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.


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

From left: Noah Isaacs , David Lichtenstein and John Meadows

Lightstone leads $8M funding round for appraisal startup Bowery Valuation

Gary Barnett and 1855 Broadway (Credit: Google Maps)

Gary Barnett assembling Columbus Circle development site

Extell Development chairman Gary Barnett and One Manhattan Square (Credit: Anuja Shakya, StreetEasy)

Rent now, buy later at Extell’s One Manhattan Square

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 Group CEO David Lichtenstein and Moxy Chelsea at 105 W 28th Street (Credit: Lightstone and Facebook)

Lightstone gave its neighbors $7M to build a hotel. Then the neighbors secretly went to war, suit claims.

José Cuervo owner Juan Beckmann Vidal and 1010 Park Avenue (Credit: Getty Images, StreetEasy)

Mexican billionaire buys Park Ave pad for $25M amid shopping spree

From left: 241 East 73rd Street, 1514-1528 First Avenue, and Extell Development's Gary Barnett (Credit: Google Maps)

Here’s what the $10M–$20M NYC investment sales market looked like last week

arrow_forward_ios