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  #1  
Old Posted Mar 24, 2015, 9:35 PM
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Smile NEW YORK | 130 William Street | 800 FT | 61 FLOORS

Lightstone Plans 50-Story Condo/Hotel for 130 William Street, Financial District

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Quote:
There, at 130 William Street, the development firm is planning to erect a 50-story hotel and condo tower, according to plans filed with the Department of Buildings this afternoon, submitted by Goldstein, Hill & West Architects.

The skyscraper would reach 581 feet into the air, according to the filing, and include 188 apartments – likely condos – perched above an unspecified number of hotel rooms. The first and second floors would house retail, with the third through fifth floors set aside for residential and hotel amenity spaces. The hotel rooms would start on the sixth floor and reach through to the 17th, after which a mechanical floor would buffer the short-stay rooms from the permanent apartments.

Starting on the 19th floor, we find the apartments, with six units on each level up through the 49th floor (with the 34th floor set aside for residential amenities). There would then be one final apartment on the penthouse level, taking up the whole 50th floor. In total, the 188 apartments would be spread over 236,000 square feet of residential space, for an average unit size of over 1,250 square feet, strongly hinting at condos.

The hotel and retail space, meanwhile, would total 101,000 square feet.
The assemblage sits around, but not on, the corner of Fulton and William streets, stretching from 130 William Street south of Fulton (which Lightstone acquired earlier this year for $60 million) around to Gold Street and Fulton, but does not include 138 William Street, at the corner with Fulton.
Fisher Brothers owns 92 Fulton Street in the middle of the assemblage, having bought the site last June for $10 million. This could mean that they’re a partner in the development, or that they merely intend to sell the site to Lightstone.
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http://newyorkyimby.com/2015/03/ligh...-district.html
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Old Posted Mar 24, 2015, 10:25 PM
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Nice! ~600ft is a good height for the area.
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Old Posted Aug 6, 2016, 12:34 PM
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Old Posted Nov 15, 2016, 1:12 AM
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Old Posted Nov 15, 2016, 8:11 PM
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Permits are indicating a height of 750 ft at 61 floors.
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Old Posted Nov 15, 2016, 8:32 PM
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http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

Quote:
Building Height (ft.): 750
Building Stories: 61
Dwelling Units: 188
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Old Posted Nov 16, 2016, 11:49 PM
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this one looks modern "jenga-tower-ish" . .
even a bit "machine for living" . .
of the two renderings, I like the darker one . .
750 & up, is a good height for financial district . .
581 ft.tall (quoted above in article), is a bit short . .
depending on the topography around it, of course . .

adding too many more mid-sized towers into the FD, . .
merely crams out views of its more impressive, important spires
. . and robs them of visual soar . .
Though I love tall-tower-clusters, . .
filling-in the lower half, of the thicket's in-between cracks,
eliminates the contrast, harshens the cozy medieval vibe . .
and increasingly kills rare tower-defining aura-space . .
More square-footage mediocrity, troweled into the tight downtown skyline . .
might be better situated elsewhere . .
(actually the 250-550 ft. stuff is more the clutter I'm referring to) . .

anyway . . looks like there's some design here . .
not exactly imposing . . Then again, besides Gehry, 99 Church,
tower one, the Calatrava cathedral, the deco towers, . .
not much new stuff downtown is all that visually remarkable . .
but it is nice that things are happening . . and it's fun to evaluate . .
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Old Posted Dec 1, 2016, 12:13 AM
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Old Posted Jan 19, 2017, 5:05 AM
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Old Posted Mar 13, 2017, 11:46 AM
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http://www.crainsnewyork.com/article...alert-20170310

Developer secures $300 million for downtown Manhattan condo project
Lightstone Group plans to build an 800-foot-tall spire at 130 William St.



Daniel Geiger


Quote:
The Lightstone Group secured a $305 million loan to build an 800-foot-tall condo tower in lower Manhattan.

The company sourced the construction loan from Mack Real Estate Credit Strategies, a specialty lender. With financing in place, the tower will begin rising at 130 William St. in September, Mitchell Hochberg, the president and chief operating officer of Lightstone told Crain's. The project, which will likely be completed by fall 2019, will cost about $600 million to erect.

Developers across the city have raced to construct condo spires with apartments costing millions of dollars apiece. With so many similar projects on the market, observers feel there is a glut of pricey units and developers will have to slash prices to sell apartments, possibly thrusting projects into financial turmoil.

Hochberg said 130 William St. will be different. Lightstone worked through a complex process of assembling several properties to create the development parcel and the firm was able acquire the sites for below-market land prices, giving it leeway to sell the units in the building at a lower price than the competition.

"I think the high-end market is challenged right now," Hochberg said. "But we do think that if you're priced well, which we think we will be, and located well and deliver a product that has value and good design, there's always going to be a lot of people who are interested in buying."

Lightstone aims to sell units at an average of about $2,000 per square foot, a high price tag but still below the $3,000-plus per foot that other luxury projects are seeking.

Half of the building will also be comprised of studios and one bedrooms, smaller apartments that will carry a lower price and will be accessible to a broad range of buyers.


"You have a lot of young, single people downtown and moving to the neighborhood because it's developing as a community and it's more affordable," Hochberg said.

Major banks have pulled back from financing condo developments as concerns about supply have grown. Richard Mack, a real estate investor who founded Mack Real Estate Credit Strategies in 2014, said he felt comfortable lending to Lightstone because of 130 William St.'s lower price points and the developer was putting in half the money for the project in equity. Mack founded his firm when he saw a pullback in lending at the time and an opportunity for specialty financiers.

"Even if the condo market continues to turn downward, we felt comfortable," said Mack, noting that the building could sell out for as low as $1,000 a foot and his firm would still recoup its loan. "This is a strong sponsor with the balance sheet and the acumen to complete this project successfully."

Lightstone initially planned to build a 500-foot tall tower at the site but recently reversed course in favor of a much taller spire.

"We wanted our building to have spectacular views," Hochberg said. "Residents will be able to see the East and Hudson Rivers and the Statue of Liberty. It's a 360-degree panorama."


Most super tall towers have featured ultra-pricey penthouses that cost much more per square foot than lower units. "We'll have a number of beautiful penthouses but they're not going to be even close to the numbers for the rock star penthouses you hear about in places like Billionaire's Row," Hochberg said.

Lightstone is in the process of choosing an architect and finalizing the design for the project.
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Old Posted Mar 14, 2017, 12:56 AM
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Old Posted Apr 7, 2017, 3:29 AM
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