Fifth Avenue through subsidiary May Bao Limited. 

The site's current state, image by Forum contributor towerpower123

"With the capital secured from our global financial partners, we have achieved the full financing for the construction of this iconic tower," said Melissa Román Burch, Executive General Manager at Lendlease Development Inc. "This Viñoly-designed residential building will bring world-renowned architecture to the heart of the dynamic NoMad neighborhood."

Vertical construction has commenced, image by Forum contributor towerpower123

Vertical construction has now begun following the completion of foundation work. As the concrete structure pushes past ground level and stretches skyward, the focus will shift towards condominium sales, expected to begin in the summer.

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