An affiliate of New York-based Garden Homes Development, Skyline Developers, has secured $26 million in construction financing from Bank of America. The funding will be utilized to build a 24 story luxury rental building located at 1050 Avenue of the Americas between 39th and 40th Streets in Midtown Manhattan. The project calls for a 56,784 square feet of ground up construction, to be split between 61 units. Skyline Developers has commissioned Gene Kaufman of GKA Architects to design the boutique building. Ground breaking is slated for later this spring with a completion date set for fall of 2016.
“1050 Avenue of the Americas will meet the market demand for luxury residential in a truly central Manhattan location,” 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.”
