February 6, 2018
New York-based Rockefeller Group and sister company, Mitsubishi Estate New York, filed plans with New York’s Department of Buildings, seeking to develop a 46-story, 123-unit condominium building in NoMad. The project at 30 East 29th St., north of Madison Square Park, is proposed to encompass roughly 170,000 square feet and would soar nearly 600 feet in height.
A trio of existing buildings currently on the site, located between Madison and Park Avenues, will be demolished to make way for the condo. Rockefeller acquired the properties for $98.7 million last year from a collection of investors, including Extell Development, W Brothers, and Michael Aryeh. The company also acquired development rights from neighboring properties.
Mitsubishi initially provided debt to Rockefeller for the acquisition of the properties, which was subsequently converted into an equity position. Since then, Mitsubishi took a 75% stake in the five parcels for $85 million.
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