NEW YORK CITY—Quadrum Global, a London basedinvestment firm focusing on value-added property investments, andSimon Baron Development have closed on theirpurchase of a development site in the Long Island City section ofQueens for $54 million dollars, GlobeSt.com has learnedEXCLUSIVELY. The 430,000-square-foot site will become home to a45-story residential rental apartment building; construction isexpected to start later this year.

SBD and Quadrum purchased the 29-26 Northern Blvd.site from Simon Dushinsky's Rabsky Group. Rabsky had begun todevelop the project located near Queens Plaza into415 apartments, with commercial space on the ground floor.Minimal changes will be made to the project's original design bythe SBJ Group, which also designed the Edge condominium inWilliamsburg.

“This acquisition is reflective of our continuing businessstrategy of delivering new, state of the art residential propertiesin urban areas such as Long Island City that are undergoingregeneration,” says Oleg Pavlov, CEO of Quadrum.“Together with SBD we are excited to offer ourfuture tenants contemporary living in one of New York's mostconvenient and accessible hot spots. This will be Quadrum's secondmajor transaction this year, in addition to the acquisition of 1Queen Anne's Gate Buildings in the heart of London, close toBuckingham Palace.