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Lightstone Group Unveils 48-Story Financial District Tower

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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. However, they did have some concerns. Mostly, they are just sick and tired of construction (the Fulton Center is just down the street from the site) and would like to see this building move along as quickly as possible. Once work begins, it should last two to three years.
· 48-Story Tower Will Rise on Fulton Street This Summer [DNAinfo]
· Lightstone Pays $63M for Lower Manhattan Development Site [TRD]
· Lightstone Group coverage [Curbed]