The Real Deal New York

Lightstone Group lands $210M loan for Gowanus rental development

Goldman Sachs is the lender at 365 Bond
By Christian Bautista | November 29, 2018 01:30PM

365 Bond Street and David Lichtenstein

Lightstone Group landed a $210 million mortgage for its Gowanus rental building at 365 Bond Street.

The new debt replaces a $120 million Square Mile Capital loan from last year. The lender for the new mortgage is Goldman Sachs.

The property, which sits along the Gowanus Canal, is 12-story, 430 unit apartment complex that was completed in 2016. Amenities in the building include a waterfront esplanade park, a private garden courtyard, a fitness center and a resident lounge.

The apartment was built on what used to be a manufacturing site. Toll Brothers, the previous owner of the property, received a zoning variance to construct a condo building with about 400 condos. Toll eventually abandoned the project after the Environmental Protection Agency classified the canal as a Superfund site.

Lightstone acquired the property in 2013 for $19 million, records show. The firm decontaminated the site under the state’s Brownfield Cleanup Program. Authorities declared the site “100 percent clean” in 2015.

Lightstone, founded by David Lichtenstein, has $3 billion worth of projects in its development pipeline in New York City, Miami and Los Angeles. It recently acquired a Bronx portfolio for $53 million and filed permits to build its fourth Moxy Hotel in Manhattan.