The Real Deal New York

Lightstone buys two FiDi properties for $23M

Site at 92-94 Fulton St. sits next to developer's upcoming 50-story residential/hotel tower

May 26, 2015 01:15PM
By Rich Bockmann

92-94 Fulton Street and David Lichtenstein (inset)

92-94 Fulton Street (inset: David Lichtenstein)

David Lichtenstein’s the Lightstone Group picked up a pair of Fulton Street development sites from Fisher Brothers for more than $23 million, property records filed with the city Tuesday show. The properties lie next to the Financial District development site where Lightstone is planning to build a residential tower and hotel.

The deal for 92 and 94 Fulton Street closed earlier this month for a total of $23.25 million, property records show.

Representatives for Lightstone were not immediately available for comment.

Shortly after paying $10 million to buy 92 Fulton Street last year, Fisher Brothers filed plans to build a 16-story residential building on the site.

The properties sit on the southern side of Fulton Street between the Fulton Transit Center and the South Street Seaport where the Howard Hughes Corp. is planning a renovation of the retail pier, two projects that are transforming the street into a shopping destination.

Lightstone has a development site on the side of the block at 128-130 William Street, where it is planning to build a 50-story residential building and hotel. It was also looking to build a 59-story mixed-use tower at 112-118 Fulton Street, but sold that site to San Francisco-based investment and building firm Carmel Partners.