The Real Deal New York

Lightstone slims down Fulton Street project after losing 421a

December 06, 2013 12:35PM

After the state denied its bid for a 421a tax abatement, Lightstone Group has opted for a leaner look for its mixed-use tower project at 112-118 Fulton Street in the Financial District.

The building between Dutch and Nassau streets will now be 59 stories tall, instead of 48, and narrower. Lightstone’s initial proposal to include space at 120 Fulton Street did not make it past the state legislature regarding the tax exemption request.

Construction of the 460-unit property is slated for completion by 2015 or 2016, said Meir Milgraum, director of acquisitions and development at Lightstone, as reported by DNAinfo. Of the units, 20 percent will be affordable housing, the publication said. [DNAinfo]Mark Maurer