[Hypothalamus]

Lightstone Group demolishes 112-118 Fulton Street to make way for high-rise
By: Joyce Chen APRIL 2, 2014

Demolition is active at The Lightstone Group’s 59-story mixed-use project in the Financial District.

The developer is taking down several low-rise apartment buildings at 112-118 Fulton Street between Nassau and Dutch streets. Lightstone had originally planned a wider, 49-story tower using space at 120 Fulton, but the firm did not receive state legislature approval for a 421a tax abatement required to include that site, DNAinfo reported.

The new building will have 460 units, with 20 percent of the apartments as affordable housing, the developer told DNAinfo. The apartment buildings being torn down were home to assorted small shops, including a Five Guys outpost.

In August 2013, Lightstone closed on a $43 million construction loan with Banco Inbursa SA for the project, the Wall Street Journal reported. The firm spent $76 million assembling buildings at 112 Fulton, 114 Fulton, 116 Fulton, 118 Fulton and 120 Fulton, as well as air rights at 41 John Street, 43 John, 80 Nassau Street, 86 Nassau, 88 Nassau, 15 Dutch Street and 122 Fulton.

Demolition will be complete by June, according to construction signage. The building will be finished in 2016 or 2017.

As of the last week of March 2014...