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Fisher Brothers Real Estate To Build Tallest Apartment Building In Lower Manhattan

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New York’s Fisher Brothers’ and The Witkoff Group’s new apartment building will be the tallest in Lower Manhattan.

According to the current plans filed with New York City’s Department of Buildings, the residential project currently under construction at 22 Thames Street, just south of the World Trade Center, will rise to 960 feet in height and have seventy stories, dwarfing all other residences in the area.

The edifice, designed by architect Rafael Vinoly, will house more than 400 rental units, as opposed to the more fashionable luxury condominiums and cooperative apartments which are usually built in New York City.

22 Thames will have 359, 130 square feet, 11, 435 of which will be reserved for retail space on the first two levels. The residential units will average 6, 500 square feet.

Facilities will include a fitness room, club room, library, conference room, yoga room, deck, squash court, screening room, and a swimming pool.  Construction is expected to be completed in spring of 2017.

Fisher Brothers Real Estate founded in 1915 by Martin, Larry and Zachary Fisher and currently deals in finance, asset management, private equity funds and real estate management in addition to its core construction business. 

Under Steven Fisher’s leadership,  the Plaza has become one of New York’s leading construction management and general contracting firms with annual revenues of more than $1 billion, and more than 250 employees.

They currently own six luxury properties in Manhattan. The family’s fortune was estimated at more than $12 billion in 2012.

The Fishers are renowned for their philanthropy.  Their Fisher Brothers Foundation supports charities and nonprofits such as New York Presbyterian Hospital, New York’s Finest Foundation, The Police Athletic League and Lincoln Center.

They endowed Fisher House, a nationwide network of homes that house family members of hospitalized military service personnel which is currently chaired by third generation Fisher partner Ken Fisher.  There are 56 “comfort homes” across the United States which were given to the military for its use.

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Senior partner Arnold Fisher is known for his dedication to causes related to the U.S. military and its veterans. He supports and is the honorary chairman of the Intrepid Fallen Heroes Fund, a nonprofit which gives aid to the families of U.S. soldiers who died while in military service.

Arnold Fisher is personally responsible for the construction of more than 15 million square feet of space, both commercial and residential.  He developed the four signature midtown office towers that are the centerpieces of the current Fisher Brothers portfolio.

Steven Charles Witkoff, 57, is a New York real estate investor, founder, chairman and chief executive officer of the Witkoff Group, a fully integrated real estate investment firm that owns a diverse portfolio of real estate in select U. S. markets. The company specializes in identifying and acquiring undervalued properties in key central business district locations as well as assets with strong re positioning potential in newly emerging markets.

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Their growing portfolio includes office and industrial properties, residential buildings, and various land and hotel development interests. The firm oversees every facet of ownership and controls all aspects of its operations, including property management, leasing, construction, maintenance and cleaning.

The Fisher/Witkoff project has not been without controversy, though.  The demolition of a nearby building began on April 15th and is expected to last for four months.  During this time Thames Street, which is a popular corridor for pedestrians and tourists heading to the September 11th memorial, will be closed by the city to all traffic, angering many local residents.

Experts are closely observing the construction at 22 Thames because they see it as an indicator of the future of residential high rise building in Manhattan.

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