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Lightstone snags Garment District building for $200M

Developer plans to gut-renovate 485 Seventh Avenue or convert it into hotel

From left Mitchell Hochberg and 485 Seventh Avenue
From left Mitchell Hochberg and 485 Seventh Avenue

The Lightstone Group bought a 16-story building at 485 Seventh Avenue for approximately $200 million.

Lightstone, lead by president and chief operating officer Mitchell Hochberg, purchased the 235,000-square-foot, Garment District building and will either gut-renovate it or convert the property into a hotel, according to Crain’s.

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Eretz Group sold the building, which is located between 36th and 37th streets. The company has seen an uptick in creative and tech-firms who are looking for office space in the area.

“This is a fantastic location that has done well with office tenants and is poised to continue to improve,” Hochberg told the website. [Crain’s] — Claire Moses

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