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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.
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.