Lightstone buys 130 William St. for $60M

Distressed office property was owned by Triangle Assets

New York /
May.May 16, 2014 03:08 PM

The Lightstone Group paid $60 million for a 12-story, 142,000-square-foot distressed office building at 130 William Street in Lower Manhattan, according to property records filed with the city Thursday.

The property, located between John and Fulton Streets, is more than half vacant, according to CoStar, and could be ripe for a conversion to condominiums.

Tenants include Duane Reade and insurance service provider Compass Rose Services. Triangle Assets owned the distressed property, which went into receivership in 2012, according to state Supreme Court documents. Earlier this month, Triangle settled in court with their lender, East West Bank. Triangle must make a payment to the bank by May 30, according to the agreement.

The building is a stone’s throw away from Lightstone’s upcoming 59-story mixed-use tower at 112-118 Fulton Street.

Representatives for Lightstone and Triangle couldn’t immediately be reached for comment. It is unclear which brokers were involved in the deal.

Lightstone, headed by David Lichtenstein, is one of the largest private real estate owners in the country, with a recent surge in activity in New York. Along with 112-118 Fulton Street, the firm is developing a 700-unit rental project along the Gowanus Canal.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
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
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
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Georgetown Co. will bring life sciences hub to Far West Side
Georgetown Co. will bring life sciences hub to Far West Side
Georgetown Co. will bring life sciences hub to Far West Side
New York Times tower at 620 Eighth Avenue and Park Avenue Plaza at 55 East 52nd Street (Photos via Wikipedia Commons, Google Maps)
That empty feeling: Manhattan office availability at record-worst 15.5%
That empty feeling: Manhattan office availability at record-worst 15.5%
Zynga founder Mark Pincus, Hippo founders Assaf Wand and Eyal Navon, and LinkedIn co-founder Reid Hoffman (Getty, LinkedIn)
Hippo strikes $5B SPAC deal with LinkedIn, Zynga founders
Hippo strikes $5B SPAC deal with LinkedIn, Zynga founders
The company currently operates 761 stores, and intends to open 100 new stores this fiscal year. (iStock)
Retailer Burlington plans to double store count
Retailer Burlington plans to double store count
Treasury Secretary Janet Yellen (Getty)
Treasury to invest $9B in minority and community-based lenders
Treasury to invest $9B in minority and community-based lenders
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...