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NYguy Jan 7, 2014 10:32 PM

NEW YORK | 90-94 Fulton Street | FT | 75 FLOORS
 
http://www.rew-online.com/2014/01/07...fulton-street/

iFunding to build $250-million condo tower on Fulton Street


January 7, 2014
By Konrad Putzier


Quote:

Crowdfunding startup iFunding is about to close on the land for a $250-million condo tower on Fulton Street in Manhattan, industry sources say. Erin Wickomb’s Mavrix Group will be the developer.

The tower will be built on an assemblage of six parcels at 90-94 Fulton Street, which iFunding is scheduled to close this quarter for around $7 million, sources say. No broker was involved in the transaction.

IFunding has raised $8 million for the purchase through crowdfunding, and plans to raise another $42 million in equity once the deal has closed.

Sources say iFunding also has a commitment from a large bank for a $150-200 million construction loan. The total cost of the tower, which is expected to encompass 250,000 s/f and around 75 stories, will be around $250 million.

The tower will not only be iFunding’s largest project to date, but also its first in New York. Founded in 2012 by William Skelley and Sohin Shah, the startup has raised more than $11 million for six real-estate projects across the U.S.

Perklol Jan 7, 2014 11:00 PM

It must be a very thin tower.

NYguy Jan 7, 2014 11:00 PM

^ That's likely.


This would be just down the street from the planned 58-story 120 Fulton, shown below...


http://www.pbase.com/nyguy/image/151934868/large.jpg
http://forum.skyscraperpage.com/showthread.php?t=205358



Google earth view...


http://www.pbase.com/nyguy/image/154055838/original.jpg



http://www.pbase.com/nyguy/image/154055839/original.jpg



http://www.pbase.com/nyguy/image/154055840/original.jpg

NYguy Jan 7, 2014 11:04 PM

Just looked at this quick render for a smaller tower that was planned for part of the site (92 Fulton)...


http://dbrds.files.wordpress.com/201...pg?w=800&h=517



http://dbrds.files.wordpress.com/201...g?w=800&h=1561


A larger version


http://dbrds.files.wordpress.com/201...n-01.jpg?w=800



http://dbrds.files.wordpress.com/201...pg?w=800&h=971
http://dbrds.wordpress.com/2013/12/0...eet-manhattan/



Quote:

Our ‘Fulton Street, Manhattan‘ project kicked of January when Erin Wicomb of ‘The Mavrix Group’ (with offices in both New York & San Diego) came to DBRDS with a request to do a quick feasibility study on an over-looked property in downtown Manhattan. Being in heart of New York’s Wall Street district, it made for an exciting to start the year & we jumped at the opportunity to complete this study.

The site is a tiny 2,189sqft vacant lot sandwiched between Manhattan’s historical brick apartment buildings with a tiny frontage of only 25′. With the intense density of downtown Manhattan, this tiny site had an FAR of 10:1 (meaning the building could be a total of 21,890sqft of build-able area), with an additional 8,000sqft of air rights over the adjoining building which was purchased by the previous owner. The location of this project also gave the building wonderful proximity to 1 World Trade Center, walking distance to the New York Stock Exchange, City Hall Park, Brooklyn Bridge, Battery Park & the historic Trinity Church.

With rapid real estate investor presentations taking place in New York by the client, all the design work was done within an intense time frame with no time for design review & refinement which is always preferred. Regardless, we were happy with both options – both are modern, one more proportionally refined & elegant and the other more playful.

The client preferred the second option with the interlocking blocks & used these design renderings to not only successfully obtain funding partner & investment to secure the purchase of the property, but to increase the scope of the project by purchasing the adjoining properties on either side affectively increasing the build-able FAR & more importantly creating a larger footprint for the building to ground this increasingly larger tower above. DBRDS was again requested to explore a final option to be presented to all partners in New York.

These very quick feasibility study diagrams & renderings were completed purely for a client to understand the development potential of this site in New York & to be able to go out & find funding partners & investment sources to lock in the purchase of the site. DBRDS’ role in the process was very conceptual & fast paced & enabled the client to successfully progress this project to the next level.


So the project has since gone from 21,890 sf to more than 250,000 sf.

Blaze23 Jan 7, 2014 11:13 PM

Wow! 75 stories and the cost is only $250M?! We've seen it all. Can't wait to see how it turns out.
It will be thin but not as thin as let's say Steinway considering the neighboring parcels will be included.

