KDH BPI Project Summary NYC Highrise Development

NEW YORK CITY
REAL ESTATE DEVELOPMENT

SUMMARY
Exclusive Project Information
Keystone Development Holdings LLC / Black Pearl Investments I LLC
Phone: 646-481-3801 / 305-473-6019

Email: JRC@BLACKPEARLINVESTMENTS.COM
BC@RSCOMLENDING.COM / BC@KDHFUND.COM
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Project Summary
1. Project Overview
The proposed building is on the waterfront south of the Brooklyn Bridge in lower
Manhattan that is next to Wall Street, running though the block to Front Street.
The building is expected to be approximately 1,436 feet and 113 stories in height,
with a street wall of 105 feet on South Street and a street wall of 85 feet on Front
Street. It would contain up to 817,784 square feet of zoning floor area, with up to
441,077 square feet of residential floor area and 376,707 square feet of floor area
for hotel, office, or retail use. The commercial uses are expected to be located in
the lower floors of the building, with separate lobbies for the commercial and
residential components. It would contain up to 50 accessory parking spaces below
grade.
Site has a lot area of 42,694 square feet, a total of 426,940 square feet of floor
area. At an FAR of 25, a maximum of 1,067,350 square feet of floor area are
permitted by the Zoning Resolution to be developed on the zoning lot, including not
more than 512,328 square feet for residential use, at an FAR of 12.0.
2. Background
The Brooklyn Bridge Southeast Urban Renewal Plan for the South Street Seaport
was approved by the City Planning Commission on May 15, 1968 and by the Board
of Estimate on July 24, 1969 covering the area generally bounded by the Brooklyn
Bridge to the north, the East River to the east, John Street to the south, and Pearl
and Water Streets to the west (the “Urban Renewal Plan”). The Urban Renewal
Plan’s goal was for the “restoration and rehabilitation” of the area southeast of the
Brooklyn Bridge, including the South Street Seaport, through a mix of preservation,
pedestrian amenities, and new commercial and residential development.
In 1972, the City Planning Commission adopted the Special South Street Seaport
District (now a Subdistrict within the Special Lower Manhattan District) as a new
zoning special district.
The South Street Seaport Historic District was adopted by the City Planning
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Commission on June 15, 1977. Since creation of the Special District, the City
Planning Commission has certified the transfer of approximately 1,066,659 square
feet of Seaport Development Rights to six sites. One of the sites is the proposed
project site on South Street.
3. Surrounding area
The Site is located in Community District 2 in Manhattan, in a C5-3 zoning district,

which is a high-density office and residential district that permits a maximum of
10.0 FAR for residential use and 15.0 FAR for commercial or community facility use.
These areas are developed with many tall office towers that are characteristic of
Lower Manhattan, including three office buildings developed using Seaport
Development Rights.
To the north and west of the Site is the Southbridge Towers residential complex, a
Mitchell-Lama complex of several buildings built pursuant to the Brooklyn Bridge
Southwest Urban Renewal Plan. The NYU Downtown Hospital and St. Margaret’s
Home for the elderly are notable community facility uses in the surrounding project
area.
4. Transportation
The Site is served by several major subway lines, at the Fulton Street and Wall Street
subway stations, approximately five blocks away, and by the M15 Select Bus on
Water Street, one block to the west. The FDR Drive, a major north-south arterial
highway, runs along the eastern edge of the Site.
5. Outlook
The story for the luxury real estate market has been cautiously optimistic especially
in the upscale high-rise residential market in Manhattan that are for sale. In the $4
million to $10 million dollar range market, The Olshan Luxury Market Report, which
reports each week on contract activity at $4 million and above, jumped from an
average of just above 16 deals per week in January to an average of 25 deals per
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week in February, then to an average of just under 32 per week for the first three
weeks of March.
Probably the most active market in the city has been for lower priced units,
especially those priced at $2,500,000 and below. The rental market remains
extremely strong, still at its highest point in recent memory (although a bit weaker
perhaps than it was six months ago.) These properties at $2 million and below are
the ones for which the leverage between buying and renting tilts towards buying,
especially on an after-tax basis. At this level, inventory remains tight.
Sales activities
Source: Manhattan Real Estate
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6. Site Map
Proposed site
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7. Proposed Project Rendering
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NEW YORK CITY

REAL ESTATE DEVELOPMENT

Keystone Development Holdings LLC / Black Pearl Investments I LLC

Phone: 646-481-3801 / 305-473-6019

The Site is located in Community District 2 in Manhattan, in a C5-3 zoning district,

7. Proposed Project Rendering

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