Thurcon Construction is buying a FiDi building for $78M

Company is purchasing 106 Fulton Street from DSA Property Group
By Eddie Small | May 01, 2019 05:54PM

106 Fulton Street

106 Fulton Street

The Thurman family of Thurcon Construction and Development is spending $77.5 million to purchase a mixed-use building in the Financial District, according to sources familiar with the deal.

The company bought the mixed-use property at 106 Fulton Street from DSA Property Group. The property is known as Fulton Plaza Apartments and includes 81 residential units, ground floor retail space and two floors of commercial space across roughly 75,000 square feet overall.

Abie Kassin and Rich Velotta of Meridian Investment Sales represented DSA in the sale, and Meridian’s Josh Rhine arranged $42.9 million in financing from Signature Bank and Keysight for the deal.

DSA CEO Arik Lifshitz said the firm does not usually sell properties and had no plans to sell 106 Fulton Street, which they purchased from Pace University in 2016 for $51.1 million.

“But we received an unsolicited offer through the brokers,” Lifshitz said, “and it was an offer we couldn’t refuse.”

Thurcon did not immediately respond to a request for comment. Their plans for the property are unclear.

Elsewhere in the Financial District, Bank of New York Mellon purchased 101 Barclay Street late last year for $352 million after acquiring the ground lease in 2013 for $164.4 million.