Urgency led to a sit-down closing seven days after verbal deal was reached
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 Noting: Brookfield 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.