NEW YORK CITY—The Lightstone Group has agreed to sell the development site at 112-118 Fulton St., in Lower Manhattan for over $170 million, according to The Real Deal. The buyer, the San Francisco-based investment and building firm Carmel Partners, reportedly is under contract.  Representatives of Lightstone and Carmel did not return calls from seeking comment by press time. Watch this space for possible updates.

The Lightstone Group, headed by David Lichtenstein, assembled the site composed of three parcels as well as air rights on Fulton and Dutch streets, during a long and complex process. Lightstone initally planned to build a 452-unit tower with 48 stories, on 112-120 Fulton, according to city Department of Buildings plans filed last year. However, Lightstone changed course after it was denied a 421-a tax abatement. The company planned to create a 460-unit building with 59 stories on 112-118 Fulton.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.