Lightstone acquires East Village resi portfolio for $127M

David Lichtenstein-led firm buys six buildings holding 181 units from Pan Am Equities

May.May 05, 2016 08:38 AM

David Lichtenstein’s Lightstone Group acquired a portfolio of six multifamily rental buildings holding 181 units in the East Village from Pan Am Equities for more than $127 million.

The Midtown-based real estate investment firmTRData LogoTINY paid $52.1 million for five separate five-story buildings holding a combined 75 units at 112-120 East 11th Street, and also acquired a six-story, 106-unit property at 85 East 10th Street for $75.4 million. All of the buildings are located between Third and Fourth avenues.

The deal closed April 21, according to the Commercial Observer. News of the transaction was first reported by EV Grieve.

Lightstone recently secured $330 million in financing for the hotel conversion of a 16-story office building at 485 Seventh Avenue in Times Square, as well as a $75 million construction loan for its new 10-story rental building in Long Island City.

Lichtenstein was recently identified as the mystery donor who gave $50,000 to the Nassau Democratic Committee, which backed Todd Kaminsky’s bid to replace Dean Skelos in the senate. Reports claim Lichtenstein made the bid at the request of de Blasio’s top fundraiser, Ross Offinger, who’s the subject of a federal investigation[CO]Rey Mashayekhi

Related Articles

Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

Tonight on TRD Talks: Maintaining multifamily in a tumultuous time

Tonight on TRD Talks: Maintaining multifamily in a tumultuous time

Absent federal assistance, landlords and real estate developers are at the mercy of their lenders. (Credit: iStock)

Landlords locked out of $350B Paycheck Protection Program

Charles Kushner and 331 East 9th Street (Credit: Kusner Photo by Ilir Bajraktari/Patrick McMullan via Getty Images; Google Maps)

Judge grants Kushner tenants free rent at East Village complex

Michael Gianaris (NY Senate, iStock)

Gianaris proposes relief bill for renters and landlords, but not banks

42-46 2nd Avenue (Credit: Google Maps)

LA real estate firm buys shuttered church site for $40M