The Lightstone Group bought a 16-story building at 485 Seventh Avenue for approximately $200 million.
Lightstone, lead by president and chief operating officer Mitchell Hochberg, purchased the 235,000-square-foot, Garment District building and will either gut-renovate it or convert the property into a hotel, according to Crain’s.
Eretz Group sold the building, which is located between 36th and 37th streets. The company has seen an uptick in creative and tech-firms who are looking for office space in the area.
“This is a fantastic location that has done well with office tenants and is poised to continue to improve,” Hochberg told the website. [Crain’s] — Claire Moses