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Extell buys Bronx’s Whitestone from Lightstone for $41 Million

Lichtenstein-led firm acquired property for $30 Million in 2012, reportedly planned outlet mall



Gary Barnett is making moves in the Bronx.
Extell Development acquired the former Whitestone Multiplex Cinemas, a large development site in the Schuylerville neighborhood of the Bronx, from David Lichtenstein’s Lightstone Group for $41 million.

The deal closed Oct. 9, according to property records filed with the city Tuesday. Lightstone paid $30 million for the former 14-screen cinema, located at 2505 Bruckner Boulevard, in 2012.
The developer reportedly sought to convert the property, which has more than 829, 000 buildable square feet, into a Woodbury Commons-style shopping center that would have been New York City’s first outlet mall. While Lightstone closed the cinema in 2013, the firm never filed plans for the site, and neither has Extell so far.

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Read the full story at The Real Deal, by Rey Mashayekhi



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