Lightstone buys another huge South Bronx site; plans 2K unit complex

Parcel at 399 and 355 Exterior Street spans almost 600K sf

New York /
Feb.February 27, 2019 03:00 PM

355 and 399 Exterior Street and David Lichtenstein (Credit: Google Maps and Lightstone)

The Lightstone Group is again adding to its South Bronx holdings, buying a massive land parcel in the area for $59 million with plans to build a 2,000-unit residential development across that parcel and a site it purchased late last year.

The two sites at 399 and 355 Exterior Street in Mott Haven are an empty lot and a former bus depot, the Commercial Observer reported, and add up to nearly 600,000 square feet. Pantheon Properties owned 399 Exterior Street, while Borden Realty owned 355 Exterior Street, and Lightstone bought the properties in an all-cash deal.

Ackman-Ziff’s Marion Jones, Jason Meister and Chris Gillis brokered the deal.

Lightstone also recently inked a 99-year lease nearby at 475 Exterior Street in a deal with River Edge Realty.  The sites combined are zoned for about 1.5 million square feet.

The firm plans to build a roughly 2,000-unit residential development on the sites, split between 70 percent market-rate units and 30 percent affordable units. The project would also include a retail component. [CO] – Eddie Small


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 
Prana pays Related $36M in Bronx multifamily play
Prana pays Related $36M in Bronx multifamily play
448 East 143rd Street in the Bronx (Credit: Google Maps)
Private developer’s NYCHA project in Mott Haven lands $79M in financing
Private developer’s NYCHA project in Mott Haven lands $79M in financing
1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)
Maddd Equities, Joy Construction score $64M for massive Bronx project
Maddd Equities, Joy Construction score $64M for massive Bronx project
Lewis Road Residential Planned Development (Pine Barrens, iStock)
Big golf, resi project in East Quogue approved
Big golf, resi project in East Quogue approved
Freshly CEO Michael Wystrach and 28 East 28th Street (Photos via Twitter; Google Maps)
Freshly inks big lease in NoMad
Freshly inks big lease in NoMad
From left: BSA chairwoman Margery Perlmutter, DRAW Brooklyn founder Alexandros Washburn, New York City Council Member Carlos Menchaca with renderings of the project (Photos via the City of New York, LinkedIn and Arquitectonica)
How a Red Hook developer circumvented the City Council
How a Red Hook developer circumvented the City Council
From left: Isaac Zion with JMC Holdings' Matthew Cassin (left) and David Taylor (right) (Photos via SL Green; JMC)
Former SL Green exec Isaac Zion joins Acram Group
Former SL Green exec Isaac Zion joins Acram Group
(Photo illustration by The Real Deal)
Inside mall owner Namdar’s rapid growth story
Inside mall owner Namdar’s rapid growth story
arrow_forward_ios

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

Loading...