April 10, 2017
Lightstone Real Estate Income Trust Agrees to Acquire 33.3% JV in NYC Project
Lightstone Real Estate Income Trust Agrees to Acquire 33.3% JV in NYC Project April 10, 2017 | by James Sprow | Blue Vault On March 31, 2017, Lightstone Real Estate …

Read more

Blue_OrangeNewsAlert_2

Lightstone Real Estate Income Trust Agrees to Acquire 33.3% JV in NYC Project

April 10, 2017 | by James Sprow | Blue Vault

Close up of businessman holding city model in hands

On March 31, 2017, Lightstone Real Estate Income Trust, Inc. entered into a joint venture agreement with an entity majority-owned and controlled by David Lichtenstein, who also majority owns and controls the Lightstone Group, LLC, the Company’s sponsor and a related party, providing for the Company to acquire 33.3% of the seller’s approximate 100% membership interest in 40 East End Ave. Joint Venture for aggregate consideration of approximately $11.7 million.

In accordance with the Company’s charter, a majority of the Company’s board of directors, including a majority of the Company’s independent directors not otherwise interested in the transaction, approved the 40 East End Ave. Transaction as fair and reasonable to the Company and on terms and conditions not less favorable to the Company than those available from unaffiliated third parties.

Lightstone Value Plus Real Estate Investment Trust, Inc., a real estate investment trust also sponsored by the Company’s sponsor, has made $30.0 million of contributions to a subsidiary of the Joint Venture, pursuant to an instrument that entitles Lightstone I to monthly preferred distributions at a rate of 12% per annum.

The 40 East End Ave. Joint Venture, through affiliates, owns a parcel of land located at the corner of 81st Street and East End Avenue in the Upper East Side neighborhood of New York City on which it intends to construct a luxury residential project consisting of 29 condominium units.

didyouknow_sponsorfocus-green

Learn more about The Lightstone Group on our Sponsor Focus page. 

Click Here

Recent

Most Popular

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update 10-3-2023 Blue Vault wishes to acknowledge and apologize for the delay in publishing some Q2 2023 NTR Individual Performance Pages (IPPs) as well as the full review. We recently added additional reporting metrics to our IPPs, and that, combined with coverage of all share classes and some additional…
Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update

Blue Vault Q2 2023 Performance Reports Update 9-25-2023 Blue Vault has published the Q2 2023 Nontraded BDC Industry Review as well as Individual Performance Report and Limited Operations pages for the following offerings (newly published pages in bold font): Nontraded REITS American Healthcare REIT Q2 2023 Apollo Realty Income Solutions Q2 2023 (limited operations) Ares…

Explore

Blue Vault Logo
Don’t miss alts news
and educational events

Subscribe Now