Fortis Plans Mixed Use Maiden Lane Development
Fortis Property Group has purchased 151-161 Maiden Lane for $64 million.
Cushman & Wakefield made the announcement today after a team of Helen Hwang, Nat Rockett, Steve Kohn, Jared Kelso, John LiGreci, Bruce Mosler and George Giannopoulos represented Maiden Lane Development LLC in the sale.
“151-161 Maiden Lane is an irreplaceable waterfront location, spanning an entire block just south of the dynamic South Street Seaport redevelopment project that allows a developer to build a substantial mixed-use project with spectacular views,” said Ms. Hwang, in a statement.
The waterfront site, made up of two contiguous lots and spanning an entire block bounded by Maiden Lane, South Street, Fletcher Street and Front Street, will give Fortis an opportunity to develop, without height restrictions, a 249,242-square-foot mixed-use building, which could encompass residential, commercial and hotel space, according to C&W.
The historic neighborhood is home to the Pier 17 South Street Seaport, which is scheduled to begin construction in the fall; and it will be home to the new Fulton Street Transportation Hub. Since 2002, the neighborhood has seen an influx of residents after more than 11 million square feet of office space was converted to residential, according to C&W.
“We were very pleased with the results of the sale,” said Vassilis (Bill) Kefalas of Maiden Lane Development LLC, in the statement. “When we acquired the site at the end of 2010, there was little sale or development activity downtown, but we saw great investment potential.
“The price is a testament to a reinvigorated lower Manhattan and the unique aspects of the site. This investment exceeded all of our return expectations given the short window that we had to deploy our capital. We wish Fortis well in its development of what should be a wonderful addition to the lower Manhattan skyline.”
The brokers involved in the deal were not immediately available for further comment.