Lightstone Group Gets $51M Construction Loan for Upscale Multifamily Project in Queens

Manhattan-based development company The Lightstone Group, along with its branch Lightstone Value Plus Real Estate Investment Trust (LVPR), has recently closed a $51 million construction loan with the Canadian Imperial Bank of Commerce (CIBC) and plans to use the funds to create a multifamily complex in Queens Borough’s Long Island City. Work has already stated at the site with a delivery date set for April 2014.

Manhattan-based development company The Lightstone Group, along with its branch Lightstone Value Plus Real Estate Investment Trust (LVPR), has recently closed a $51 million construction loan with the Canadian Imperial Bank of Commerce (CIBC) and plans to use the funds to create a multifamily complex in Queens Borough’s Long Island City. Work has already stated at the site with a delivery date set for April 2014.

The 184,000-square-foot construction site was purchased by Lightstone in 2011 from a local landlord for $19.3 million, or around $105 per buildable square foot, says Real Estate Weekly.

This is Lightstone’s first project to actually break ground in New York City, according to Crain’s New York Business, and one of several other projects that the company has underway in the metro area, including a 700-unit residential rental development planned for 363-365 Bond St. and 400 Carroll St. in Brooklyn and a 600,000-square-foot upscale outlet mall at 2505 Bruckner Blvd. in the Bronx.

The Long Island multifamily project will include a 12-story building with 199 high-end units at 50-01 2nd St., easily accessible from Manhattan. As reported by Crain’s, the rental development will also feature a two-hour doorman, a yoga studio, a fitness center and other upscale amenities. The 12,000 square feet of ground floor retail space are being marketed by Winick Realty Group and could be occupied by childcare operators or restaurant chains.

While rent prices are still to be determined based on the median rents in the area, the developer bets on the project’s proximity to Manhattan and the waterfront and hopes to fetch $48 or more per square foot.

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Rendering courtesy if The Lightstone Group