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 GlobeSt.com 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.
The news comes in the wake of news that broker-turned-developer Michael Shvo is planning to buy 22 Thames St. from Fisher Brothers, Witkoff Group and others for $180 million. The two sales underscore the surge in land prices in Lower Manhattan. Shvo will pay more than twice the $87 million the Fisher venture paid in 2012, notes the Real Deal.
This would be the second development site in Manhattan for Carmel, headed by Ron Zeff, which owns and develops property nationally. Carmel is part of a joint venture that is building a residential tower at 325 Lexington Ave., between 38th and 39th streets in Midtown.
A team led by HFF broker Andrew Scandalios brought the Fulton Street property to market, according to sales material reviewed by TRD. That information said the site had up to 406,853 square feet of development rights. But sources close to the deal said the sale involved only about 380,000 square feet of development rights.
In January, Carmel purchased the 151-unit rental tower 15 Cliff St., in Lower Manhattan, for $95 million, and in 2012 it grabbed the 163-unit apartment building the Electra at 354 E. 91st St., also for $95 million.
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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.
