# NEW YORK | 92 Fulton Street | 45m | 147ft | 16 fl



## RobertWalpole (Mar 16, 2010)

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/ifunding-to-build-250-million-condo-tower-on-fulton-street/


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## droneriot (Apr 1, 2008)

What part of Manhattan, close to what other towers or major clusters?


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## desertpunk (Oct 12, 2009)

droneriot said:


> 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:


NYC by Kimon Mcmeo, on Flickr


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## droneriot (Apr 1, 2008)

Thanks.


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## RobertWalpole (Mar 16, 2010)




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## droneriot (Apr 1, 2008)

Woah, that's like 56 Leonard Street in good!


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## RobertWalpole (Mar 16, 2010)

An even cooler render appears on the developer's FB page:

http://m.ny.curbed.com/archives/201...ed_seaport_tower_could_rise_to_75_stories.php


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## Vertical_Gotham (Mar 1, 2013)

NYNIMY is all over it!

*Planned: 75-Story Tower at 92 Fulton Street (Read more in link)*
http://newyorkyimby.com/2014/01/planned-75-story-tower-at-92-fulton-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/2014/01/08/this_crowdfunded_seaport_tower_could_rise_to_75_stories.php



> 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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## Vertical_Gotham (Mar 1, 2013)

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.

:cheers:


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## droneriot (Apr 1, 2008)

I like both the designs, as long as they don't put a diamond on top of the twisting one.


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## iamtheSTIG (Jul 15, 2010)

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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## Lowkey Lion (Oct 19, 2013)

Unbelievable. The world capital is on a torrid pace the likes of which mankind has never seen.


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## RobertWalpole (Mar 16, 2010)

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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## Vertical_Gotham (Mar 1, 2013)

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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## droneriot (Apr 1, 2008)

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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## Vertical_Gotham (Mar 1, 2013)

RobertWalpole said:


> 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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## RobertWalpole (Mar 16, 2010)

I agree.


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## SMCYB (Sep 7, 2013)

Both are interesting. I like the twisty one better.


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## desertpunk (Oct 12, 2009)

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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## Vertical_Gotham (Mar 1, 2013)

droneriot said:


> 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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## droneriot (Apr 1, 2008)

Damn, I want to consider a thousand bucks a "small amount", too.


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## seb.nl (Jan 29, 2010)

The twisty one is quite nice, the blocky one awesome!


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## Eric Offereins (Jan 1, 2004)

^^ I agree. I would prefer the first design anytime.



Vertical_Gotham said:


> 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.
> 
> ...


So how much is neede for the construction? Probably a lot more than 242M?



> 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.


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## tim1807 (May 28, 2011)

Fantastic designs, without a doubt, only the location. I don't know, maybe it's a bit too close to the old skyscrapers. Maybe some people will complain about that. Not me. The designs and the height ( 75 fl ) are great, and also, 8 Spruce Street turned out fantastic too there.


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## desertpunk (Oct 12, 2009)

*5 reasons South Street Seaport is the city’s next hot spot*



> *On the drawing board*
> 
> OK, this may be straying slightly from the Seaport, but we would be remiss not to mention the Mavrix Group’s planned 51-story, 96-unit, 114,000-square-foot condo planned on Fulton Street, between Gold and William only three blocks from the Seaport’s edge.
> 
> ...


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## ThatOneGuy (Jan 13, 2012)

It looks a bit Miami-ish and out of place in NYC, but then again , its beauty will all depend on the materials and clad as usual. Deep navy blue glass and bright white concrete balconies would look great.


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## LouDagreat (Jan 30, 2013)

I actually like the first design A LOT more than the second design. As desertpunk said, 2nd design belongs in Miami. 

So is the second design final?


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## citybooster (Jan 1, 2013)

Leonard Street one is MUCH better. The first design was just a zig zag modernist mess. Second one that Robert Walpole linked to is a much more fitting design.... certainly not meant for Miami(and of course the Miami reference was put in disparagingly).


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## Vertical_Gotham (Mar 1, 2013)

What a buy! 

