Seventh Ave. Building Purchased for $200M
Last week The Lightstone Group closed on a deal to buy 485 Seventh Avenue for approximately $200 million from the now former owners, the Eretz Group.
Lightstone's President and COO, Mitchell Hochberg, state that the firm plans on converting the property to a hotel or gut-renovating it into higher-end office space. "This is a fantastic location that has done well with office tenants and is poised to continue to improve," Mr. Hochberg said. By revamping 485 Seventh Ave., he said, the building could become one of the leading locations in the area catering to the new generation of office users.
The Lightstone Group also owns 1407 Broadway.