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

[NYguy]

http://www.dnainfo.com/new-york/2013...#ixzz2SEXklarD

48-Story Tower Will Rise on Fulton Street This Summer








Developer Lightstone Group is planning a 48-story mixed use building on Fulton Street. Construction is slated to start this summer.
Pictured on the right is a 61-floor version of the building, which developers have said they do not want to pursue.


May 3, 2013
By Irene Plagianos

A new 48-story residential and commercial building will rise on Fulton Street this summer, the developer revealed this week. The 463-unit tower, situated between Nassau and Dutch streets, will soar above a block populated with mostly low-rise shops and apartment buildings, replacing a row of smaller buildings that will be torn down, representatives for developer The Lightstone Group told Community Board 1 Wednesday evening.

The existing five and six-story apartment buildings that will be demolished — from 112 to 120 Fulton St. — are home to chains including Radio Shack and Five Guys Burger and Fries, as well as several mom-and-pop shoe, clothes and jewelry stores.

The Lightstone Group plans to offer 93 apartments, or 20 percent of the units, as affordable housing. They will give preference to tenants who are residents of Community Board 1 in Lower Manhattan, said Meir Milgraum, Lightstone’s director of acquisitions and development. The project requires a zoning change to allow for the affordable housing. CB1's Financial District Committee offered advisory support for the change on Wednesday — though residents did voice concerns.

The narrow street has seen substantial construction in the past couple of years. Just two blocks up, the massive, $1.4 billion Fulton Street Transit Center at Broadway remains in the works, saddling locals with years of construction-related street congestion.

“I know you’re a business man, but we’ve lived through continual construction for a very long time and it’s been incredibly difficult,” said Jonathan Heuser, the president of the condo board for 119 Fulton St., a five-story building that sits right across from the future construction site. “We just hope you’ll be sensitive to that while you move ahead with the project, and we all hope that eventually all this construction will be an improvement for the neighborhood.” Heuser said he knows of several renters who have already decided to leave the block, after hearing about a possible high-rise on the way.

As for the tenants of the soon-to-be-demolished buildings, several said those were just the breaks of being a renter in the city. “I really like my apartment, but what are you going to do,” said Manny Colon, a renter in 112 Fulton St. who’s lived in the building for five years. “We’ll just try to find someplace else.”

Several of the mom-and-pop stores on the block are now plastered with “Going Out of Business” signs. “Rent is crazy Downtown — I don’t know if we’ll be back,” said Dan Reda, owner of “urban wear” store “Stylz” at 114-116 Fulton St. His lease is up at the end of June, and he was told it won’t be renewed. “I’ve been here for eight years — I don’t know what’s next,” he said.

The new development will also include nearly 20,000 square feet of retail space, but Lightstone’s Milgraum said the current tenants aren’t being given any preference for space in the complex. He also wouldn’t spell out how much he’d charge for the apartments, or commercial units. “It will be market value,” Milgraum said. “We’re going to rent for however much we can get.”

The construction is expected to take two to three years, and Milgraum said he would actively work with the community to make it as smooth as possible.

[Tectonic]

Wow SSP surely does not sleep. I like that you guys cover the world. I will be in 'SFO' in a couple weeks.

[Crawford]

I hope they go with the 61-floor version. I prefer that design, and the added height.

[NYguy]

^ Yeah, the massing looks sleeker. I don't know what's going on here. Usually these developers are pushed to include some type of affordable housing. But here, they seem to want to go out of the way to include it. I wonder what else they're asking for.

The project requires a zoning change to allow for the affordable housing.

[SkyscrapersOfNewYork]

Action At Lightstone's FiDi Site
Wednesday, July 24, 2013, by Jessica Dailey

FINANCIAL DISTRICT—A tipster informs us that construction fencings has gone up at the 112-120 Fulton Street site where the Lightstone Group is building a 48-story tower (pictured at right). The developer will tear down the existing buildings on the site, but no demolition permits have yet been filed. Alteration permits have been approved, though, so we expect demo work will soon follow.

http://ny.curbed.com/archives/2013/0...ign_lovers.php


http://ny.curbed.com/uploads/112-120...lightstone.jpg

[SkyscrapersOfNewYork]

Downtown's uninspiring designs keep coming...hopefully not final.

[Hudson11]

i heard this project was as-of-right, things should move along quickly as soon as things start

[babybackribs2314]

They should double air rights for residential development across the FiDi/Seaport; these towers are so boring and uninspired. They might as well be tall, and in exchange for transit improvements from the developers, they would add to Downtown -- despite all the recent conversions and new construction, the FiDi remains mostly dead.

Soon the neighborhood will have three 800'+ residential towers under construction, but still - things could be taller!

