Lightstone Set to Buy 112-118 Fulton St.

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.