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