Jones Lang LaSalle Incorporated : Long Island City development site sold for $88.5 M

JLL

NEW YORK, September 24, 2021 - JLL Capital Markets announced today that it has completed the $88.5 million sale of a development site and arranged equity capitalization for the site acquisition and project development within an Opportunity Zone in Long Island City, New York.

JLL worked on behalf of the seller, a private property owner. Additionally, JLL arranged the joint venture equity partnership on behalf of the developers, The Domain Companies, L+M Development Partners and The Vorea Group, for the land acquisition and project development. Bridge Investment Group provided the LP equity for the acquisition and development of the project.

The 76,000-square-foot opportunity zone development site is located at 2-33 50th Ave. on the west side of 5th Street between 49th and 50th avenues and allows a total buildable area of 444,000 square feet. The site enables the developer to create a highly attractive ground-up, mixed-use residential project in Hunter's Point, Long Island's City's premier waterfront area.

The location offers easy access to multiple mass transit options with swift access to Midtown Manhattan and stands in proximity to neighborhood amenities and greenspaces, including the recently renovated Gantry State Park on the waterfront. The site is positioned within an Opportunity Zone.

The JLL Capital Markets investment sales advisory team that represented the seller was led by NY Investment Sales Chairman Bob Knakal; Vice Chairmen Stephen Palmese and Brendan Maddigan and Managing Director Jonathan Hageman.

A JLL Capital Markets Equity Advisory team working on behalf of the developers included Senior Managing Directors Christopher Peck and Andrew Scandalios, Managing Directors Rob Hinckley and Jeff Julien and Director Nicco Lupo.

"The site presented Long Island City's best rental residential development opportunity in a neighborhood ready to transcend its existing rental product," said Knakal. "A rental property is positioned to achieve record pricing for the borough, as the site benefits from proximity to mass transit and other neighborhood amenities."

"The development team's creativity, shared vision and swift execution was crucial to the capitalization," Lupo added. "This development will deliver a transformative project of scale in the heart of one of New York's most excited neighborhoods, Hunter's Point."

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 80 countries.

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Disclaimer

Jones Lang LaSalle Inc. published this content on 24 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 September 2021 15:11:05 UTC.