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NEW YORK | 19 Dutch Street | 231m | 758ft | 63 fl | Com

118K views 186 replies 73 participants last post by  Hudson11 
#1 · (Edited by Moderator)
From 48 stories to 63 now, this tower can't stop growing!

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Previously:

Lightstone Group Unveils 48-Story Financial District Tower



Back in January, the Lightstone Group—best know around these parts for their massive Gowanus development—picked up a few pieces of property on Fulton Street in the Financial District. The $63 million, three-building purchase also came with air rights for three adjacent properties, and this week Lightstone unveiled their plans: knock it all down and build a new 48-story residential tower. Broker Luis Vazquez sent along the news, which was announced during a Community Board 1 meeting. The new building would have 463 units, 20 percent, or 93, of which would be affordable. There will be 20,000-square-feet of retail on the ground floor, and tenants of the soon-to-be-demolished buildings are not being given preference.

The current five- and six-story buildings sit at 112-120 Fulton Street and are home to a Radio Shack, Five Guys Burger, and a shoe store, among other things. Several businesses have already closed, and DNAinfo notes that demolition of the existing buildings could begin this summer. Permits have yet to be filed with the DOB. The plans need a zoning change, and CB1 gave Lightstone their support.

~Site sold:

Site of Planned FiDi Residential Tower Sells for $171M



The Lightstone Group has flipped a massive Financial District property at the corner of Fulton and Dutch streets to the California-based Carmel Partners for a cool $171 million, Crain's reports. Megaproject-developer Lightstone acquired the site at 112-118 Fulton Street for $63 million just two years ago, with initial plans to erect a 48-story, 463-apartment residential tower; massive, in true Lightstone fashion. The sale of the now-vacant lots—Lightstone got so far as to raze what stood at the site—includes air rights for neighboring buildings, which will allow Carmel Partners to move ahead with a planned 63-story tower, which will presumably be residential.
The last iteration of this tower had it at 59 floors and 680 ft. tall. This new proposal could take it much higher given the hot market for lux condos downtown.
 
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#9 ·
It's a decent International Modernist design...we'll see if they stick true to that style.
I've never seen a blue International Style building before. NYC has plenty of said buildings, as well as existing neo-modernist revivals. I wish the developer and architects were a little more understanding that this is a residential building, and not an office tower.
 
#18 · (Edited)
#20 ·
120 Fulton Could Be Underway Soon



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.
 
#21 ·
This one's moving fast:

WSJ

Bridge Financing to Assist Fulton Street Development

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.

[...]
At 58 floors, this one may have some skyline impact. Still waiting on detailed renders...
 
#22 ·
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.
 
#24 ·
#26 ·

From left: Old and new plans for 112-118 Fulton Street

120 Fulton will now be will now be 59 stories tall
http://therealdeal.com/blog/2013/12/06/lightstone-slims-down-fulton-street-project-after-losing-421-a/

After the state denied its bid for a 421a tax abatement, Lightstone Group has opted for a leaner look for its mixed-use tower project at 112-118 Fulton Street in the Financial District.

The building between Dutch and Nassau streets will now be 59 stories tall, instead of 48, and narrower. Lightstone’s initial proposal to include space at 120 Fulton Street did not make it past the state legislature regarding the tax exemption request.

Construction of the 460-unit property is slated for completion by 2015 or 2016, said Meir Milgraum, director of acquisitions and development at Lightstone, as reported by DNAinfo. Of the units, 20 percent will be affordable housing, the publication said
 
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