Lightstone acquires East Village resi portfolio for $127M
David Lichtenstein-led firm buys six buildings holding 181 units from Pan Am Equities
David Lichtenstein’s Lightstone Group acquired a portfolio of six multifamily rental buildings holding 181 units in the East Village from Pan Am Equities for more than $127 million.
The Midtown-based real estate investment firm[TRData] paid $52.1 million for five separate five-story buildings holding a combined 75 units at 112-120 East 11th Street, and also acquired a six-story, 106-unit property at 85 East 10th Street for $75.4 million. All of the buildings are located between Third and Fourth avenues.
The deal closed April 21, according to the Commercial Observer. News of the transaction was first reported by EV Grieve.
Lightstone recently secured $330 million in financing for the hotel conversion of a 16-story office building at 485 Seventh Avenue in Times Square, as well as a $75 million construction loan for its new 10-story rental building in Long Island City.
Lichtenstein was recently identified as the mystery donor who gave $50,000 to the Nassau Democratic Committee, which backed Todd Kaminsky’s bid to replace Dean Skelos in the senate. Reports claim Lichtenstein made the bid at the request of de Blasio’s top fundraiser, Ross Offinger, who’s the subject of a federal investigation. [CO] – Rey Mashayekhi