Not long after acquiring a site along Maiden Lane in Lower Manhattan, Fortis Property Group revealed its new residential tower project will be 52 stories tall and hold 95 units, according to the firm’s chief executive Jonathan Landau.
The developer paid $64 million in August for the two-parcel waterfront site, at 151-161 Maiden Lane, which offers nearly 250,000 square feet of buildable space, as The Real Deal reported. It is not clear if the building will hold rentals or condominiums.
Landau said he expects units will ask between $2,000 and $3,000 per square foot. Construction is slated to begin by May or June, he told the New York Times.
The property, between South and Front streets, was previously owned by Manhattan-based Kay Development Group, which had plans to build a 40-story mixed-use tower called the Seaborne, as previously reported. It was not clear why the Kay’s plans were scrapped. [NYT] — Mark Maurer