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Acquisitions

Lightstone Group acquires LES development site

Developer is planning another Moxy Hotel as part of the project

Old rendering (Credit: Emmut Properties)

The Lightstone Group has closed on its acquisition of a Lower East Side development site at 151-153 Bowery and 331-337 Broome Street for a total of $56.6 million, according to TRD. As currently constituted, the three parcels allow for the development of 68,427 square feet.

Two separate sellers… The Bowery property was owned by Emmut Properties while the Broome Street building was owned by Lau Management.

Plans have been filed… The large footprint will be developed into a mix of street level retail with a Moxy hotel and residential apartments above. The corner development site is located one block away from both the Grand Street Station (B and D trains), and the Bowery Station (J and Z trains).

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