*Fisher Brothers Nabs Lower Manhattan Site for $10M*
http://commercialobserver.com/2014/06/fisher-brothers-nabs-lower-manhattan-site-for-10m/












> Fisher Brothers has picked up a development site at *92 Fulton Street *from an LLC for $10 million, according to property records.
> 
> *It was previously widely reported that The Mavrix Group was planning to build a 51-story ODA-designed condominium building at the site between Gold and William Streets, but Mavrix never closed on the site*, according to Ariel Property Advisors‘ Michael A. Tortorici, who represented the seller and procured the buyer along with Ariel’s Howard Raber, Shimon Shkury, Victor Sozio and Randy Modell. *The roughly 25-foot-wide vacant lot offers a total of 29,890 buildable square feet, including air rights.*
> 
> ...


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## bodegavendetta (May 5, 2014)

ThatOneGuy said:


> It looks a bit Miami-ish and out of place in NYC, but then again , its beauty will all depend on the materials and clad as usual. Deep navy blue glass and bright white concrete balconies would look great.


I agree completely. At least the base looks nice.


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## RegentHouse (Sep 2, 2012)

^^I wish we had more towers like this in Miami. It's kind of ugly how unproportional it is to neighboring buildings. They should at least buy and demolish the crappy low-rises, and make the area look more organized.


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## Vertical_Gotham (Mar 1, 2013)

This design is most definitely obsolete with Fisher Brothers as the new owners as they will choose their own architect. (The developers for 22 Thames) I liked it though, even if it was "Miami-ish"


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## Hudson11 (Jun 23, 2011)

it certainly would have been an interesting sight in that area of Lower Manhattan.


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## Vertical_Gotham (Mar 1, 2013)

Hudson11 said:


> it certainly would have been an interesting sight in that area of Lower Manhattan.


Yea I totally agree. Hopefully whatever they come up with can be as interesting as this. That area could use some spice.


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## Vertical_Gotham (Mar 1, 2013)

Once again Yimby all over it.

No time wasting!! Surprised how fast they applied for NB permit after just purchasing it.

This sucker should be downgraded to the general urban developments section. 

*NEW YORK | 92 Fulton Street | 45m | 147ft | 16 fl*

*Permits Filed: 92 Fulton Street*
http://newyorkyimby.com/2014/06/permits-filed-92-fulton-street.html



> 92 Fulton Street traded hands for $10 million earlier this week, and Fisher Brothers’ latest acquisition already has a set of new permits; a recent proposal included the parcel in the assemblage for a larger tower, but evidently those plans are now defunct. Curtis + Ginsberg is listed as the architect of record.
> 
> The new filings indicate *92 Fulton Street will stand 16 floors and 147 feet *to its pinnacle. Besides the 650 square feet of ground-floor retail, the building will have 17,870 square feet of residential space, split between ten units. Condominiums would seem likely, though ceiling heights will apparently be low (read more in link).


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## DannyR2713 (Feb 15, 2014)

That was fast! The site is 25ft wide how high can you go?


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## desertpunk (Oct 12, 2009)

Saw that coming, they don't have the rights to build much.


*moved*


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## Mercenary (Feb 3, 2007)

Looks sick.

Great addition to the great skyline of New York


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## Vertical_Gotham (Mar 1, 2013)

*Lightstone buys two FiDi properties for $23M Site at 92-94 Fulton St. sits next to developer's upcoming 50-story residential/hotel tower *
http://therealdeal.com/blog/2015/05/26/lightstone-buys-two-fidi-properties-from-fisher-bros-for-23-million/#sthash.7SCmrLnt.dpuf












> *David Lichtenstein’s the Lightstone Group picked up a pair of Fulton Street development sites from Fisher Brothers for more than $23 million*, property records filed with the city Tuesday show. The properties lie next to the Financial District development site where Lightstone is planning to build a residential tower and hotel.
> 
> The deal for 92 and 94 Fulton Street closed earlier this month for a total of $23.25 million, property records show.
> 
> ...


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## schostabur (Mar 20, 2016)

evolution 2 in white is great


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