NEW YORK CITY–Lightstone has closed two loans totaling $105 million for the development and construction of a 428-unit luxury residential rental development in the Long Island City section of Queens.
The financings consist of a $75 million construction loan provided by CIBC and First Niagara Bank, and a $30 million mezzanine loan provided by an institutional investor.
The 415,000-square-foot residential rental property will be located in Long Island City, at 30-02 39th Ave. Construction has begun and leasing is anticipated to begin next summer for a Fall 2017 opening.
The property will feature an extensive indoor and outdoor amenity package, totaling over 40,000 square feet. Indoor offerings will include a fitness facility with a yoga studio, spin room, and boxing studio, as well as a full court basketball court, golf simulators, and locker rooms. The building also offers a 24-hour doorman concierge, valet services, library, residents lounge, club room, business lounges, collaborative work spaces, indoor valet parking, tenant storage, bike storage, and a pet spa.
The outdoor programming will include a large garden courtyard with a glass greenhouse, a rooftop pool club with an outdoor swimming pool and sundeck, rooftop BBQ's, dining and bocce.
The building's location reportedly provides access to the N, Q, R and M trains with service to Midtown in under 10 minutes.
Lightstone's latest project follows the success of 365 Bond St. in Brooklyn and Gantry Park Landing, another Long Island City project. That building was fully leased at above market rates in record time, according to the developer.
“We're excited about expanding our portfolio in Long Island City after first having identified its tremendous potential in 2011 with Gantry Park Landing,” says Lightstone president Mitchell Hochberg. “30-02 39th Ave. will be a new benchmark in our ability to combine the high-design boutique hotel aesthetic with luxury amenities.”
The financings consist of a $75 million construction loan provided by CIBC and First Niagara Bank, and a $30 million mezzanine loan provided by an institutional investor.
The 415,000-square-foot residential rental property will be located in Long Island City, at 30-02 39th Ave. Construction has begun and leasing is anticipated to begin next summer for a Fall 2017 opening.
The property will feature an extensive indoor and outdoor amenity package, totaling over 40,000 square feet. Indoor offerings will include a fitness facility with a yoga studio, spin room, and boxing studio, as well as a full court basketball court, golf simulators, and locker rooms. The building also offers a 24-hour doorman concierge, valet services, library, residents lounge, club room, business lounges, collaborative work spaces, indoor valet parking, tenant storage, bike storage, and a pet spa.
The outdoor programming will include a large garden courtyard with a glass greenhouse, a rooftop pool club with an outdoor swimming pool and sundeck, rooftop BBQ's, dining and bocce.
The building's location reportedly provides access to the N, Q, R and M trains with service to Midtown in under 10 minutes.
Lightstone's latest project follows the success of 365 Bond St. in Brooklyn and Gantry Park Landing, another Long Island City project. That building was fully leased at above market rates in record time, according to the developer.
“We're excited about expanding our portfolio in Long Island City after first having identified its tremendous potential in 2011 with Gantry Park Landing,” says Lightstone president Mitchell Hochberg. “30-02 39th Ave. will be a new benchmark in our ability to combine the high-design boutique hotel aesthetic with luxury amenities.”
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