New York City, November 1, 2025
The Rivington Company, a Brooklyn-based developer, has purchased a troubled development site at 140 Fulton Street in Manhattan’s Financial District for $26.4 million. This acquisition demonstrates the resilience of New York City’s real estate market as developers seize opportunities despite challenges. The site offers substantial air rights and favorable zoning, allowing for significant commercial or residential development that can enhance the area’s urban landscape.
Brooklyn Developer Acquires Troubled Financial District Site for $26.4 Million
Rivington Company’s Latest Investment Highlights Resilience in NYC’s Real Estate Market
New York City is witnessing a robust revival in its real estate sector, highlighted by a recent transaction in the Financial District where the Rivington Company, a Brooklyn-based developer, has acquired a troubled development site at 140 Fulton Street for $26.4 million. This acquisition, finalized on October 14, 2025, and recorded on October 29, emphasizes not only the willingness of developers to seize opportunities in challenging markets but also underscores the potential for innovation and growth in one of the city’s most iconic neighborhoods.
This acquisition aligns with the broader trend of entrepreneurial determination seen across New York City, where small developers are stepping up to the plate, fostering economic growth amid the complexities of urban development. With a low price per buildable square foot of approximately $470 and substantial air rights available, Rivington Company is poised to make a significant impact in the area.
Details of the Acquisition
The site, which currently features a 5,612-square-foot lot, comes with 56,120 square feet of additional air rights, allowing for substantial commercial or residential development. The financing of this acquisition was marked by a $17.4 million loan secured from G4 Capital Partners, showcasing the confidence financiers have in Rivington Company’s capability to transform the property into a valuable asset.
Historical Context of 140 Fulton Street
Prior to Rivington’s acquisition, the property was owned by Bank Hapoalim, which had obtained the site through a settlement that arose from a foreclosure action involving Hidrock Properties’ entity at the beginning of 2025. The evolution of ownership of 140 Fulton Street reflects the ups and downs typical in real estate, particularly in a city where regulatory challenges are prominent. The site’s previous valuation, set at $9.2 million in 2022, illustrates the fluctuating dynamics of property values in New York.
Potential and Zoning Opportunities
The zoning designation of C5-5 significantly enhances the property’s appeal, allowing for impressive buildable ratios—that’s up to 15 times the floor area ratio (FAR) for commercial development and 10 times FAR for residential use, with inclusionary housing provisions. This flexibility presents a unique opportunity for Rivington Company to craft a development that could positively contribute to the Financial District’s urban landscape.
Impact on Local Real Estate Trends
The acquisition by Rivington Company not only highlights their strategic investment in the Financial District but also reflects a pattern of increasing interest in Manhattan’s real estate market. This is evidenced by other substantial transactions in recent years, including Rockrose Development Corporation’s acquisition of property in Cobble Hill for $65 million in 2024. Such investments indicate a resilient marketplace where developers remain optimistic about future growth and community revitalization.
Conclusion
The purchase of 140 Fulton Street by Rivington Company serves as a testament to the dynamic nature of New York City’s real estate market. It embodies the spirit of entrepreneurial innovation and small business resilience that is crucial for continued economic growth. As the city continues to evolve and adapt, local businesses and developers will play a vital role in shaping its future. Community members are encouraged to support such initiatives by engaging with local developments, as these investments foster job creation and enhance the vibrancy of neighborhoods.
Frequently Asked Questions (FAQ)
What is the significance of the acquisition of 140 Fulton Street?
The acquisition of 140 Fulton Street by Rivington Company for $26.4 million signifies a strategic investment in Manhattan’s Financial District, offering potential for significant development due to its substantial air rights and favorable zoning regulations.
Who is Rivington Company?
Rivington Company, led by Travis Stabler, is a Brooklyn-based real estate development firm with a portfolio that includes at least 12 commercial properties and 221 residential units in New York City, primarily located in Brooklyn.
What is the zoning designation of 140 Fulton Street?
The property at 140 Fulton Street is zoned C5-5, allowing for up to 15 times floor area ratio (FAR) for commercial use and up to 10 times FAR for residential use with inclusionary housing.
What was the previous ownership situation of 140 Fulton Street?
Prior to its sale to Bank Hapoalim in January 2025, 140 Fulton Street was owned by Hidrock Properties’ entity, 140 Fulton Associates LLC, which faced a foreclosure action over a defaulted $32.8 million loan originated in 2018. The foreclosure case was settled, leading to the property’s transfer to Bank Hapoalim.
What is the current market value of 140 Fulton Street?
The city’s designated market value for 140 Fulton Street in 2022 was $9.2 million.
Key Features of the Acquisition
| Feature | Details |
|---|---|
| Purchase Price | $26.4 million |
| Financing | $17.4 million loan from G4 Capital Partners |
| Lot Size | 5,612 square feet |
| Additional Air Rights | 56,120 square feet |
| Zoning | C5-5 |
| City’s Market Value (2022) | $9.2 million |
| Previous Owner | Bank Hapoalim |
| Previous Ownership Situation | Foreclosure action over defaulted $32.8 million loan |
| Developer’s Portfolio | At least 12 commercial properties and 221 residential units in New York City, primarily in Brooklyn |
Now Happening on X
- @CrainsNewYork (October 31, 2025): Brooklyn developer buys troubled Financial District site for $26.4 million. View on X
- @trdny (October 31, 2025): The firm paid $26.4 million to Bank Hapoalim for the site at 140 Fulton Street, where it plans apartments and commercial space. View on X
- @REAlertNews (October 29, 2025): Developers Shop Fulton Market Rental Tower. View on X
- @NYBizJournal (October 29, 2025): A Lower Manhattan property has sold at a loss, marking a shift in the site’s planned development from hospitality to residential use. View on X
- @NextHomeRes (October 30, 2025): NYC’s top deals: Bank Hapoalim offloads troubled FiDi dev site for $26M. View on X
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