Goodman Capital Lends $75M for Condo Tower at 262 Fifth Avenue

Goodman Capital has acquired a $75 million interest in an existing construction loan for Five Points Development Group‘s planned 56-story condominium tower at 262 Fifth Avenue, Commercial Observer has learned.

The lender joined the capital stack two years after Five Points secured $180 million of construction debt from Madison Realty Capital and Cottonwood Group.

“The opportunity to participate in the senior financing of a project of this significance on Fifth Avenue with exceptional design ambition is fully aligned with our mission to support transformative, best-in-class developments,” Eric Goodman, managing partner at Goodman Capital, said in a statement. 

Boris Kuzinez, president of Five Points, laid the groundwork for the condo tower with a $108 million combined acquisition of properties at 260 Fifth Avenue, 262 Fifth and 264 Fifth Avenue, The Real Deal reported at the time. Five Points won approval for a 1,009-foot-tall structure at 262 Fifth Avenue before temporarily stalling. 

The development on the corner of Fifth Avenue and West 29th Street is now nearing completion and will feature 26 full-floor residences comprising 97,000 sellable square feet. The project is slated for completion in late 2026, according to Goodman Capital.

Five Points Development did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.