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Lightstone Snaps Up Mott Haven Parcels for Cash
Lightstone wasted no time in snapping up a pair of development sites in the South Bronx’s Mott Haven neighborhood, the New York Post reported. The owner-developer went from offer to closing in just a week.
“There was no contract and there was no due diligence,” Ackman-Ziff’s Jason Meister told the Post. “It was a straight, fast, cash close.”
Meister and his colleagues Marion Jones and Christopher Gillis represented the sellers, who offered their sites as a package to drive buyer interest.
At $125 per square foot, the $59-million acquisition of the sites at 355 and 399 Exterior St. was higher-priced than Lightstone paid for a nearby parcel weeks earlier.
However, the Post reported, it assures that Lightstone controls most of the area, along Exterior Street between the 138th St./Madison Ave. and 145th St. bridges, with the ability to construct a 1.464-million-square-foot project on either side of a future city park.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition
