Lightstone acquires Yorkville rental building for $33M

Developer plans to build 18-story, 30-unit condo at 40 East End Ave.

New York /
Jun.June 02, 2015 03:40 PM

David Lichtenstein’s Lightstone Group has acquired a residential rental building at 40 East End Avenue in Yorkville in a $32.5 million all-cash deal.

Lightstone plans to demolish the six-story, 40-unit building on the site and replace it with a new 18-story, 30-unit condominium, according to president and chief operating officer Mitchell Hochberg.

The company purchased the property, located between East 81st and East 82nd streets, from seller Emanuel Cherney, according to the New York Observer. Oxford Porperty Group’s Adam Mahfouda represented Lightstone in the deal while Citi Habitats’ Terry di Paolo represented the seller.

Lightstone has tapped architect Deborah Berke Partners for the condo project, which will include a fitness center, residents’ lounge and library, children’s playroom and indoor parking for residents.

The developer filed plans earlier this year for a 50-story mixed-use residential and hotel building at 128 William Street in the Financial District, and recently targeted $2 billion in hotel property investments in Manhattan and Brooklyn. [NYO]Rey Mashayekhi


Related Articles

arrow_forward_ios
Barbara Russo, Danielle Englebardt, and Oren and Tal Alexander (Getty, iStock BFA)
Ranking the top residential brokers on the Upper East Side
Ranking the top residential brokers on the Upper East Side
Clockwise from center: 2 East 88th Street, 11 East 69th Street, 1125 5th Avenue and 12 East 63rd Street (Google Maps, Elliman/Illustration by Kevin Rebong for The Real Deal)
Ranking the top 20 home sales on the Upper East Side
Ranking the top 20 home sales on the Upper East Side
Lightstone Group CEO Mitchell Hochberg and Marriott International CEO Anthony Capuano with a rendering of The Moxy Williamsburg (Getty, Lightstone, iStock)
Marriott, Lightstone Group bet on hotel recovery
Marriott, Lightstone Group bet on hotel recovery
Lighstone Group CEO David Lichtenstein and 365 Bond Street in Brooklyn (Photos via Lightstone; 365bond; iStock)
Lightstone bought Gowanus parcels for a pittance, seller’s sons allege
Lightstone bought Gowanus parcels for a pittance, seller’s sons allege
From left: David Lichtenstein, Nathan Berman and David Schwartz
Not so fast, vultures: Multifamily among better “food groups” poised to weather pandemic
Not so fast, vultures: Multifamily among better “food groups” poised to weather pandemic
Tonight on TRD Talks: Maintaining multifamily in a tumultuous time
Tonight on TRD Talks: Maintaining multifamily in a tumultuous time
Tonight on TRD Talks: Maintaining multifamily in a tumultuous time
From left: Noah Isaacs , David Lichtenstein and John Meadows
Lightstone leads $8M funding round for appraisal startup Bowery Valuation
Lightstone leads $8M funding round for appraisal startup Bowery Valuation
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
Lightstone becomes third NYC developer in a week to plan new Tel Aviv bond issuance, targeting $73M
arrow_forward_ios

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

Loading...