[NYguy]

^ Fulton Street itself was to be the "spine" of the revitalized financial district. There are multiple initiatives in place that will change the dynamic of the area, making the financial district more of an after hours place. But I don't want to go into that here.


http://www.renewnyc.com/ProjectsAndP...ton_street.asp

[easy as pie]

in a way, this project is a bummer because it's nuking precisely the sort of active street that the fidi is so hard-up for. pretty much everything south of fulton is a wasteland of road and tower. i'm prepping a move to nyc for next year and one of the major things for me is to make sure that i'm working in mid-town, because i find the fidi so unpleasant to be in. granted, i'm not keen on what this one with bring to the street in terms of retail and that, but assuming a garage ingress, this sort of tower project doesn't improve things. great for skyscraper creeps like us looking at the skyline, bad for the neighborhood qua destination beyond the office hives.

[Perklol]

Decent filler.

[NYguy]

http://online.wsj.com/article/SB1000...357217484.html

Bridge Financing to Assist Fulton Street Development

August 4, 2013
Carmel Melouney

Plans for a $280 million luxury development in the Financial District near the new Fulton Center transportation hub have just received a cash injection.

Lightstone Group, a large closely held real-estate company, has just closed on a $43 million construction loan with Banco Inbursa SA for its Fulton Street project. The loan has a one-year term with two one-year extensions.

"This loan right now is an interim bridge loan until we start construction, then we'll get more construction financing," said Mitchell Hochberg, Lightstone's president.

The company has spent $76 million purchasing buildings and air rights so it can build a 58-story, 422,000-square-foot property on the south side of Fulton Street between Nassau and Dutch streets.

"We had the ability to aggregate and we thought it would be a very unique development."

This package includes 112 Fulton, 114 Fulton, 116 Fulton, 118 Fulton and 120 Fulton, and air rights to 41 John St., 43 John, 80 Nassau St., 86 Nassau, 88 Nassau, 15 Dutch St. and 122 Fulton. Mr. Hochberg said Lightstone closed on the majority of the property in December, with the remainder closing on June 13.

"We're big believers in the renaissance and the future of the Financial District with the completion on 1 World Trade Center and Condé Nast moving downtown, and the Fulton Street transit hub," said Mr. Hochberg. "It was very appealing to us. We were very focused on the Financial District, and we thought it was underserved by luxury residential."

Demolition of the existing buildings is expected to start in October, with construction commencing in February. Mr. Hochberg said construction would take two years.

When complete, the development will feature 475 luxury residential units with amenities including a 24-hour doorman, rooftop terrace and full fitness center. It will also have two floors of retail space with 18-foot finished ceiling heights totaling nearly 20,000 square feet.

In terms of retail tenants, Mr. Hochberg said Lightstone is talking to a number of companies, including both boutiques and chains. "We want them to fit with the apartments. Hopefully the retail and residential tenants will move in simultaneously," Mr. Hochberg said.

Latest permits (demo)...

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

[Perklol]

" ...so it can build a 58-story...."

A height increase!

[NYguy]

Originally Posted by Eveningsong

" ...so it can build a 58-story...."

A height increase!

Possibly, but remember, they wanted to build a lower version.

Developer Lightstone Group is planning a 48-story mixed use building on Fulton Street. Pictured on the right is a 61-floor version of the building, which developers have said they do not want to pursue.

[Crawford]

Originally Posted by easy as pie

in a way, this project is a bummer because it's nuking precisely the sort of active street that the fidi is so hard-up for. pretty much everything south of fulton is a wasteland of road and tower.

I don't see why this tower would lead to a less active street. There will be significant retail in the building; no less than in the existing buildings.

The relative shortcomings of the Wall Street area don't really have anything to do with too much density or height. It's because of not enough residential or hotel to active after-hours (which this building will help remediate, IMO).

Originally Posted by easy as pie

granted, i'm not keen on what this one with bring to the street in terms of retail and that, but assuming a garage ingress, this sort of tower project doesn't improve things.

But why assume a garage ingress? Parking hasn't been allowed as-of-right in Manhattan for 30 years. I would guess no parking in this building. Most of the newer towers in Manhattan have no parking.

[Duck From NY]

Looks dull so far. Hope they add some little nooks and crannies at the very least.

[NYguy]

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


http://www.rew-online.com/wp-content...ultontower.jpg


http://www.rew-online.com/2013/08/20...-street-tower/

[De Minimis NY]

The textured facade should work well alongside 8 Spruce Street. As much as I love what Ghery built there, I've always felt that it has been hampered by a lack of modern architecture in its immediate vicinity.

[NYguy]

Another look at it...



















Just a little resemblance...


__
Aqua by kpckam

[yankeesfan1000]

Far better than what I was expecting, but those initial renderings lowered my expectations significantly. Nice to see Beekman getting some company.