NEW YORK | 118 Fulton St | 758 FT | 63 FLOORS

[401PAS]

Originally Posted by NYguy

Doesn't look too bad in the rendering. Reminds me of Aqua in Chicago...

I was thinking the exact same thing. Although based on the renderings, I think Aqua will still be far more impressive. It is a stunner in person.

[reencharles]

Cool. Better than I imagined... I hope it's built version of 58 floors.

[reencharles]

Posted in SSC.

Originally Posted by desertpunk

Lightstone taps SLCE for 452-unit tower at 120 Fulton Street


120 Fulton Street and Mitchell Hochberg

Lightstone Group’s plans for a mixed-use building at 120 Fulton Street are a bit grander than its current incarnation.

The developer, which has officially filed a Department of Buildings application outlining its plans, aims to build a 48-story, 452-unit project between Nassau and Dutch streets. Nearly 22,000 square feet of commercial space is planned for the first and second floors of the 422,544-square-foot building-to-be, which SLCE Architects is designing.

Back in January, Lightstone paid $14 million for the building there now – a four-story, 15,600-square-foot mixed-use building. William Hocking and Raymond Sauerbrey, executives at brokerage Dalton Reid, previously owned it, as previously reported.

Building amenities include a gym and roof terrace, BuzzBuzzHome reported.

[NYguy]

http://www.dnainfo.com/new-york/2013...-fulton-street

59-Story Residential Tower to Rise on Fulton Street





By Irene Plagianos
December 6, 2013

A 59-story residential and commercial tower will soon to rise on Fulton Street the developer said this week.

Demolition will begin soon on a row of five- and six-story apartment buildings at 112 to 118 Fulton St. between Nassau and Dutch streets to make way for the high-rise. The buildings were home to a series of small businesses and chain stores such as Radio Shack and Five Guys Burgers and Fries.

Developer The Lightstone Group had initially planned to build a wider 48-story tower by including neighboring space at 120 Fulton St. But Lightstone did not win approval from the state legislature for a 421-a tax break that they would have needed to include the 120 Fulton site in their plan.

The taller, narrower tower will have 460 units, of which 20 percent will be affordable housing, the developer said.

Construction is expected to take two to three years, said Meir Milgraum, Lightstone’s director of acquisitions and development, during an update to Community Board 1’s Financial District Committee Wednesday.

Milgraum promised to work with the community to make the demolition and construction as smooth as possible on the busy, narrow block.

“I’m here and available to talk through any issues with the community as this moves forward,” he said.

[Perklol]

A height increase is always a good thing.

[scalziand]

Massing model of the taller version;


Possible facade details.

[NYguy]

^ Given the design, and a sleeker tower, it could be pretty good. Not the greatest, but good.

Originally Posted by NYguy

__
Aqua by kpckam

[Crawford]

Hopefully this at least tops 700 ft.

Mods, the building is 59 floors, not 58. Title should be changed.

[Hypothalamus]

Posted January 19th, 2014...
Photo Credit: Derek2k3 @WNY


©Derek2k3


©Derek2k2

[NYguy]

More pics...


January 19, 2014

[Hypothalamus]

Lightstone Group demolishes 112-118 Fulton Street to make way for high-rise
By: Joyce Chen APRIL 2, 2014

Demolition is active at The Lightstone Group’s 59-story mixed-use project in the Financial District.

The developer is taking down several low-rise apartment buildings at 112-118 Fulton Street between Nassau and Dutch streets. Lightstone had originally planned a wider, 49-story tower using space at 120 Fulton, but the firm did not receive state legislature approval for a 421a tax abatement required to include that site, DNAinfo reported.

The new building will have 460 units, with 20 percent of the apartments as affordable housing, the developer told DNAinfo. The apartment buildings being torn down were home to assorted small shops, including a Five Guys outpost.

In August 2013, Lightstone closed on a $43 million construction loan with Banco Inbursa SA for the project, the Wall Street Journal reported. The firm spent $76 million assembling buildings at 112 Fulton, 114 Fulton, 116 Fulton, 118 Fulton and 120 Fulton, as well as air rights at 41 John Street, 43 John, 80 Nassau Street, 86 Nassau, 88 Nassau, 15 Dutch Street and 122 Fulton.

Demolition will be complete by June, according to construction signage. The building will be finished in 2016 or 2017.

As of the last week of March 2014...

[NYguy]

http://therealdeal.com/blog/2014/06/...ore-than-170m/

Lightstone Group to sell FiDi site for more than $170M
Deal follows disclosure that Michael Shvo will pay $180M for nearby Downtown parcel





June 11, 2014
By Adam Pincus

The San Francisco-based investment and building firm Carmel Partners inked a contract to buy a development site at 112-118 Fulton Street in Lower Manhattan from the Lightstone Group for more than $170 million, several sources told The Real Deal.

The Lightstone Group, headed by David Lichtenstein, assembled the site composed of three parcels as well as air rights on Fulton and Dutch streets, during a long and complex process. Lightstone originally planned to build a 452-unit tower with 48 stories, on 112-120 Fulton, according to city Department of Buildings plans filed last year. However, Lightstone shifted plans and changed that to a 460-unit building with 59 stories on 112-118 Fulton after it was denied a 421-a tax abatement. That is the site that just traded.

The news comes in the wake of the disclosure that broker-turned-developer Michael Shvo is planning to buy 22 Thames Street from Fisher Brothers, Witkoff Group and others for $180 million.

