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Old January 8th, 2014, 12:54 AM   #1
RobertWalpole
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NEW YORK | 92 Fulton Street | 45m | 147ft | 16 fl

A property in lower Manhattan that once was fodder for skyscraper speculation has been sold to a developer who will build a much more modest tower.

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Earlier:

http://www.rew-online.com/2014/01/07...fulton-street/
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Old January 8th, 2014, 12:50 PM   #2
droneriot
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What part of Manhattan, close to what other towers or major clusters?
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Old January 8th, 2014, 01:02 PM   #3
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Quote:
Originally Posted by droneriot View Post
What part of Manhattan, close to what other towers or major clusters?
Lower Manhattan, not far from the Beekman Tower:




A view of the neighborhood:

image hosted on flickr

NYC by Kimon Mcmeo, on Flickr
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Last edited by desertpunk; January 19th, 2014 at 04:02 AM.
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Old January 8th, 2014, 02:25 PM   #4
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Thanks.
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Old January 8th, 2014, 05:22 PM   #5
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Old January 8th, 2014, 05:41 PM   #6
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Woah, that's like 56 Leonard Street in good!
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Old January 8th, 2014, 06:01 PM   #7
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An even cooler render appears on the developer's FB page:

http://m.ny.curbed.com/archives/2014...75_stories.php
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Old January 8th, 2014, 06:08 PM   #8
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NYNIMY is all over it!

Planned: 75-Story Tower at 92 Fulton Street (Read more in link)
http://newyorkyimby.com/2014/01/plan...on-street.html


92 Fulton Street, via Mavrix Group's Facebook page

This article is via CurbedNY
This Crowdfunded Seaport Tower Could Rise to 75 Stories
http://ny.curbed.com/archives/2014/0...75_stories.php

Quote:
According to a report from Real Estate Weekly, developer Mavrix Group is bringing a 75-story, 250,000-square-foot residential tower to 92 Fulton Street. The project raised $8 million through a crowdfunding startup called iFunding to buy up six parcels at 90-94 Fulton Street. It plans to raise another $42 million in equity once the deal is closed, and has a commitment from a large bank for a $150-200 million construction loan.

As NY YIMBY points out, this tower is a significant departure from the previous plan for the site—a wacky 22-story, 22,000-square-foot tower from De Bartolo + Rimanic Design Studio (Peter Poon also appears to have been attached at one point). Complicating matters is a memo (PDF) from ODA—who may be the architects—to the Mavrix Group, dated December 4, which states that the building will be "only" 51 stories tall. The building in the rendering that Mavrix posted on their Facebook page four days later also appears to be 51 stories, although it is certainly possible that the plans have changed since early December.

According to NY YIMBY, if the tower did grow to 75 stories it could conceivably approach 1,000 feet, which should thrill Seaport residents.
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Old January 8th, 2014, 06:10 PM   #9
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I like both renders but I like the render on the developers site better. That block could use a little refreshment and this tower would be a good start!

That tower would look great at 75 floors and possibly breaking the 1,000ft mark.

Looks like this developer is wasting no time! they already have a commitment for a $200 M construction loan for this project.

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Old January 8th, 2014, 06:14 PM   #10
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I like both the designs, as long as they don't put a diamond on top of the twisting one.
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Old January 8th, 2014, 06:27 PM   #11
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I honestly wouldn't complain as to which design goes ahead... but another possible supertall?

Good to see Downtown is having a boom too as well as just the WTC site
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Old January 8th, 2014, 06:29 PM   #12
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Unbelievable. The world capital is on a torrid pace the likes of which mankind has never seen.
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Old January 8th, 2014, 06:37 PM   #13
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This might be 800-850' tall, maybe even 900', but I doubt that it will be taller. The area does not command prices to warrant the extra height.
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Old January 8th, 2014, 06:38 PM   #14
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True! Downtown is BOOMING. Not bad if it were a city all on it's own.

200 Greenwich Street (2WTC)
175 Greenwich Street (3 WTC)
80 South Street
22 Thames Street
92 Fulton
30 Park Place
56 Leonard
50 West Street
Seaport Tower
101 Murray Street
120 Fulton
151-161 Maiden Lane
And
111 Washington Street - Does anyone know what is going on with this site??
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Old January 8th, 2014, 06:38 PM   #15
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It's really not the design or the height that interest me the most, I'm more amazed at the idea of crowdfunding a tower. Will it work? Will they build it? How fast will it pay back? What do the people who funded it get out of it?
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Old January 8th, 2014, 06:40 PM   #16
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Quote:
Originally Posted by RobertWalpole View Post
This might be 800-850' tall, maybe even 900', but I doubt that it will be taller. The area does not command prices to warrant the extra height.
True! even at those heights, it will make a decent impact in the skyline from all vantage points except from the Hudson River.
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Old January 8th, 2014, 07:00 PM   #17
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I agree.
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Old January 8th, 2014, 08:32 PM   #18
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Both are interesting. I like the twisty one better.
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Old January 8th, 2014, 11:27 PM   #19
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The twisty tower belongs in Miami. Something closer to the first render Robert Walpole posted would be much better. And at 75 stories, I'd expect this sucker to reach 900 feet.
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Old January 8th, 2014, 11:31 PM   #20
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Quote:
Originally Posted by droneriot View Post
It's really not the design or the height that interest me the most, I'm more amazed at the idea of crowdfunding a tower. Will it work? Will they build it? How fast will it pay back? What do the people who funded it get out of it?
It's interesting but it's an entirely new concept to raise money. From what I have read about, this platform/ vehicle has been quite successful raising millions in just days. What is nice about it is a small investors from anywhere in the world can get into the action thanks to the internet. I believe not much of an investment is needed from an individual.

For this project I don't know how much is needed from investors to trigger construction for this project but what ever the figure, it should be made transparent and made available to it's investors.

The good news is that these guys already has aprox $200 M construction loan already committed and if they reach that threshold raising funds, then definitely this sucker goes up.

If this project fails to raise the cash, I really don't know if one can get their money back, but an educated guess is no because an investment means investment. You can stand to make a pretty penny, therefore you can lose it all.

I guess investing in this kind of project, such an investor would receive shares of stock and a chance to earn dividends. Earning the dividends is the tricky part though because dividends are not guaranteed and unlikely right away because these projects are "startups".

Would I invest in something like this? I could, especially if I can just invest a small amount of money like $1,000 just to see how I can gain from this.
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