Fisher Brothers Nabs Lower Manhattan Site for $10M
Lauren Elkies Schram June 10, 2014, 7:45 a.m.
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.
“[The sellers] bought the note at a good time in the market and were able to realize a nice gain and took advantage of it,” Mr. Tortorici said.
Ariel marketed the site, which the sellers obtained through a foreclosure process, for 18 months. The initial asking price was $7.5 million, Mr. Tortorici said.
The sale closed last Tuesday and appeared in public records on Friday.
Fisher Brothers declined to comment.