NEW YORK CITY—Quadrum Global, a London based investment firm focusing on value-added property investments, and Simon Baron Development have closed on their purchase of a development site in the Long Island City section of Queens for $54 million dollars, has learned EXCLUSIVELY. The 430,000-square-foot site will become home to a 45-story residential rental apartment building; construction is expected to start later this year.

SBD and Quadrum purchased the 29-26 Northern Blvd. site from Simon Dushinsky’s Rabsky Group. Rabsky had begun to develop the project located near Queens Plaza into 415 apartments, with commercial space on the ground floor. Minimal changes will be made to the project’s original design by the SBJ Group, which also designed the Edge condominium in Williamsburg.

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