The Real Deal New York

Fortis snaps up FiDi development site for $64M

Major Williamsburg waterfront developer buys into Lower Manhattan
By Katherine Clarke | September 05, 2013 12:34PM

Fortis Property Group, one of the main players behind the development of the Williamsburg waterfront, has acquired a Financial District development site for $64 million, according to public records filed with the city yesterday.

The two-parcel site, at 151-161 Maiden Lane, is an 11,539-square-foot lot occupying an entire city block and offers nearly 250,000 square feet of buildable space. The site is bound by Fletcher Street to the north, South Street to the east, Maiden Lane to the south and Front Street to the west.

Helen Hwang, an executive vice president with Cushman & Wakefield’s New York capital markets group, listed the property alongside colleagues Nat Rockett, Steve Kohn, Jared Kelso, John LiGreci along with Bruce Mosler, chairman of global brokerage, and George Giannopoulos, a senior associate. The site had been on the market since May. At the time, sources estimated it would sell for between $62 and $75 million based on recent trades in the neighborhood of between $250 and $300 per buildable square foot.

The two parcels have no height restrictions and could be developed separately or together, The Real Deal previously reported. Zoning restrictions allow for 138,468 square feet for residential space or a full 249,242 square feet of commercial.

The property was previously owned by Manhattan-based Kay Development Group, which had plans to build a 40-story mixed-use tower on the site with 175 residential units, a five-star hotel and retail space. The tower was to be named the Seaborne, according to Kay’s website. Kay bought the site for $41.17 million in 2011. It was not clear why the company’s plans were scrapped.

Neither Kay nor Fortis immediately responded to requests for comment. A spokesperson for Cushman declined to comment.

While the market for office properties in the Financial District has been heating up, Fortis has traditionally leaned towards residential development in New York City. The company, headed by Louis Kestenbaum, was one of the sponsors behind the development of the mammoth condo project Northside Piers in Williamsburg and a new boutique Brooklyn Heights condo at the former home of newspaper the Brooklyn Daily Eagle at 30 Henry Street.

  • donationguru

    Wasnt this under 10 feet of water during Sandy?

  • WannaBeLandlord

    I used to pay 10 or 12 dollars to park my car here with a coupon just a year ago. I don’t think the next tenant of this lot will be paying the same lol.

  • Illuminati Cat

    RT if u got Ur Knob Polished in the lot at 3am by a tranny

  • donationguru

    i used to buy weed from the parking attendants here

    • david99696

      You also serviced young boys there too I hear.

  • Sharon F

    Lou’s Kestenbaum is a dog and a whore he screws girls like no tomorrow

  • Mark shepherd

    Loui Kestenbaum is a shady character he is the CEO of the ODA organization a government funded agency . The question is always how can he be so rich if he only works for 30,000 a year?

  • Avi Kramer

    Louis Kestenbum is getting paid back from heaven for all the goods he does to other people, charity of all sorts, he gave & still gives away from his fortune to others with a smile, he has an open heart, he deserves it, Keep it up louis!

  • Cathy

    Louis Kestenbaum is a sexuall maniac who settled for millions after having sex with a minor in florida .

  • Moshe gabbai

    Louis kestenbaum is a convicted felon

  • nombre

    They tried to take our hospital & turn it into luxury condos too. But They cant have LICH

  • Ken

    Joel kestenbaum , Fortis property purchased the mortgage on 212 -218 N 9th St Brooklyn NY from Broadway Bank, The property was further transferred on 08/16/2013 to a new Corporation named FPG 218 NORTH 9th PROPERTYLLC. C/O FORTIS PROPERTY GROUP LLC 45 Main Street Brooklyn NY 11201 Joel kestenbaum is notarized as the President / Owner by a Notary named Shem Tov Mayer on 05/05/12 Notary# 01MA5069188 NYS Kings County . Joel Kestenbaum purchased the Mortgage on the building owned by Israel Perlmutter & Menachem Stark. King County Block 2313: Lot# 5 and lot # 7 . The Mortgage was defaulted on and the National Bank was subsequently shut down by the FDIC . Joel Kestenbaum as a first mortgage holder wants to own the property that is worth over $50 million and didn’t want any fights with Permutter or Stark in the foreclose process, Rumors are that Kestenbaum was in arguments with them regarding this property and is a possible suspect in the case .