Lightstone to build 48-story LoMa tower

TRD New York /
May.May 03, 2013 08:30 AM

Updated, 11:44 a.m., May 3: The Lightstone Group will build a 48-story residential and commercial building on its assemblage site at Fulton Street, DNAinfo reported.

Located between Nassau and Dutch streets, the 463-unit tower will rise in a block scattered with low-rise shops and apartment buildings, replacing a row of smaller buildings that will be razed, representatives for Lightstone told Community Board 1 on Wednesday. Lightstone paid $63 million for the assemblage parcel, which included air rights from nearby Time Equities’ buildings, as The Real Deal reported. 

About 20 percent of the units, or 93 apartments will be affordable, and Lightstone will give preference to Community Board 1 residents in Lower Manhattan, Meir Milgraum, the company’s director of acquisitions and development, said at the meeting attended by DNAinfo. The affordable component would require a zoning change.

The project will also include 20,000 square feet of retail space, Milgraum added.

The failure of the overleveraged Extended Stay Hotels deal cost Lichtenstein’s lenders billions of dollars, set off a raft of lawsuits and required him to pay more than $100 million for breaking a pledge to stay out of Bankruptcy Court.

In July 2011, chief executive officer David Lichtenstein was ordered by the New York State Supreme Court to pay lenders a $100 million penalty for placing the Extended Stay hotel chain in bankruptcy protection, but Lightstone has since made a strong comeback with a number of big-ticket projects.  [DNAinfo]Hiten Samtani

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Harvey HHernandez (Credit: Airbnb)

Airbnb sues Miami partner in branded apartments concept

From left: Authentic Brands Group CEO Jamie Salter, Simon Property Group CEO David Simon, and Forever 21 CEO Do Won Chang (Credit: Getty Images)

Forever 21’s biggest landlord could become its new owner

Refinancings spur mortgages to record high

The mortgage industry is booming

U.S. Rep. Alexandria Ocasio-Cortez and Sunnyside Yards (inset) (Credit: Getty Images and Wikipedia)

AOC resigns from Queens megadevelopment steering committee

Michelle Williams and Tommy Kail and their Brooklyn Heights townhouse (Credit: Getty Images, Google Maps)

Michelle Williams, Tommy Kail buy $10.8M home in Brooklyn Heights