Lightstone Group Acquires Development Site In Mott Haven, BX For $59M

Located at 355-399 Exterior St. in Mott Haven, BX, this development site has recently been sold for a staggering $59,000,000. The property consists of two sites that are zoned R7-2, C4-4 and R7-2, C2-4 in the Special Harlem River Waterfront District (HRW). It offers a total buildable square footage (BSF) of 472,000,000 and a price per buildable square footage (PPBSF) of $125. The sale of this asset was especially notable as it was acquired by @LightstoneGroup.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $59,000,000
• BSF: 472,000,000
• PPBSF: $125
• Address: 355-399 Exterior St.
• Market: Mott Haven, BX
• Seller: Pantheon Properties & Borden Realty Corp.
• Buyer: @LightstoneGroup

The deal was facilitated by the brokers Christopher Gillis, Jason Meister, and Marion Jones from Ackman-Ziff. Overseeing this transaction, they played a crucial role in the successful negotiation between the seller and the buyer. Both properties involved in the sale are within an Opportunity Zone (OZ), further augmenting the appeal of this investment opportunity.