The Real Deal New York

Posts Tagged ‘lightstone group’

  • 1407-bway

    Peter Turchin and 1407 Broadway

    Texas-based marketing platform developer Main Street Hub inked a lease for 13,700 square feet at Lightstone Group’s 1407 Broadway, between 38th and 39th streets.

    The 1.1 million-square-foot, 42-story property, also owned by real estate investment trust Lightstone Value Plus REIT, is being renovated at the moment. The tenant will leave behind 1201 Broadway and head north, occupying the entire 26th floor of 1407 Broadway.  [more]

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  • From left: Lightstone Group cheif executive David Lichtenstein and rendering of 112-118 Fulton Street

    David Lichtenstein and 112-118 Fulton Street

    The Lightstone Group is one step closer to erecting its lean 59-story mixed-use tower in the Financial District.

    Demolition of the low-rise apartment buildings at 112-118 Fulton Street is reportedly imminent now that construction fencing and signs are up. Lightstone originally sought to tear down 120 Fulton Street too, but the state denied the developer’s initial bid. [more]

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  • A rendering of the retail space at 1407 Broadway

    A rendering of the retail space at 1407 Broadway

    The Lightstone Group has hired retail brokerage Winick Realty Group to market a prospective 22,000-square-foot retail cube at the base of an office tower near Bryant Park, a Winick spokesperson told The Real Deal today. [more]

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  • Site of Lightstone's planned Gowanus development at

    363 Bond Street

    Following a three-month pause after a December demolition, the Lightstone Group’s controversial 700-unit rental development along the Gowanus Canal is moving forward.

    The developer filed the first new building application for the project at 363 Bond Street on Feb. 28, which calls for a 12-story building with 268 units. The structure would span 249,571 square feet in total and include a 3,625-square-foot commercial space. [more]

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  • Suddenly, developers flocking to Gowanus

    February 06, 2014 12:25PM
    Lightstone CEO David Lichtenstein and a rendering of the Gowanus project at

    Lightstone CEO David Lichtenstein and a rendering of the project at 363-365 Bond Street in Gowanus

    The smelly waters of the Gowanus canal aren’t keeping developers from sniffing out the area’s opportunity. Big-name developers such as the Lightstone Group and Sterling Equities are bringing rental and condo buildings to Gowanus, and investors predict an increase in development activity in the coming years. [more]

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  • fulton-lightstone

    From left: Old and new plans for 112-118 Fulton Street, and Lightstone Group’s Mitchell Hochberg

    After the state denied its bid for a 421a tax abatement, Lightstone Group has opted for a leaner look for its mixed-use tower project at 112-118 Fulton Street in the Financial District. [more]

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  • Scott Avram

    Scott Avram

    The Lightstone Group’s latest major hire, Scott Avram, wants to put the company on the map as a homebuilder. The former Toll Brothers executive, who left the Brooklyn-based developer in August after nine years to spearhead Lightstone’s move into new development, said the firm has the appetite and the means to become a force in the world of ground-up construction.

    Working under David Lichtenstein, the founder of Lightstone, and Mitchell Hochberg, the founder of residential developer Spectrum Communities and Lightstone’s president, Avram has begun to assemble a team of executives to seek out ground-up development opportunities in the five boroughs, he told The Real Deal. [more]

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  • hochberg

    120 Fulton Street and Mitchell Hochberg

    Lightstone Group’s plans for a mixed-use building at 120 Fulton Street are a bit grander than its current incarnation.

    The developer, which has officially filed a Department of Buildings application outlining its plans, aims to build a 48-story, 452-unit project between Nassau and Dutch streets. [more]

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  • gantry-park-landing

    Gantry Park Landing at 2-14 50th Avenue

    Gantry Park Landing, a Lightstone Group rental project in Long Island City, has leased about 60 percent of its units, according to Aptsandlofts.com, the brokerage marketing the development.

    Since Aptsandlofts.com launched leasing in July, 120 of the 199 units at the 12-story building at 2-14 50th Avenue are taken. The project offers studio apartments ranging in size from 440 to 475 square feet, one-bedrooms sized from 580 to 700 square feet, two-bedrooms from 900 to 1,000 square feet, and 1,250-square-foot three-bedroom apartments. Monthly rents range from $1,875 to $4,750. [more]

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  • lightstone-fulton

    Lightstone’s Mitchell Hochberg and 114 Fulton Street

    The Lightstone Group got the boost it needed for its $280 million Lower Manhattan tower project – a $43 million construction loan from Mexico-based Banco Inbursa SA, the Wall Street Journal reported.

