Fulton Street Development Site Sells for $171M


118 Fulton Street
A photo of the property on Fulton Street taken in 2006.

City property records confirm that a downtown development site that includes buildings 112-118 Fulton Street at the corner of Dutch Street has changed hands for a cool $171 million.

First reported by Crain’s New York Business, real estate firm the Lightstone Group sold the properties to Carmel Partners, a San Francisco-based company.

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The Real Deal noted that in 2012, the Lightstone Group purchased the properties and the development rights from the surrounding parcels for $63 million, meaning that the company netted a sizable return on its investment.

Neither the Lightstone Group nor Carmel Partners immediately returned a request for comment.