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New York

Lightstone buys 130 William St. for $60M

Distressed office property was owned by Triangle Assets

The Lightstone Group paid $60 million for a 12-story, 142,000-square-foot distressed office building at 130 William Street in Lower Manhattan, according to property records filed with the city Thursday.

The property, located between John and Fulton Streets, is more than half vacant, according to CoStar, and could be ripe for a conversion to condominiums.

Tenants include Duane Reade and insurance service provider Compass Rose Services. Triangle Assets owned the distressed property, which went into receivership in 2012, according to state Supreme Court documents. Earlier this month, Triangle settled in court with their lender, East West Bank. Triangle must make a payment to the bank by May 30, according to the agreement.

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The building is a stone’s throw away from Lightstone’s upcoming 59-story mixed-use tower at 112-118 Fulton Street.

Representatives for Lightstone and Triangle couldn’t immediately be reached for comment. It is unclear which brokers were involved in the deal.

Lightstone, headed by David Lichtenstein, is one of the largest private real estate owners in the country, with a recent surge in activity in New York. Along with 112-118 Fulton Street, the firm is developing a 700-unit rental project along the Gowanus Canal.