Carmel wants $52M for excess Fulton Street air rights

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Carmel wants $52M for excess Fulton Street air rights. It later changed those plans to a 59-story tower with 460 units after being denied a 421a tax abatement. Carmel’s early plans called for a 63-story with 476 apartments and 8,000 square feet of retail. Now, plans call for a 49-story tower with 483 units.

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Articles about 144 Fulton Street from Commercial Observer, New York’s authority on commercial real estate leasing, financing, deals and culture.

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The assemblage at 112-120 Fulton Street has undergone several changes over the past few years: first, the site was reduced to 112-118 Fulton after a 421-a snafu, and then, Lightstone Group sold the parcels to Carmel Partners for $171 million two months ago.

"Ron Zeff’s firm is seeking $400 per square foot for the inclusionary air rights, a figure that adds up to $52 million. In all, the developer obtained a total of 180,000 square feet of inclusionary air rights at the site in a deal with the city, which would fetch $72 million if sold at the per-foot asking price; 50,000 square feet of the 180,000 sum is already in contract for an unknown amount.

UP IN THE AIR-"Carmel wants $52M for excess Fulton Street air rights," by The Real Deal’s E.B. Solomont: "San Francisco-based Carmel Partners is looking to shed 130,000 square feet of excess.