    The interim bridge loan has a one-year term with two one-year extensions. Lightstone plans to build a 48-story tower at Fulton Street, between Nassau and Dutch streets, where five buildings now stand. The developer spent $76 million on the buildings – along with air rights for several others – with the intention of tearing them down in October. [more]

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  • Staybridge Suites, an Extended Stay hotel at 340 West 40th Street

    Staybridge Suites, an Extended Stay hotel located at 340 West 40th Street

    Extended Stay America filed plans for an initial public offering Monday, signifying a quick turnaround for the once-distressed hotel chain, the Wall Street Journal reported.

    A person familiar with Extended Stay said its equity is worth between $3 billion and $4 billion. The 682-hotel chain has had several reversals of fortune as well as multiple owners in the past few years. In 2007, Blackstone Group sold the chain to David Lichtenstein’s Lightstone Group for $8 billion, but Extended Stay filed for bankruptcy protection in 2009 after buckling under heavy debts as a result of the acquisition. [more]

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  • 47-plaza-street-west-park-slope

    47 Plaza Street West in Park Slope (Credit: StreetEasy)

    Brookfield Financial to serve as exclusive agent for $35 million building at 247 West 30th Street. Bruce Willis puts Beverly Hills home on market for $22 million. Co-op building at 47 Plaza Street West, asking nearly $5 million, enters contract after less than a month. Rental-turned-for-sale duplex penthouse at 159 Duane Street asks $5.85 million. Lightstone’s 12-story residential project near Hunters Point South advances fast. Read these stories and more after the jump.

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  • Gowanus Canal

    Several City Council members are not happy with the repeated flooding of the Gowanus Canal, and they are hoping that a study of the effects will be conducted before new developments move forward. [more]

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  • From left: Lightstone’s David Lichtenstein, aptsandlofts’ David Maundrell and an image of Gantry Park Landing from the teaser site

    The Lightstone Group will begin leasing the 12-story, 199-unit Gantry Park Landing rental in Long Island City this summer, according to a company release, with Brooklyn brokerage aptsandlofts.com serving as the exclusive leasing and marketing agent. [more]

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  • David Lichtenstein and a rendering of the Gowanus project

    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]

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  • David Lichtenstein and a project rendering

    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]

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  • From left: 114 Fulton Street and Lightstone Group president Mitchell Hochberg

    The Lightstone Group has purchased a cluster of three buildings on Fulton Street in Lower Manhattan, as well as air rights for three adjacent properties owned by Time Equities, according to city records. The deal is worth roughly $63 million, sources familiar with the transaction told The Real Deal. Moreover, Lightstone has permission to demolish the three buildings, one source said, and may develop a mixed-use property. According to The Real Deal’s calculations, the development could exceed 300,000 square feet. Meir Milgraum, Lightstone’s director of acquisitions, orchestrated the deal, which had been in the works for several months, a source said. The development site is nestled between Fulton, Nassau, Dutch and John Streets. … [more]

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  • Cleaning the polluted Gowanus Canal may cost the city even more than the estimated $467 million to $504 million, now that the federal government is forcing the city to prevent millions of gallons of raw sewage from being dumped into the Superfund site, the Brooklyn Paper reported. To prevent the sewage from making its way to the canal, the city may need to construct $78 million worth of catch basins buried alongside the banks of the canal. [more]

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  • Gowanus Canal

    Cleaning the polluted Gowanus Canal is estimated to cost between $467 million to $504 million, the New York Times reported. The proposed clean-up plan involves splitting the canal into three sections: In two heavily polluted sections, crews will dredge the canal floor, mixing it with concrete and then topping it with gravel, sand and clay layers. The third portion would be similarly dug and then topped with a layer of sand. [more]

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  • Lightstone Group names new president

    December 13, 2012 08:30AM

    Peyton Owen and Mitchell Hochberg

    The Lightstone Group, one of the country’s largest private real estate owners, will promote Chief Investment Officer Mitchell Hochberg to president of the firm, when current president Peyton Owen retires, representatives for the group told The Real Deal. The firm has recently ramped up its New York City presence, with projects in Brooklyn, Queens and the Bronx. The group owns multifamily, office, industrial, hotel and retail properties in 19 states…. [more]

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