clock menu more-arrow no yes mobile

Filed under:

This Crowdfunded Seaport Tower Could Rise to 75 Stories

New, 26 comments

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.
· Planned: 75-Story Tower at 92 Fulton Street [NY YIMBY]
· iFunding to build $250-million condo tower on Fulton Street [REW]