New transit hub sparks NYC development

The MTA's Fulton Center project in New York's Financial District is spurring commercial development.

The $1.4 billion Fulton Center project by New York City's Metropolitan Transportation Authority aims to improve access and connections between six Lower Manhattan subway stops at Fulton Street and Broadway Avenue.

The large-scale project is spurring more commercial development nearby, specifically, a 12-story, 190,000-square-foot office building at 156 Williams St. that Crain's New York said could get at least $60 million in a sale.

The source reports that if the sale of the building by Capstone Equities is finalized soon, it would be the at least the third property in the area to change hands in the past few weeks. According to Crain's, the other buildings in the heart of the city's financial district to have been sold recently include 123 William St. – which was sold for $133 million – and 100 William St., which fetched a price of about $170 million.

Future of the Financial District
William Street is benefiting greatly from the Fulton Center project, as developers scurry to establish office, retail and other commercial properties by the time the work is completed. Prices in the neighborhood are around just $300 per square foot, according to Crain's, which is much lower than other neighborhoods. Commercial entities are rushing to get in on the inexpensive real estate. 

"William Street is increasingly becoming recognized," said Brad Gerla, a broker with CBRE Group who specializes in downtown leasing, told Crain's New York. "You're very close to the new transit hub, it has an incredible residential community in the area and it's an easy hop to the FDR. Tenants are attracted to all of those attributes."

According to the MTA, Fulton Center will serve 300,000 customers daily, who will have convenient access to the center's own 70,000 square feet of retail and office space. The project is to be completed in June, but its proximity to the construction of One World Trade Center has made access difficult.

Fulton Center will eventually connect to the World Trade Center site, Port Authority of New York and New Jersey trains, and Hudson River ferries, the MTA reported. It also is adjacent to the historic Corbin Building, a nine-story Romanesque Revival structure that was built in 1889 and is being rehabbed by the MTA as part of the project. It will serve as an entrance to the subway station.

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