FINANCIAL DISTRICT — A 59-story residential and commercial tower will soon to rise on Fulton Street the developer said this week.
Demolition will begin soon on a row of five- and six-story apartment buildings at 112 to 118 Fulton St. between Nassau and Dutch streets to make way for the high-rise. The buildings were home to a series of small businesses and chain stores such as Radio Shack and Five Guys Burgers and Fries.
Developer The Lightstone Group had initially planned to build a wider 48-story tower by including neighboring space at 120 Fulton St. But Lightstone did not win approval from the state legislature for a 421-a tax break that they would have needed to include the 120 Fulton site in their plan.
The taller, narrower tower will have 460 units, of which 20 percent will be affordable housing, the developer said.
Construction is expected to take two to three years, said Meir Milgraum, Lightstone’s director of acquisitions and development, during an update to Community Board 1’s Financial District Committee Wednesday.
Milgraum promised to work with the community to make the demolition and construction as smooth as possible on the busy, narrow block.
“I’m here and available to talk through any issues with the community as this moves forward,” he said.
The Lightstone Group, one of the largest real estate developers in the country, is also planning a 12-story luxury building on the Long Island City waterfront, as well as a 700-unit residential development along the Gowanus Canal in Brooklyn.