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161 Maiden Lane

Coordinates: 40°42′20″N 74°00′17″W / 40.7055°N 74.0048°W / 40.7055; -74.0048
From Wikipedia, the free encyclopedia

161 Maiden Lane
161 Maiden Lane topped out, in January 2019
Map
Alternative names1 Seaport
General information
StatusOn hold
TypeResidential skyscraper
Location161 Maiden Lane
Manhattan, New York City, United States
Coordinates40°42′20″N 74°00′17″W / 40.7055°N 74.0048°W / 40.7055; -74.0048
Construction started2016
Estimated completionOn hold
Height
Roof670 ft (205 m)[1]
Technical details
Floor count60
Design and construction
Architect(s)Hill West Architects
DeveloperFortis Property Group
Structural engineerWSP Global
Main contractorPizzarotti (until 2019)
Ray Builders (2019–2020)

161 Maiden Lane (also known as One Seaport, 1 Seaport, or Seaport Residences) is an incomplete 670 ft (205 m) tall residential skyscraper on Maiden Lane in the Financial District of Manhattan, New York City, United States. Designed by Hill West Architects, the building overlooks the East River and topped out in September 2018. The building leans 3 inches (76 mm) to the north as a result of the method used to construct its foundation: instead of using the piling method like other neighboring skyscrapers, soil improvement methods were used where chemicals or other material are added to the soil to strengthen it. As of 2024, only half of the finishes, including windows, have been installed.[2]

History

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Site acquisition

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As early as 2007, Bluerock Properties had proposed a 52-story building at 161 Maiden Lane, near the shore of the East River, in the Financial District of Lower Manhattan in New York City. Bluerock planned to have the tower designed by Rogers Marvel Architects.[3] New York City's zoning regulations allowed a building of up to 249,242 sq ft (23,155.3 m2) on the site, of which up to 138,468 sq ft (12,864.1 m2) could be used as apartments.[4]

In 2011, Kay Development bought the site for $41.17 million.[4] The company had planned to develop a 40-story building, the Seaborne, on the site; the building would have contained 175 apartments.[5] This structure would have been designed by architect John Fotiadis.[3][6] Kay Development placed the land for sale in May 2013[4] and Fortis Property Group bought the site at 151–161 Maiden Lane in September 2013, paying $64 million (about $84 million in 2023) for the 11,539 sq ft (1,072.0 m2) lot.[5][7]

Construction

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Construction of the building, then known as One Seaport Residences, began in July 2015.[8] Jack Resnick & Sons, which owned the similarly named One Seaport Plaza at 199 Water Street,[9] sued Fortis for trademark infringement that September.[10][11] The two firms came to an agreement in December 2015, when Fortis agreed to market the building using the numeral version of the name, 1 Seaport, for a limited period. After that period had ended, Fortis could not market the building as either "One Seaport" or "1 Seaport".[12][13] Fortis submitted a condominium offering plan for the building to the New York Real Estate Finance Bureau, which approved the plan in late February 2016. Fortis estimated that it would be able to sell 80 condos for a total of $272 million.[8][14] Fortis hired the Italian firm Pizzarotti as general contractor, likely in part because of Pizzarotti's low rates.[15]

Condo sales launched in April 2016, with the cheapest being offered for $1.2 million.[9][16] Twenty percent of the units were in contract within one day. At the time, the structure was supposed to open in early 2018.[9] Swedish real estate broker Fredrik Eklund was among the earliest condominium buyers, acquiring a duplex on the 46th and 47th floors.[17] Bank Leumi USA, a subsidiary of Bank Leumi, gave Fortis a $90 million construction loan for the property in June 2016.[18] To attract buyers, Fortis announced a partnership with Hinckley Yachts in late 2016, renting three luxury yachts to condominium owners.[19] Under the terms of its condo offering plan, Fortis was to have finalized the first condo sales in January 2018. If Fortis had failed to finalize any contracts by June 2018, the developer had to provide an updated budget; buyers could renege on their contracts if the project had overrun its $273 million budget by at least 25 percent.[20]

Controversies and delays

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Between January and September 2017, the New York City Department of Buildings (DOB) issued 10 building-code violations to Pizzarotti.[21] An employee of SSC High Rise, the project's concrete subcontractor, died in September 2017 after falling from the building's 29th floor.[22][23] Investigators determined that the employee had unhooked his safety harness after it was jammed in a scaffolding platform and that an SSC foreman had ordered the platform to be moved with workers on it, causing the employee to fall to his death.[21][24] Because it is against New York City building code to move a platform with workers on it, SSC pleaded guilty to manslaughter in July 2018.[24] Following the incident, the project was halted indefinitely; two-thirds of the condos had already gone into contract.[20] Work resumed in December 2017 but experienced further issues the next month, when the DOB issued two stop-work orders due to incorrectly installed construction netting.[25]

By January 2018, Fortis planned to obtain $185 million in construction financing for 161 Maiden Lane.[26] Construction was paused again that April after a concrete bucket hit the 34th floor, poured concrete onto the street, and lifted part of the 34th-story deck.[27] Pizzarotti fired SSC and replaced them with RC Structures.[27] The building topped out during September 2018.[28] The same month, Mack Real Estate gave Fortis a $66 million mezzanine loan for the property.[29][30] At the time, potential buyers had signed contracts for 72 of the building's 98 condominiums.[29]

Pizzarotti sued Fortis in March 2019 over the fact that the building was leaning 3 inches (76 mm) to its north.[31][32] By then, Pizzarotti was no longer employed as the general contractor.[33] According to local website New York YIMBY, work on the building had been halted for several months.[34] The contractor alleged that Fortis had constructed the foundation using a soil improvement method, where chemicals or other material are added to the soil to strengthen it, rather than the piling method like other neighboring skyscrapers. Pizzarotti claimed that the building had settled unevenly, causing it to tilt; a subcontractor first noticed the issue in April 2018.[35][36] Pizzarotti claimed that it had difficulties installing the glass curtain wall because of the building's lean and that a continued lean would result in non-functioning windows, faulty elevators, and bad waterproofing.[36][37] Fortis filed a countersuit that May, blaming Pizzarotti for not properly surveying the construction site and for failing to ensure workers' safety.[33] The developer hired engineering firms WSP Global and Arup Group, which both concluded that the building's lean did not compromise its structural integrity. Ray Builders, which replaced Pizzarotti as general contractor, designed a glass curtain wall that accommodated the lean.[35]

Work halts

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Ray Builders stopped working on the project in July 2020, claiming that Fortis had failed to pay its workers, and subsequently resigned as general contractor the following year.[35] Fortis sued Bank Leumi in August 2020, claiming that the bank had failed to distribute part of the loan as scheduled.[37] Bank Leumi had placed the project's $120 million construction loan for sale in October 2020,[38][39] and the bank was foreclosing on the loan by the end of that year.[40][41] Due to the continuing delays, by February 2021, all except six of the condo buyers had reneged on their contracts.[37][42] In addition, because the upper stories had not yet been enclosed, they were vulnerable to temperature changes and weather.[43] A state judge appointed a receiver to secure the site in May 2021, as the lawsuits proceeded.[37][42] Engel Burman Construction was hired to secure the construction site.[42] Bank Leumi and Fortis agreed to mediation in August 2021.[42][44] Both the lender and the developer had withdrawn from mediation by March 2022, when a lawyer for Bank Leumi said the "parties were too far apart in discussions to reach any resolution".[45]

Mack Real Estate sued Fortis, Harel Insurance Company, and Valley National Bank (which had acquired Bank Leumi's United States division) in September 2022. Mack claimed that Harel and Bank Leumi had fraudulently misused the $66 million mezzanine loan that Mack had placed on the project.[46][47] The project remained halted as of late 2022,[48] in part due to continuing litigation over the site.[49] By mid-2023, the building had not had a working standpipe for over a year, making it difficult to put out any fires that might start in the tower.[50] In August 2023, a judge ordered Fortis and Valley National to resume mediation.[51][52] By that October, Shelly Listokin, who had previously agreed to buy the loans on the property, had filed for Chapter 11 bankruptcy protection to avoid buying the loans.[53] Fortis was also sued by its own lawyers that December, as the developer had not paid its legal team.[54] Although there was no imminent safety risk at the tower, there were still concerns over how much the tower would move after cladding was completed.[15]

Architecture

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The building was designed by Hill West Architects and interior designer Groves & Co.[34] According to The Wall Street Journal, 161 Maiden Lane's design includes a porte-cochère and a glass curtain wall.[37] In addition, the building is planned to have a health club with a spa, fitness center, and infinity pool.[29][37] The 60-story structure rises 670 ft (205 m).[43][1] It would have 200,000 sq ft (19,000 m2) of space, including 80 residential condominiums.[8][43] Plans also call for the building to contain 17 storage units, which would be sold to residents.[8]

References

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  1. ^ a b "Seaport Residences". Skycraper Center. Archived from the original on June 14, 2021. Retrieved March 8, 2023.
  2. ^ "The Leaning Tower of New York City". The B1M. March 8, 2023. Archived from the original on March 8, 2023. Retrieved March 9, 2023.
  3. ^ a b Hylton, Ondel (July 20, 2015). "From Clipper Ships to Condos: Construction Begins on 161 Maiden Lane at the Seaport". 6sqft. Archived from the original on July 17, 2022. Retrieved March 10, 2023.
  4. ^ a b c "Development Site For Sale NYC - Cushman And Wakefield". The Real Deal. May 13, 2013. Archived from the original on March 11, 2023. Retrieved March 10, 2023.
  5. ^ a b Clarke, Katherine (September 5, 2013). "Fortis snaps up FiDi development site for $64M". The Real Deal. Archived from the original on March 11, 2023. Retrieved March 10, 2023.
  6. ^ Dailey, Jessica (September 10, 2013). "Seaport Site Changes Hands; Will This Tower Soon Rise?". Curbed NY. Archived from the original on October 6, 2022. Retrieved March 10, 2023.
  7. ^ "SELLING POINTS: Fortis building downtown tower; Harbor Group makes second apartment buy". Real Estate Weekly. September 10, 2013. Retrieved March 10, 2023.
  8. ^ a b c d Mashayekhi, Rey (March 1, 2016). "Fortis seeking $272M sellout at 1 Seaport condo tower". The Real Deal. Archived from the original on March 11, 2023. Retrieved March 10, 2023.
  9. ^ a b c Hughes, C. J. (April 22, 2016). "A Glassy Condo at South Street Seaport". The New York Times. ISSN 0362-4331. Archived from the original on January 10, 2023. Retrieved March 10, 2023.
  10. ^ Amato, Rowley (September 12, 2015). "Developer Sues Developer Over Use of "Seaport" Name". Curbed NY. Archived from the original on August 14, 2022. Retrieved March 10, 2023.
  11. ^ Mashayekhi, Rey (September 11, 2015). "One Seaport - Jack Resnick & Sons - Fortis Property Group". The Real Deal. Archived from the original on March 11, 2023. Retrieved March 10, 2023.
  12. ^ "Seaport dispute settled". Real Estate Weekly. December 22, 2015. Archived from the original on May 21, 2022. Retrieved March 10, 2023.
  13. ^ Mashayekhi, Rey (December 2, 2015). "Resnick, Fortis reach settlement in 'One Seaport' dispute". The Real Deal. Archived from the original on March 11, 2023. Retrieved March 10, 2023.
  14. ^ Rosenberg, Zoe (March 2, 2016). "South Street Seaport's 60-Story Tower Reveals Pricing (Sort of)". Curbed NY. Archived from the original on September 25, 2022. Retrieved March 10, 2023.
  15. ^ a b Brenzel, Kathryn (December 3, 2023). "Fortis Property Group's Seaport Residences tower Leans In". The Real Deal. Retrieved February 10, 2024.
  16. ^ Plitt, Amy (April 20, 2016). "Fortis's 60-Story Seaport Tower Launches Sales From $1.325M". Curbed NY. Archived from the original on October 1, 2022. Retrieved March 10, 2023.
  17. ^ Rosenberg, Zoe (May 3, 2017). "Fredrik Eklund buys another multi-million dollar condo, this time at 1 Seaport". Curbed NY. Archived from the original on December 8, 2022. Retrieved March 10, 2023.
  18. ^ "Emmet Marvin, Tannenbaum Helpern Guide $90M NYC Loan". Law360. June 14, 2016. Archived from the original on March 11, 2023. Retrieved March 10, 2023.
  19. ^ Rosenberg, Zoe (October 7, 2016). "Seaport condo offers up the next over-the-top amenity: yacht rentals". Curbed NY. Archived from the original on July 6, 2022. Retrieved March 10, 2023.
  20. ^ a b Pilgrim, Lexi (October 19, 2017). "Fortis Property Group - 161 Maiden Lane". The Real Deal. Archived from the original on March 11, 2023. Retrieved March 10, 2023.
  21. ^ a b Vinopal, Courtney (December 21, 2022). "Scaffolding Deaths Are Claiming New York's Immigrant Workers in an Industry Lacking Accountability". Observer. Archived from the original on March 6, 2023. Retrieved March 10, 2023.
  22. ^ Sandoval, Edgar; Smith, Greg; Rayman, Graham (September 21, 2017). "Two construction workers plunge to their deaths at separate Manhattan job sites with unresolved violations". Archived from the original on April 25, 2019. Retrieved April 25, 2019.
  23. ^ "Two construction workers die in separate falls in Manhattan". Crain's New York Business. September 21, 2017. Archived from the original on May 17, 2022. Retrieved March 10, 2023.
  24. ^ a b Brenzel, Kathryn (July 13, 2018). "Construction firm pleads guilty to manslaughter in worker's death at site of FiDi condo project". The Real Deal. Archived from the original on April 25, 2019. Retrieved April 25, 2019.
  25. ^ Pilgrim, Lexi (February 2, 2018). "161 Maiden Lane - Fortis Property Group". The Real Deal. Retrieved March 10, 2023.
  26. ^ Maurer, Mark (January 25, 2018). "Fortis looking to finance unsold condos at 1 Seaport and LICH site". The Real Deal. Retrieved March 10, 2023.
  27. ^ a b Brenzel, Kathryn (April 30, 2018). "161 Maiden Lane - RC Structures - Pizzarotti". The Real Deal. Archived from the original on March 11, 2023. Retrieved March 10, 2023.
  28. ^ Young, Michael (September 18, 2018). "One Seaport Officially Tops Out Along The East River In Lower Manhattan". YIMBY. Archived from the original on April 25, 2019. Retrieved April 25, 2019.
  29. ^ a b c Small, Eddie (September 28, 2018). "Fortis Property Group - 1 Seaport". The Real Deal. Archived from the original on March 11, 2023. Retrieved March 10, 2023.
  30. ^ Cunningham, Cathy (September 27, 2018). "NKF Locks Down $66M Mezz Loan for Fortis' 1 Seaport". Commercial Observer. Archived from the original on March 11, 2023. Retrieved March 10, 2023.
  31. ^ Rebong, Kevin (April 3, 2019). "Leaning Tower of Pizzarotti? Contractor sues Fortis over alignment issues at Seaport project". The Real Deal. Archived from the original on March 11, 2023. Retrieved March 10, 2023.
  32. ^ Spivack, Caroline (April 3, 2019). "Contractor sues developer over 'leaning' lower Manhattan condo tower". Curbed. Archived from the original on April 5, 2019. Retrieved April 25, 2019.
  33. ^ a b Rebong, Kevin (May 13, 2019). "Fortis Property Group - Pizzarotti - 161 Maiden Lane". The Real Deal. Retrieved March 10, 2023.
  34. ^ a b Young, Michael (April 16, 2019). "Visible Construction Halts as One Seaport Allegedly Begins To Lean, at 161 Maiden Lane, in the Financial District". New York YIMBY. Archived from the original on October 14, 2022. Retrieved March 10, 2023.
  35. ^ a b c Spivack, Caroline (September 10, 2021). "The Leaning Tower of Seaport May Finally Break Its Bad Luck". Curbed. Archived from the original on September 30, 2022. Retrieved March 10, 2023.
