NEW YORK CITY-The Lightstone Group scored some financing for its planned luxury development that will sit across the street from the new Fulton Center transportation hub in Lower Manhattan, according to Crain's New York Business.
The developer of the $280 million project, the Lightstone Group, closed on a $43 million construction loan with Banco Inbursa, S.A., a Lightstone spokesman tells GlobeSt.com, and the loan has a one-year term with two one-year extensions. The money is an interim bridge loan, and the developer plans to seek more financing once construction starts
Lightstone plans to build a 58-story, 475-unit residential building on the south side of Fulton Street, between Nassau and Dutch streets. The property is an assemblage of three fee parcels and seven air rights parcels in the heart of Lower Manhattan, all acquired by Lightstone for $76 million, the spokesman says.
In addition to the residential units, the building will feature two floors of retail space totaling nearly 20,000 square feet and a rooftop terrace. The property will be within walking distance of the new Fulton Center transportation hub. Demolition on the site is expected to start in October, with construction slated to start in February 2014. The project is expected to take two years to build.
Lightstone embarked on this project because it believes in Lower Manhattan's potential, says president Mitchell Hochberg. "We're big believers in the renaissance and the future of the financial district with the completion on 1 World Trade Center, Condé Nast moving downtown and the Fulton Street transit hub. We think the Financial District is underserved by luxury residential."
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
