A luxury residential tower, comprised of 120 residential rental units and 6,800 square feet of retail space, has secured a $61.75 million financing package. The project, called Exhibit, is located at 60 Fulton Street in Lower Manhattan. The building will replace a 10-story parking structure that was closed in September.
HFF helped the borrowers, Gerald Brauser and Steven Brauser of The Parkland Group, secure a 33-year construction-perm loan through Pacific Life Insurance Company. The Brauser family has owned the Fulton Street property since the 1980s.
The project is located on the corner of Fulton and Cliff Streets, within a few blocks of the Fulton Center transportation hub, which offers access to 10 subway lines, the World Trade Center and South Street Seaport. Scheduled for completion in 2016, the 23-story project will be developed by Socius Development Group, and will contain a total of 120 rental units (96 market rate and 24 affordable) comprised of studio, one- and two-bedroom floor plans.
Exhibit will offer residents unobstructed views of the Manhattan skyline, East River and Brooklyn Bridge. Property amenities will be located on the 23rd floor and will include two landscaped rooftop terraces with indoor and outdoor fireplaces, resident lounge, demonstration kitchen and dining area, game room, fitness center and yoga studio. With frontage along Fulton Street, the project will also contain 6,800 square feet of retail.
Goldstein Hill & West Architects is the architect and Andrés Escobar is designing the interiors.
This is the second collaboration between Scott Aaron, managing principal of Socius Development Group and the Brauser family. They previously developed 100 West 18th Street, a luxury condominium and retail development in Chelsea.
The HFF team representing the borrower was led by managing director Rob Rizzi, managing director Michael Gigliotti and director Jennifer Keller.
“The project is strategically positioned to benefit from the ongoing transformation of the Financial District into a vibrant residential neighborhood,” said Jennifer Keller. “This construction-perm loan allowed the sponsor to lock a historically low fixed interest rate with an opportunity to increase proceeds upon stabilization – an ideal execution for a generational owner.”
Heller Organization will handle the residential rental leasing and Jeff Winick of Winick Realty Group will handle the ground-floor retail space leasing.