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The building at 241 5th Avenue between 27th and 28th street was completely demolished to make way for what is supposedly going to be a 20-story condo building. Originally it was going to become a hotel, but the Wall Street Journal reported in May that plans had changed to turn the lot into a condo building. The property was reported to have been bought while in June from a distressed situation by Victor Homes, a New Jersey-based development and construction company. The property is one block up from the Grand Madison condo building (pictured red brick building on the far right) and 1.5 blocks up from Madison Square Park. Previously the building was home to the 5th Avenue Bazaar.

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