The Real Deal New York

Lightstone Group makes yet another play in the Bronx

The developer is expected to develop the site at 475 Exterior Street
February 13, 2019 12:00PM

An aerial view of 475 Exterior Street in the Bronx and David Lichtenstein (Credit: Google Maps)

The Lightstone Group is showing increased confidence in the Bronx residential market.

The firm, led by David Lichtenstein, signed a 50-year lease to take control of 475 Exterior Street on the banks of the Harlem River, with the option to extend the lease for 49 years, according to the New York Post. The site also falls within an opportunity zone, but it is unclear if the developers could benefit from the tax deferment, as it does not own the land.

The landlord, River Edge Realty, a subsidiary of Bronx County Recycling, bought the site in 1992 for $6,400, the Post reported.

Lightstone has increased activity in the Bronx over the past 12 months. It bought a four-building, 266-unit package last year for about $50 million, and then in May negotiated the purchase of a 223-unit package near the Pelham Parkway in the Bronx’s northeast neighborhood Bronxdale for $53 million.

Across town, Lightstone landed a $210 million mortgage for its Gowanus rental building at 365 Bond Street, provided by Goldman Sachs in November.

Lightstone has also entered the lending business, and last month launched a debt platform, with plans to issue $500 million worth of transactions this year. [NYP] — David Jeans