The Real Deal New York

Fortis seeking $272M sellout at 1 Seaport condo tower

80-unit glass resi tower's average unit price comes in at more than $3M

March 01, 2016 05:15PM
By Rey Mashayekhi

1 Seaport Fortis

Rendering of One Seaport condo tower at South Street Seaport (inset: Joel Kestenbaum)

Fortis Property Group is targeting a $272 million sellout for its planned 1 Seaport condominium tower at South Street Seaport, according to a condo filing plan approved by the state Attorney General’s office.

The Dumbo-based developer’s plans for the 80-unit, 646-foot building received the go-ahead from the state Real Estate Finance Bureau on Feb. 23, meaning the company can proceed with sales for the planned 57-story residential tower at 161 Maiden Lane.

Fortis is seeking a total sellout of just over $272 million at 1 Seaport, with the average unit price at the property coming in at around $3.4 million. The development will also hold 17 “storage” units, per the condo filing.

Construction of the all-glass residential tower, designed by Goldstein, Hill & West Architects, began in July.

Fortis recently reached a settlement with landlord Jack Resnick & Sons over its disputed use of the “One Seaport” moniker to promote the building at 161 Maiden Lane – with Resnick claiming Fortis was infringing on its trademark for Resnick’s 199 Water Street office tower, also known as One Seaport Plaza.

The settlement means Fortis can market the condo building as “1 Seaport” for an agreed-upon marketing period, after which it will discontinue all use of either “1 Seaport” or “OneSeaport” in connection with the property.

A representative for Fortis did not return requests for comment.