Lightstone Group tests condo market at 130 William Street, abandons hotel plans

The Lightstone Group ditched initial plans to build a hotel at 130 William Street and wants to turn the entire building into condominiums instead.

The development firm filed a test-the-market application for 244 condo units at the building last month, which would allow it to gauge demand before formally committing to a plan.

In 2015, Lightstone [TRDataCustom] filed permits with the Department of Buildings to construct a 50-story, 581-foot-tall building split into 188 residential units and a hotel. The company’s president Mitchell Hochberg told The Real Deal that it ditched the hotel plan more than a year ago and that the “highest and best use” for the site is residential.

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The company bought the existing 12-story building on the site from Triangle Assets for $60 million in 2014 with plans to demolish it.

Lightstone is currently also developing three Manhattan hotels for Marriott’s Moxy brand.

Lightstone Group tests condo market at 130 William Street, abandons hotel plans

The Lightstone Group ditched initial plans to build a hotel at 130 William Street and wants to turn the entire building into condominiums instead.

The development firm filed a test-the-market application for 244 condo units at the building last month, which would allow it to gauge demand before formally committing to a plan.

In 2015, Lightstone [TRDataCustom] filed permits with the Department of Buildings to construct a 50-story, 581-foot-tall building split into 188 residential units and a hotel. The company’s president Mitchell Hochberg told The Real Deal that it ditched the hotel plan more than a year ago and that the “highest and best use” for the site is residential.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

The company bought the existing 12-story building on the site from Triangle Assets for $60 million in 2014 with plans to demolish it.

Lightstone is currently also developing three Manhattan hotels for Marriott’s Moxy brand.