Extell buys Bronx’s Whitestone from Lightstone for $41M

Lichtenstein-led firm acquired property for $30M in 2012, reportedly planned outlet mall

TRD New York /
Oct.October 20, 2015 10:48 AM

Gary Barnett is making moves in the Bronx.

Extell Development acquired the former Whitestone Multiplex Cinemas, a large development site in the Schuylerville neighborhood of the Bronx, from David Lichtenstein’s Lightstone Group for $41 million.

The deal closed Oct. 9, according to property records filed with the city Tuesday. Lightstone paid $30 million for the former 14-screen cinema, located at 2505 Bruckner Boulevard, in 2012.

The developer reportedly sought to convert the property, which has more than 829,000 buildable square feet, into a Woodbury Commons-style shopping center that would have been New York City’s first outlet mall. While Lightstone closed the cinema in 2013, the firm never filed plans for the site, and neither has Extell so far.

Meridian Capital Group’s David Schechtman represented both sides of the transaction on behalf of his former brokerage, Eastern Consolidated.

The property is located near Westchester Creek, near the border between the Bronx neighborhoods of Schuylerville and Throggs Neck.

Neither Extell nor Lightstone could be immediately reached for comment.

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