Lightstone sells EV rental building to Mallory for $73M

Seller is planning Moxy hotel on nearby parcel

New York /
Nov.November 29, 2016 03:20 PM

David Lichtenstein’s Lightstone Group sold a 121-unit rental building to Mallory Management for $72.5 million, or more than $1,000 a foot, sources told The Real Deal.

The seven-story building at 85 East 10th Street, located between Third and Fourth avenues, spans 69,073 square feet and consists mostly of free-market apartments.

Lightstone TRData LogoTINY acquired the property for $75.4 million as part of a six-building, $127 million portfolio deal in May. The company has plans to build a 300-key Moxy hotel on one of the other parcels it acquired at 112 to 120 East 11th Street as part of the deal.

Mallory Management is a Great Neck, N.Y.-based landlord led by Steve Beberman. In 2014, Mallory sold a six-story Chelsea rental building at 119-125 Seventh Avenue for $35.7 million. Beberman said his firm plans to revamp the property.

A Meridian Capital Group team including David Schechtman, Lipa Lieberman and Abie Kassin brokered the transaction for the East 10th Street building. The brokers declined to comment.

Lightstone’s Mitchell Hochberg told TRD that the company had always planned to sell the building. Construction on the Moxy is slated to be completed by 2018.


Related Articles

arrow_forward_ios
SL Green CEO Marc Holliday with 461 Fifth Avenue and 220 East 197th Street in Fordham (SL Green, Google Maps)
SL Green pays $28M for full control of Midtown office building
SL Green pays $28M for full control of Midtown office building
Vornado CEO Steve Roth and 770 Broadway (Getty, Vornado)
Astor Place Kmart to be replaced by grocery store: sources
Astor Place Kmart to be replaced by grocery store: sources
Christodora House at 143 Avenue B (Google Maps, iStock)
Condo board to staff: Get vaccinated or get lost
Condo board to staff: Get vaccinated or get lost
Lightstone Group CEO Mitchell Hochberg and Marriott International CEO Anthony Capuano with a rendering of The Moxy Williamsburg (Getty, Lightstone, iStock)
Marriott, Lightstone Group bet on hotel recovery
Marriott, Lightstone Group bet on hotel recovery
Isaac Kassirer of Emerald Equity and 2 Cooper Square (Emerald Equity; Apartments)
Emerald Equity, David Werner behind on loan for East Village rental
Emerald Equity, David Werner behind on loan for East Village rental
From left: Letitia James, Raphael Toledano and Josh Zegen with 223 East 5th Street and 325 East 12th Street (Getty, Google Maps)
Madison Realty Capital to give Toledano tenants $1M in rent credits
Madison Realty Capital to give Toledano tenants $1M in rent credits
Charles Kushner and 329-335 East 9th Street (Google Maps, iStock)
Kushner Cos hit with class-action suit over illegal rent collection
Kushner Cos hit with class-action suit over illegal rent collection
Lighstone Group CEO David Lichtenstein and 365 Bond Street in Brooklyn (Photos via Lightstone; 365bond; iStock)
Lightstone bought Gowanus parcels for a pittance, seller’s sons allege
Lightstone bought Gowanus parcels for a pittance, seller’s sons allege
arrow_forward_ios

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

Loading...