The two sales underscore the surge in land prices in Lower Manhattan. Shvo will pay more than twice the $87 million the Fisher venture paid in 2012.

A team led by HFF broker Andrew Scandalios brought the Fulton Street property to market, according to sales material reviewed by TRD. That information said the site had up to 406,853 square feet of development rights. But sources close to the deal said the sale involved only about 380,000 square feet of development rights.

[NYguy]

http://jewishbusinessnews.com/2014/0...n-170-million/

David Lichtenstein’s Lightstone Group to Sell FiDi Site for More Than $170 Million
California’s Carmel Partners Expands its foothill in New York as Lightstone divests itself of an asset there.

New York real estate firm Lightstone Group has agreed to sell its development at 112-118 Fulton Street in lower Manhattan to the San Francisco-based investment and building firm Carmel Partners for more Than $170 million, according to reports.

The plan was originally to build between 112-120 Fulton, but Lightstone was forced to remove 120 after it failed to win approval for a 421-a tax abatement. The site is said to hold anywhere from 380,000 to 406,000 square feet.

The building site includes three separate parcels of land with air rights above on Fulton and Dutch Streets. The firm had already demolished several old low rise apartment buildings there. It was the aspiration of Lightstone to construct a 48 story, 452 unit tower there, and later a 460 unit 59 story building on the site, 20% of whose units were to be reserved for affordable housing under a standard 80/20 plan.

This will be the second development site in Manhattan for Carmel Partners which is headed by Ron Zeff. Carmel owns and develops property across the United States with an emphasis in California and Washington, D.C. The company is part of a joint venture which is building a residential tower at 325 Lexington Avenue, between 38th and 39th streets in Midtown Manhattan.

[JayPro]

So now, since the previous piece seems to give no indication of what would otherwise be rising instead, am I right in assuming that everything's in flux again?
And if so, more than before this transaction?
Or any less?

Or am I just over-dramatizing and looking at real-estate power-brokers simply jockeying for the best position in the Lower Manhattan highrise front?

[NYguy]

Originally Posted by JayPro

So now, since the previous piece seems to give no indication of what would otherwise be rising instead, am I right in assuming that everything's in flux again?

They could stick with the same plans, but that rarely happens.

The Lightstone Group, headed by David Lichtenstein, assembled the site composed of three parcels as well as air rights on Fulton and Dutch streets, during a long and complex process. Lightstone originally planned to build a 452-unit tower with 48 stories, on 112-120 Fulton, according to city Department of Buildings plans filed last year. However, Lightstone shifted plans and changed that to a 460-unit building with 59 stories on 112-118 Fulton after it was denied a 421-a tax abatement.

A team led by HFF broker Andrew Scandalios brought the Fulton Street property to market, according to sales material reviewed by TRD. That information said the site had up to 406,853 square feet of development rights. But sources close to the deal said the sale involved only about 380,000 square feet of development rights.

We'll see what happens. "Only" 380,000 sf compared to 406,853 sf, that's short about 26,000 sf. Hardly worthy of the "only".

[chris08876]

According to this CrainsNY article, the tower would be 63 floors versus the 59 floors on the title.

Source: http://www.crainsnewyork.com/article...e-fetches-171m ; SEPTEMBER 30, 2014

The Lightstone Group has sold a downtown development site at 112, 114, 116 and 118 Fulton St., on the corner of Dutch Street, for $171 million to a California firm that plans to build a 63-story tower there, according to official city property records.

[scalziand]

Nice flyover video from AJSNY.
http://vimeo.com/95197632

[JayPro]

Looks as if Home Insurance Plaza finally has a modern twin, if a bit visually standoffish...

[chris08876]

118 Fulton Street, 63-Story Financial District Residential Tower

The assemblage at 112-120 Fulton Street has undergone several changes over the past few years: first, the site was reduced to 112-118 Fulton after a 421-a snafu, and then, Lightstone Group sold the parcels to Carmel Partners for $171 million two months ago.

Vague renderings had been released for initial concepts, but now, YIMBY has a look at what we believe were Lightstone’s most recent plans for the site, before selling to Carmel Partners. Gerner Kronick + Valcarcal designed the 60-odd story tower, which has a simple form, distinguished by a wave-like pattern running along the facade. We’re not sure if Carmel Partners intends to follow through with this design, and no new building permits have been filed.

Fulton Street is still relatively under-built, and with the Financial District’s booming popularity for residential development, its true potential is only just becoming apparent. Anything approaching starchitecture would – at least for now – be unwarranted for the street, and something attractive but simple, like the GK+V plan, is to be expected.

Given the corridor’s heavy pedestrian traffic, a strong retail presence is appropriate. Lightstone’s plans for 118 Fulton meet the street in an attractive format, engaging with the built fabric to enhance the block’s street-wall with a relatively hefty base, before massing shrinks and the tower continues its ascent.

[...]

With the completion of the Fulton Street Transit Center, several residential towers have entered the development pipeline. Nearby, GK+V is also designing 5 Beekman, which will rise to a similar height. Both 5 Beekman and 118 Fulton will stand short of historic and contemporary icons like 8 Spruce and 70 Pine, but at approximately 700 feet in height, they will still be notable additions in their own right — along with Lexin Capital’s planned 800-foot tower spanning 75-83 Nassau Street.

==============================
http://www.yimbynews.com/2014/11/mor...landmarks.html

[chris08876]

New Title Based on Info: NEW YORK | 118 Fulton St | ~ 700 FT | 63 FLOORS