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.
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories
