A prime development site in Manhattan’s Financial District has been sold for $53 million, signaling a significant new mixed-use project for the area. The property, located at 75-83 Nassau Street, was represented by JLL Capital Markets and acquired by Fulltime Management and Montgomery Street Partners.
Key Takeaways
- A 275,000-square-foot development site in FiDi sold for $53 million.
- The new owners plan a residential-led mixed-use tower with ground-floor retail.
- The site benefits from vested 421a tax incentives and significant zoning flexibility.
Prime Location and Development Potential
The 75-83 Nassau Street site, assembled over several years by seller Lexin Capital, is strategically positioned near the Fulton Street transit hub. It offers approximately 275,000 square feet of permitted zoning floor area, with a substantial 225,000 square feet designated for residential use. This zoning flexibility, combined with vested tax incentives, allows for the potential development of around 265 apartment units.
Future Mixed-Use Project
The buyers, Fulltime Management and Montgomery Street Partners, intend to construct a large-scale mixed-use development. The project will feature a residential-led tower, complemented by ground-floor retail spaces and additional second-floor commercial areas. This development is expected to contribute to the ongoing evolution of one of Manhattan’s most transit-connected and dynamic neighborhoods.