Posted Jun 13, 2014, 7:50 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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http://jewishbusinessnews.com/2014/0...n-170-million/
David Lichtenstein’s Lightstone Group to Sell FiDi Site for More Than $170 Million
California’s Carmel Partners Expands its foothill in New York as Lightstone divests itself of an asset there.
Quote:
New York real estate firm Lightstone Group has agreed to sell its development at 112-118 Fulton Street in lower Manhattan to the San Francisco-based investment and building firm Carmel Partners for more Than $170 million, according to reports.
The plan was originally to build between 112-120 Fulton, but Lightstone was forced to remove 120 after it failed to win approval for a 421-a tax abatement. The site is said to hold anywhere from 380,000 to 406,000 square feet.
The building site includes three separate parcels of land with air rights above on Fulton and Dutch Streets. The firm had already demolished several old low rise apartment buildings there. It was the aspiration of Lightstone to construct a 48 story, 452 unit tower there, and later a 460 unit 59 story building on the site, 20% of whose units were to be reserved for affordable housing under a standard 80/20 plan.
This will be the second development site in Manhattan for Carmel Partners which is headed by Ron Zeff. Carmel owns and develops property across the United States with an emphasis in California and Washington, D.C. The company is part of a joint venture which is building a residential tower at 325 Lexington Avenue, between 38th and 39th streets in Midtown Manhattan.
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