Lightstone Group has just sold part of its enormous Gowanus luxury rental development to New Jersey-based developer Atlantic Realty Development for $75,000,000, according to public records, The Real Deal reported. Construction along the Gowanus Canal’s shore at the two-block site on 363-365 Bond Street has been topped out for sometime.
Atlantic Realty will be partnering with Lightstone in “finishing this community,” according to an Atlantic spokesperson who spoke with The Real Deal. The newly involved development firm has acquired a 12-story, 268-unit section of the 363 Bond Street development.
The development in May
The 697-unit luxury rental was widely opposed by residents of the area, who feared its impact on the area’s already overwhelmed sewage systems and other public infrastructure, including schools. The project is built on contaminated land and has been dogged by difficulties relating to environmental remediation, including complaints from neighbors.
When complete, the project will include 3,625 square feet of commercial space, 1,018 square feet of community space, and and 244,928 square feet dedicated to residential. The building will also have 11 underground parking spaces, bike storage, a pool, and numerous other amenities.
Lightstone Sells Part of Gowanus Rental Project for $75,000,000 [TRD]
Lightstone Gowanus Coverage [Brownstoner]
Rendering via Lightstone