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New York

Lightstone Group to clear site for FiDi high-rise

New 460-unit building to be 20 percent affordable

David Lichtenstein and 112-118 Fulton Street
David Lichtenstein and 112-118 Fulton Street

The Lightstone Group is one step closer to erecting its lean 59-story mixed-use tower in the Financial District.

Demolition of the low-rise apartment buildings at 112-118 Fulton Street is reportedly imminent now that construction fencing and signs are up. Lightstone originally sought to tear down 120 Fulton Street too, but the state denied the developer’s initial bid. That proposal included a 421a tax abatement.

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The new building, located between Nassau and Dutch streets, would include 460 units, 20 percent of which will be affordable. The developer picked up the site for $63 million in January 2013.

Construction is slated for completion by 2017, BuzzBuzzHome reported. The firm is also moving forward with a massive mixed-use project on the Gowanus Canal after kicking off the first phase of construction earlier this month. [BuzzBuzzHome] — Angela Hunt

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Financial DistrictFulton StreetLightstone Group