Fulton Street Development Site Sells for $171M
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.
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.