The Lightstone Group has flipped a massive Financial District property at the corner of Fulton and Dutch streets to the California-based Carmel Partners for a cool $171 million, Crain's reports. Megaproject-developer Lightstone acquired the site at 112-118 Fulton Street for $63 million just two years ago, with initial plans to erect a 48-story, 463-apartment residential tower; massive, in true Lightstone fashion. The sale of the now-vacant lotsLightstone got so far as to raze what stood at the siteincludes air rights for neighboring buildings, which will allow Carmel Partners to move ahead with a planned 63-story tower, which will presumably be residential. Lightstone's original parcel included 120 Fulton Street, which was removed from the bundle after they failed to win a 421-a tax abatement.
· Downtown development site fetches $171M [Crain's]
· Lightstone Group Unveils 48-Story Financial District Tower [Curbed]
· All 112-120 Fulton Street coverage [Curbed]