NEW YORK | 19 Dutch Street (118 Fulton) | 758 FT | 63 FLOORS


#1

Demolition Imminent: 112 Fulton Street

BY: NIKOLAI FEDAK ON FEBRUARY 4TH 2014 AT 3:00 PM

112 Fulton Street – under netting at left

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.

112 Fulton Street — image from 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.

112 Fulton Street

Preliminary renderings depict a standard glass box; given their release prior to the change of plans, the design is now outdated, but something similar is likely. No filings for 59-story building are available, but permits for the 48-story version were rejected late last year; the architect of record was SLCE.

In addition to apartments, the future 112-118 Fulton Street will have approximately 20,000 square feet of retail space; completion is expected at the end of 2015.


#2

Lightstone Group to sell FiDi site for more than $170M

June 11, 2014 01:30PM
By Adam Pincus

From left: Ron Zeff, Andrew Scandalios, marketing rendering of Fulton Street, David Lichtenstein and 112-119 Fulton Street

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, headed by David Lichtenstein, 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. That is the site that just traded.

This would be the second development site in Manhattan for Carmel, headed by Ron Zeff, 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.


#3

DOB Digest: Foundation work at 118 Fulton Street

BY: REID WILSON ON JULY 9TH 2014 AT 12:30 PM

118 Fulton Street: The Lightstone Group has filed permits to begin “foundation and super structure work” for their new building at 112-118 Fulton Street in the Financial District. Demolition has wrapped up since the last update; the 37-story residential tower is expected to be complete by the end of 2015.


#4

http://www.crainsnewyork.com/article/20140930/REAL_ESTATE/140929862/downtown-development-site-fetches-171m

The Lightstone Group has sold a downtown development site at 112, 114, 116 and 118 Fulton St., on the corner of Dutch Street, for $171 million to a California firm that plans to build a 63-story tower there, according to official city property records.


#5

Vision: 118 Fulton Street, 63-Story Financial District Residential Tower

BY: NIKOLAI FEDAK ON NOVEMBER 26TH 2014 AT 6:00 AM


118 Fulton Street, rendering by Lightstone Group/AJSNY

The assemblage at 112-120 Fulton Street has undergone several changes over the past few years: first, the site was reduced to 112-118 Fulton after a 421-a snafu, and then, Lightstone Group sold the parcels to Carmel Partners for $171 million two months ago.

Vague renderings had been released for initial concepts, but now, YIMBY has a look at what we believe were Lightstone’s most recent plans for the site, before selling to Carmel Partners. Gerner Kronick + Valcarcal designed the 60-odd story tower, which has a simple form, distinguished by a wave-like pattern running along the facade. We’re not sure if Carmel Partners intends to follow through with this design, and no new building permits have been filed.


118 Fulton Street, rendering by Lightstone Group/AJSNY

Fulton Street is still relatively under-built, and with the Financial District’s booming popularity for residential development, its true potential is only just becoming apparent. Anything approaching starchitecture would – at least for now – be unwarranted for the street, and something attractive but simple, like the GK+V plan, is to be expected.

Given the corridor’s heavy pedestrian traffic, a strong retail presence is appropriate. Lightstone’s plans for 118 Fulton meet the street in an attractive format, engaging with the built fabric to enhance the block’s street-wall with a relatively hefty base, before massing shrinks and the tower continues its ascent.


118 Fulton Street, rendering by Lightstone Group/AJSNY

Lightstone’s sale of 118 Fulton may represent the high-water mark in terms of Fulton Street’s nascent boom, as the firm originally paid only $63 million for the assemblage.

With the completion of the Fulton Street Transit Center, several residential towers have entered the development pipeline. Nearby, GK+V is also designing 5 Beekman, which will rise to a similar height. Both 5 Beekman and 118 Fulton will stand short of historic and contemporary icons like 8 Spruce and 70 Pine, but at approximately 700 feet in height, they will still be notable additions in their own right — along with Lexin Capital’s planned 800-foot tower spanning 75-83 Nassau Street.

The price paid for 118 Fulton’s assemblage could indicate that Carmel intends to build something even higher-end. While this is not a bad thing in and of itself, it does show how pressure is beginning to push prices in the Financial District through the roof. That is especially evident at 125 Greenwich Street, which Michael Shvo and a group of investors purchased for $240 million.


118 Fulton Street, rendering by Lightstone Group/AJSNY

Fulton Street in particular could greatly benefit from repealing the state limit on residential FAR, given the corridor’s excellent access to both the new Transit Center and the World Trade Center Hub. But even as-is, the potential for 118 Fulton is significant, and the rise of another residential skyscraper will help transform another formerly grimy corner of Lower Manhattan.


#6

New Renderings For 118 Fulton Street, 49-Story Residential Tower Coming To The Financial District


#7

This tower is lame, and nice old structures were razed to create it.

This may surprise some, but I advocate extensive landmarking.


#8

Doesn’t surprise me, my friend! I agree with you on most things. I’m in favor of landmarking all pre-WWII structures.


#9

10/27


#10

Nice!


#11

Dec 11, 2015



#12

Feb 20th


#13

New rendering!

March 24th


#14

April 22


#15

May 13th


Uploading…


#16

June 3, 2016


#17

JULY 1st


#18

Ugh. The new design is just hideous.

Does anyone know why the piles are taking so long with this building? Several other buildings in the neighborhood have started and finished their foundations in half the time. This one seems to be taking forever, even though work has been constant.


#19

It looks like they finally finished the pilings. The last giant drill is gone. It only took… what? almost a year? They’re ready to start on the foundation, by the looks of it.


#20

Good photo, Brome.

My favorite FiDi project (outside the WTC and Seaport areas) is 75 Fulton, but nothing is happening there.