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Lightstone Group pays $59M for Mott Haven development site

Urgency led to a sit-down closing seven days after verbal deal was reached

Development Site at 395 and 399 Exterior Street (Credit:Google Maps/TRD)

The Lightstone Group has closed on its acquisition of 395 and 399 Exterior Street from Pantheon Properties and Borden Realty in Mott Haven for $59 million. The South Bronx development site allows for the construction of around 472,000 SF, according to CO.

Plans: Lightstone plans to build a new apartment complex with 30 percent of the units being set aside for affordable housing. The site is located within an opportunity zone.

Bullish on the Bronx: This deal comes on the heels of Lightstone inking a 99-year lease for 475 Exterior Street, which is separated from this site by a park. David Lichtenstein’s firm is now in position to construct a 1.464 million SF project, according to the NYPost.

Worth NotingBrookfield paid $165 million for a nearby development site last year, according to the NYPost. The developer is planning a 1.3 million SF project that consists of 1,700 apartments.

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