The Lightstone Group picked up a $120 million construction loan for a 12-story apartment complex on the banks of the Gowanus Canal. [more]
Posts Tagged ‘david lichtenstein’
Updated, 11:44 a.m., May 3: Just a few years after the Extended Stay hotel chain debacle, the Lightstone Group’s chief executive officer David Lichtenstein has made a strong statement in the New York City market, and now has several major projects in the works, the New York Times reported.
In 2009, only two years after Lichtenstein bought a portfolio of nearly 700 Extended Stay Hotels for $8 billion –mostly financed through debt – he put the hotel chain into bankruptcy protection, which he told the Times was a “humbling” experience. Now, however, Lightstone has several big-ticket projects on the agenda. [more]
The City Planning Commission yesterday approved Lightstone Group’s plan to build a 700-unit rental development at 363-365 Bond Street on the Gowanus Canal, the developer said. The agency granted Lightstone permission to build on an as-of-right basis, finding the project complied with a 2009 rezoning of the area. Lightstone had previously proposed a modification to the plan, prompting several groups to question whether a more stringent review process was necessary. [more]
From the December issue: Ruby Schron is not the type of real estate mogul who has racks of shiny suits spilling out of his closet.
Associates of the septuagenarian investor describe him as “the opposite of pretentious” and “anything but glitzy” — a man so careful with his money that he still lives in the same single-family home in Brooklyn where he raised his eight children, even as his fortune has swelled into the hundreds of millions of dollars. [more]
The Lightstone Group has donated 11,309 square feet of office space at 1407 Broadway to businesses ravaged by Hurricane Sandy, Real Estate Weekly reported. The effort comes as part of a city program — Lightstone joined forces with the city Economic Development Corporation — to help these businesses get back to work.
“We have seen so much devastation throughout New York City since Hurricane Sandy hit,” David Lichtenstein, Lightstone chairman and CEO told REW. “We wanted to do something meaningful, and felt it was important to donate office space to help businesses get back online.” [more]
David Lichtenstein’s Lightstone Group, owner of multi-family, retail and office properties in 27 states, is set to enter one of New York’s emerging residential markets, having just purchased a residential development site at 50-01 2nd Street in Long Island City for $19.3 million, or $105 per buildable square foot, Real Estate Weekly reported.
The site’s close proximity to Avalon Bay Communities’ Avalon Riverview South, the 7 train and the East River were all selling points, said Gary Blum, a partner at Pinnacle Realty, who represented the seller alongside Pinnacle’s Decio Baio and David Junik.
“They knew Long Island City was growing,” he said. … [more]