Crawford Jan 7, 2014 11:23 PM

This means two 700-800 ft. towers for this stretch of Fulton Street.

There's also a 300 ft. residential building planned a block east on Fulton, on an old parking garage site, and a 300ft. hotel building planned on Fulton closer to Broadway.

Blaze23 Jan 7, 2014 11:28 PM

I like that design., imagine it taller. It would complement NY by Ghery very well.

http://dbrds.files.wordpress.com/201...pg?w=800&h=971

Eidolon Jan 7, 2014 11:46 PM

Exciting news!
:cheers:

I think that this one could be anywhere from 800 to over 1,000 feet tall.

Busy Bee Jan 8, 2014 12:00 AM

Awesome news. On a side note, what they hell is up with those hideous balcony things on the neighboring building?

DCReid Jan 8, 2014 12:14 AM

Quote:

Originally Posted by NYguy (Post 6397606)
http://www.rew-online.com/2014/01/07...fulton-street/

iFunding to build $250-million condo tower on Fulton Street


January 7, 2014
By Konrad Putzier

I guess we have to wait for a formal announcement. However, the numbers do not seem right for NY, given the high cost of construction. Isn't the cost of other tall condos downtown, such as 821 Leonard and 90 Park Place, closer to $1 billion?

NYguy Jan 8, 2014 12:16 AM

So I guess no one will miss the Texas BBQ, lol. (You can usually count on someone mourning the loss of something.) But maybe its already closed, those images are a little old, and I don't really pay attention to those places unless I'm going in one.

As far as the height of the new tower, who knows. Those 75 stories could end up being 750 ft. But if there are actually 75 floors, it could be 800 ft and up. We'll just have to wait for plans to determine.

Crawford Jan 8, 2014 12:18 AM

Quote:

Originally Posted by DCReid (Post 6397756)
I guess we have to wait for a formal announcement. However, the numbers do not seem right for NY, given the high cost of construction. Isn't the cost of other tall condos downtown, such as 821 Leonard and 90 Park Place, closer to $1 billion?

It's probably the financing amount, not the actual cost, which usually includes land prices, developer contribution, and the like.

fleonzo Jan 8, 2014 1:20 AM

OMG! That's my old building on the left there (above the cleaners with green awning)...the actual address was on gold st- 33 Gold St. Our apt faced Fulton St (5th flr) though. We had these "half-moon"shared balconies....wow- brings back memories!;)

antinimby Jan 8, 2014 1:55 AM

I don't get how 90-94 is six parcels. It is only 3, where are the other 3 parcels?

reencharles Jan 8, 2014 2:08 AM

It looks promising. But I prefer to exercise caution in relation to this project.

sbarn Jan 8, 2014 3:03 AM

This really came out of nowhere. I'm still curious how they have managed to accumulate so many air rights... if it is really in the range of 750 to 800 feet, it could be pretty prominent on the skyline.

Design-mind Jan 8, 2014 3:11 AM

I tend to like the rendering without all the crazy cantilevers. Seems to be a new trend to have multiple cantilevers going in all direction (like 56 Leonard)

NYguy Jan 8, 2014 2:02 PM

Quote:

Originally Posted by fleonzo (Post 6397846)
OMG! That's my old building on the left there (above the cleaners with green awning)...

Too bad you didn't stay. It would have been perfect for updates, or NIMBYism, depending on what side of the fence you're on.



Quote:

Originally Posted by antinimby (Post 6397885)
I don't get how 90-94 is six parcels. It is only 3, where are the other 3 parcels?


Quote:

Originally Posted by sbarn (Post 6397963)
I'm still curious how they have managed to accumulate so many air rights...


Combined parcels, and air rights transfers.

A look at another plan shows a smaller tower of 115,000 sf and rising 51 stories. Apparently the extra 3 parcels will give it the boost, if in fact they do get them, to more than double in size.


http://upload.pbase.com/image/154062225/original.jpg

antinimby Jan 8, 2014 2:19 PM

YIMBY is showing a rendering of an Aqua type tower for this site.

SkyscrapersOfNewYork Jan 8, 2014 3:46 PM

Apparently that rendering is dated, this is the new redesign.

http://www.yimbynews.com/wp-content/.../01/mavrix.jpg
http://www.yimbynews.com/wp-content/.../01/mavrix.jpg


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