NEW YORK CITY—The Lightstone Group has agreed to sell thedevelopment site at 112-118 Fulton St., in Lower Manhattan for over$170 million, according to The Real Deal. The buyer, theSan Francisco-based investment and building firm Carmel Partners,reportedly is under contract. Representatives of Lightstoneand Carmel did not return calls from GlobeSt.com seekingcomment by press time. Watch this space for possible updates.
The Lightstone Group, headed by David Lichtenstein, assembledthe site composed of three parcels as well as air rights on Fultonand Dutch streets, during a long and complex process. Lightstoneinitally planned to build a 452-unit tower with 48 stories, on112-120 Fulton, according to city Department of Buildings plansfiled last year. However, Lightstone changed course after it wasdenied a 421-a tax abatement. The company planned to create a460-unit building with 59 stories on 112-118 Fulton.
The news comes in the wake of news that broker-turned-developer Michael Shvo is planning to buy 22Thames St. from Fisher Brothers, Witkoff Group and others for $180million. The two sales underscore the surge in land prices in LowerManhattan. Shvo will pay more than twice the $87 million the Fisherventure paid in 2012, notes the Real Deal.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
