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

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

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.


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)
Extell lands $690M refinancing package for One Manhattan Square
Extell lands $690M refinancing package for One Manhattan Square
Gary Barnett
Gary Barnett has something to say
Gary Barnett has something to say
Extell Development's Gary Barnett. Bluestone Group's Eli Tabak and 605 West 45th Street (Google Maps. LinkedIn, Extell Development)
Gary Barnett hunts lucrative Hell’s Kitchen assemblage
Gary Barnett hunts lucrative Hell’s Kitchen assemblage
 Extell’s Gary Barnett with Times Square Hard Rock Hotel (iStock)
Gary Barnett’s Extell repeats as Manhattan’s top borrower
Gary Barnett’s Extell repeats as Manhattan’s top borrower
Central Park Tower at 217 West 57th Street (Extell, Wikipedia)
Chinese furniture magnate purchases Central Park Tower pad for $15.3M
Chinese furniture magnate purchases Central Park Tower pad for $15.3M
NYC new development sales stay hot, but prices show signs of stabilizing
NYC new development sales stay hot, but prices show signs of stabilizing
NYC new development sales stay hot, but prices show signs of stabilizing
Extell offloads Far West Side dev site for $52M
Extell offloads Far West Side dev site for $52M
Extell offloads Far West Side dev site for $52M
Extell’s Gary Barnett with 77 West 66th Street (Extell, iStock, Pocketsights, Illustration by Shea Monahan for the Real Deal)
Barnett lands $900M for Disney UWS campus
Barnett lands $900M for Disney UWS campus
arrow_forward_ios

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

Loading...