The Real Deal New York

Lightstone turns hefty profit on sale of Fulton St. site

Firm bought property for $63M two years ago, selling it for $171M
September 30, 2014 09:00AM

San Francisco-based Carmel Partners officially completed the purchase of a downtown development site for $171 million.

The transaction, which was first reported by The Real Deal in June, also includes development rights.

The site, sold by the Lightstone Group, encompasses 112, 114, 116 And 118 Fulton Street on the corner of Dutch Street. Lightstone, which is led by Daved Lichenstein, bought the property and development rights from surrounding parcels in 2012 for $63 million.

This is the second development site in Manhattan for Carmel. The California-based company is also part of a joint venture that is building a tower at 325 Lexington Avenue. [Crain’s] — Claire Moses