  36. ^ a b Baird-Remba, Rebecca (April 2, 2019). "Contractor Sues Fortis Over 'Unsafe' Leaning Condo Tower Near Seaport". Commercial Observer. Archived from the original on April 25, 2019. Retrieved April 25, 2019.
  37. ^ a b c d e f Clarke, Katherine (February 17, 2022). "The Ghost Condos of NYC's Financial District". Wall Street Journal. ISSN 0099-9660. Archived from the original on February 20, 2023. Retrieved March 10, 2023.
  38. ^ Hall, Miriam (October 14, 2020). "Construction Halted At Leaning Seaport Condo Tower Amid Legal Dispute Over Loan". Bisnow. Archived from the original on November 1, 2020. Retrieved March 10, 2023.
  39. ^ Larsen, Keith (October 2, 2020). "One Seaport Construction Loan For Sale". The Real Deal. Archived from the original on March 11, 2023. Retrieved March 10, 2023.
  40. ^ "Bank Leumi files to foreclose on Fortis's $120M loan at 161 Maiden Lane". PincusCo. December 24, 2020. Archived from the original on August 11, 2022. Retrieved March 10, 2023.
  41. ^ Rebong, Kevin (December 28, 2020). "Seaport Condo Lender Seeks Foreclosure on $120M Loan". The Real Deal. Archived from the original on March 11, 2023. Retrieved March 10, 2023.
  42. ^ a b c d Modi, Priyanka (August 24, 2021). "Bank Leumi and Fortis Agree to Mediation Over 161 Maiden Lane". The Real Deal. Archived from the original on March 11, 2023. Retrieved March 10, 2023.
  43. ^ a b c Young, Michael (February 19, 2021). "Seaport Residences' Future Remains Uncertain in Financial District, Manhattan". New York YIMBY. Archived from the original on September 19, 2021. Retrieved March 10, 2023.
  44. ^ Hall, Miriam (August 25, 2021). "'Leaning' Seaport Tower Developer, Lender Negotiating Over Condo's Future". Bisnow. Archived from the original on September 9, 2021. Retrieved March 10, 2023.
  45. ^ Modi, Priyanka (March 11, 2022). "Developer, Lender Headed to Trial in Seaport Project Dispute". The Real Deal. Archived from the original on March 11, 2023. Retrieved March 10, 2023.
  46. ^ Monahan, Shea (September 7, 2022). "Fortis, Bank Leumi USA Accused of Fraud over One Seaport Mezz Loan". The Real Deal. Archived from the original on March 11, 2023. Retrieved March 10, 2023.
  47. ^ "Mezz lender Mack sues Fortis, Bank Leumi and Harel at troubled Seaport condo, seeking millions". PincusCo. September 2, 2022. Archived from the original on November 27, 2022. Retrieved March 10, 2023.
  48. ^ Young, Michael; Pruznick, Matt (November 21, 2022). "Seaport Residences Remains Stalled at 161 Maiden Lane in Financial District, Manhattan". New York YIMBY. Archived from the original on December 31, 2022. Retrieved December 31, 2022.
  49. ^ "Wave of legal action stalls completion of 'Leaning Tower of Lower Manhattan'". Crain's New York Business. May 17, 2023. Retrieved November 20, 2023.
  50. ^ Smith, Greg B. (May 16, 2023). "Stalled Condo Tower Near Wall Street Doesn't Just Tilt". THE CITY - NYC News. Retrieved November 20, 2023.
  51. ^ Brenzel, Kathryn (August 31, 2023). "Judge to Fortis, Bank Leumi: Mediate Leaning Tower Dispute". The Real Deal. Retrieved November 20, 2023.
  52. ^ Long, Ciara (August 31, 2023). "Judge: Dispute Over Unfinished Seaport Condo Tower Caused 'Exponential Devaluation'". Bisnow. Retrieved November 20, 2023.
  53. ^ Brenzel, Kathryn (October 26, 2023). "Shelly Listokin Stalls His Purchase of 161 Maiden Lane Loans". The Real Deal. Retrieved November 20, 2023.
  54. ^ Larsen, Keith (December 14, 2023). "Fortis Battles its Own Lawyers Over Seaport Fiasco". The Real Deal. Retrieved February 10, 2024.
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