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Old August 5th, 2013, 08:30 PM   #21
desertpunk
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This one's moving fast:

WSJ

Quote:
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...
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Old September 18th, 2013, 07:24 AM   #22
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Lightstone taps SLCE for 452-unit tower at 120 Fulton Street


120 Fulton Street and Mitchell Hochberg

Quote:
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.
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Old September 19th, 2013, 07:21 AM   #23
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Looks like we have another height reduction. This was 58-storey.

I saw this render in SSP (with 58 floors):

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Old September 19th, 2013, 09:24 PM   #24
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This application was just filed on Sept 13 for NB @ DOB
http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

As per filing this will be:

558 Feet
48 Stories
452 Units


SLCE Architects

Sched A:
http://a810-bisweb.nyc.gov/bisweb/JB...allbin=1001208
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Old September 19th, 2013, 09:43 PM   #25
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Ugh, I hope they can do better than that Dubai Marina design...

(Thanx for the info! )
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Old December 6th, 2013, 08:17 PM   #26
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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/...-losing-421-a/

Quote:
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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Old December 6th, 2013, 10:21 PM   #27
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..
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Old December 6th, 2013, 10:32 PM   #28
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So this could be over 200 meter then.
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Old December 6th, 2013, 11:05 PM   #29
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This should be moved to the proposed skyscraper section. If the 59 floor version has the same floor height as the 48 floor version, it should come out to around 686 ft/ 209 m.
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Old December 7th, 2013, 07:18 AM   #30
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Quote:
Originally Posted by Archaean View Post
This should be moved to the proposed skyscraper section. If the 59 floor version has the same floor height as the 48 floor version, it should come out to around 686 ft/ 209 m.
I agree and done.
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Old February 19th, 2014, 09:43 PM   #31
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Demolition Imminent: 112 Fulton Street

Quote:
February 4th 2014 at 3:00 pm

The Financial District is seeing a residential boom, and yet another project is about to get underway; 112 Fulton Street will soon become a 59-story and 460 unit tower, with permits for demolition of the site’s last building approved yesterday. In total, three low-rises are being removed to make way for the new skyscraper, which is being developed by The Lightstone Group.

Details regarding the future tower have been relatively lacking, but DNA Info reported the 59-story figure. The height of the tower has seen several revisions, and the first proposal was supposed to rise 48 floors, but Lightstone did not receive a 421-a tax break for the site, which caused the floor count to increase. The site formerly spanned 112 to 120 Fulton Street, but given the 421-a issue, 120 Fulton Street will not be included in the development.
Title is now 112 Fulton St.
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Old February 19th, 2014, 09:55 PM   #32
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Boring & ugly ...
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Old February 20th, 2014, 10:17 AM   #33
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Not ugly but too plain, boxy. Should have a design revision though as is it would be okay. However for where it will be situated okay shouldn't be good enough.
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Old February 20th, 2014, 04:46 PM   #34
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Looks similar to a building that just went up in chi.. On water street I believe.
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Old April 2nd, 2014, 10:38 PM   #35
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Lightstone Group demolishes 112-118 Fulton Street to make way for high-rise
http://news.buzzbuzzhome.com/2014/04...18-fulton.html

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
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Old April 2nd, 2014, 10:55 PM   #36
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Great news. Looks like construction will start this summer.
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Old April 4th, 2014, 12:22 AM   #37
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http://news.buzzbuzzhome.com/2014/04...18-fulton.html


http://news.buzzbuzzhome.com/2014/04...18-fulton.html


http://news.buzzbuzzhome.com/2014/04...18-fulton.html
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Old June 11th, 2014, 08:54 PM   #38
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Guess we can also scrap this one. Lots of activity downtown, I like it!

Carmel Partners set to buy Lightstone site for more than $170M
http://therealdeal.com/blog/2014/06/...ore-than-170m/

Quote:
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 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 [http://therealdeal.com/blog/2013/12/...losing-421-a/]. 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.

This would be the second development site in Manhattan for Carmel, which owns and develops property nationally including in California and Washington, D.C. Carmel is part of a joint venture that is building a residential tower at 325 Lexington Avenue, between 38th and 39th streets in Midtown.

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.

Meir Milgraum, a director of investments at Lightstone Group, declined to comment, as did Christopher Beda, senior managing partner at Carmel. Scandalios also declined to comment.
In January, Carmel purchased the 151-unit rental tower 15 Cliff Street in Lower Manhattan for $95 million, and in 2012 it picked up the 163-unit apartment building the Electra at 354 East 91st Street, also for $95 million.
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Old August 14th, 2014, 03:37 AM   #39
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All of the buildings on this site have been razed, but nothing is happening. I wonder if the new owner is trying to flip the site or if he's trying to acquire adjacent parcels, particularly a fairly large one behind Fulton St.
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Old August 15th, 2014, 06:26 AM   #40
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What a damn shame. Losing those old buildings for something that looks like it belongs in Atlanta.
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