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Lightstone $200M 485 Seventh Ave Buy Rethinks Garment District

New York Office

The Lightstone Group scooped up a 16-story building in the Garment District for $200 million and plans to convert the 235k SF property into a high-end office space or a hotel, Crains reports. Lightstone acquired the office building at 485 Seventh Ave from Eretz Group and expects the neighborhood, long a tourist hotbed, to become a go-to destination for creative and tech companies. Lightstone already knows all about the neighborhood: it owns a 1.1M SF, 43-story office building at 1407 Broadway. That property has attracted tenants as Midtown office space has grown scarce.