505 Fulton's Transformation to Residential Begins

For a long time there’s been talk of converting 505 Fulton, the landmarked beauty on Fulton Street adjacent to the H&M site, into a luxury residential development. Well, the process has finally begun. Construction crews have been gutting the interior, which has been called as “an absolute car wreck.” (This picture was taken along Duffield Street, where most of the work has been done.) Here are details from developer United American Land’s website:

The company is currently planning an ambitious 594,000 square foot development at 505 Fulton Street, a building UAL has owned for 30 years. Bounded by Willoughby, Bridge, and Duffield Streets, the development will include a major family-accessible national retail store on the first two levels and luxury residential condominiums above. At the heart of the project is preservation and restoration of the existing 505 Fulton Street to its original historic character and grandeur, and conversion of the property into an anchor of the revitalized Fulton Mall and surrounding district.

According to recent DOB records, the architect involved is Greenberg Farrow, who also designed City Point. Work on the H&M next door started in May. You can see a picture of that construction site after the jump. GMAP