Lightstone interested in developing Toll Brothers’ abandoned Gowanus Canal site

TRD New York /
Jul.July 31, 2012 02:30 PM

On the same day The Real Deal reported Toll Brothers expressed interest in a trio of Manhattan buildings, Brownstoner reported that one of its old development sites is being examined by another developer. The Bond Street lot off the Gowanus Canal where Toll once planned a more than 600,000-square-foot mixed-use development is now being examined by the Lightstone Group.

Though ownership of the property hasn’t been transferred, Lightstone has approached the Department of City Planning seeking a minor modification to Toll Brothers’ original plan that would alter the arrangement of the affordable units within the zoning variances the original developer already secured, a spokesperson for Lightstone told The Real Deal (note: correction appended).

Toll had laid plans for 460 condominium and townhouses after cleaning the Gowanus Canal, but abandoned the project when the waterway earned Superfund status in 2010. An investigation by the Environmental Protection Agency later found that Toll had underestimated the scope of the contamination of the canal. But the Lightstone spokesperson said that its proposal is unrelated to the potentially decade-long clean-up process and could even break ground by 2013, pending City Planning approval (note: correction appended).

Lightstone Group is also planning to bring the city’s first outlet mall to the Whitestone Cinemas site it purchased earlier this year for $30 million. [Brownstoner]

Related Articles

From left: Noah Isaacs , David Lichtenstein and John Meadows

Lightstone leads $8M funding round for appraisal startup Bowery Valuation

Clockwise from left: 532-542 Union Street and 232 Third Avenue in Gowanus, Tavros' Colin Rankowitz and Avery Hall's Brian Ezra (Credit: Terra CRG, Tavros, Avery Hall)

Gowanus gold rush: Avery Hall, Tavros, Charney buy sites for $55M

An aerial of 469 President Street, 473 President Street, 514 Union Street (Credit: Google Maps)

Avery Hall Investments buys Gowanus development site for $44M

Lightstone Group Chairman and CEO David Lichtenstein and the Tel Aviv Stock Exchange (Credit: Lightstone and iStock)

Lightstone becomes third NYC developer in a week to plan new Tel Aviv bond issuance, targeting $73M

Douglas Yearley of Toll Brothers

Homebuilder Toll Brothers looks to higher-earning millennials amid down Q3 results

Prime Minister Mette Fredriksen and President Donald Trump (Credit: Getty Images and iStock)

Well, that escalated fast: A timeline of Trump’s Greenland adventure

2686-2690 Broadway, Hank Fried of Branic International Realty (left), and Doug Yearley of Toll Brothers (Credit: Google Maps, Getty Images, and Toll Brothers)

Toll Brothers buys controversial Marrakech Hotel site for $44M

Lightstone Group CEO David Lichtenstein and Moxy Chelsea at 105 W 28th Street (Credit: Lightstone and Facebook)

Lightstone gave its neighbors $7M to build a hotel. Then the neighbors secretly went to war, suit claims.