Beitel Group Pays $84M for Bronx Development Site at 355 Exterior Street
By Mark Hallum July 25, 2025 3:24 pm
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Lightstone Group has finalized the sale of 355 Exterior Street in the South Bronx after the buyer secured a $305 million construction loan for the site earlier this week, Commercial Observer has learned.
Beitel Group purchased the development site, where two residential towers are planned to replace a former bus depot and an empty lot, for $84 million, according to broker Rosewood Realty Group. Lightstone acquired the property along with 399 Exterior Street in 2019 for $59 million, CO previously reported.
Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty Group arranged the sale of the site on behalf of both the buyer and the seller.
“We’re thrilled to have completed this transaction after the property was previously marketed unsuccessfully,” Fuchs said. “This sale represents one of the last and largest remaining development sites vested into the 421a tax abatement program.”
Once completed, the project will offer 755 rental units and 194 parking spots across 515,000 square feet, according to the brokers.
The $305 million financing from SCALE Lending, which was arranged by Landstone Capital, is an 18-month whole-term loan that includes two six-month extension options, The Real Deal reported.
The transaction does not seem to include 399 Exterior Street this time.
Mark Hallum can be reached at mhallum@commercialobserver.com.
