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

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

TRD 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

448 East 143rd Street in the Bronx (Credit: Google Maps)

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

U.S. Rep. Alexandria Ocasio-Cortez and Sunnyside Yards (inset) (Credit: Getty Images and Wikipedia)

AOC resigns from Queens megadevelopment steering committee

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

Donald Trump with Rep. Emanuel Cleaver II, Rep. Ron Kind and Sen. Cory Booker (Credit: Getty Images, iStock)

Trump’s Opportunity Zone program is under investigation

arrow_forward_ios
Loading...