The Lightstone Group and Lightstone Value Plus Real Estate Investment Trust, Inc.announced that it has closed a $51 million construction loan with Canadian Imperial Bank of Commerce for a 199-unit residential development located at 50-01 2nd Street in Long Island City.
Located on the East River in Long Island City, 50-01 2nd Street will be a 12-story, upscale rental complex, with views of the skyline, 24-hour doorman service, a state-of-the-art fitness center, yoga studio, roof deck and tenant lounge.
Construction on the project has already started and is expected to be completed by April 2014. The property is located across the street from the 40-acre Gantry Park, which features a cobblestone waterfront promenade and a beautifully landscaped public park.
“We are excited to be moving forward with this project and have CIBC as our partner,” said David Lichtenstein, Chairman and CEO of The Lightstone Group. “This transaction shows the confidence CIBC has in the Lightstone Group and the commitment that we at Lightstone have to development in New York City, as 50-01 2nd Street is one of several projects we have underway here.”
Other New York City projects include Carroll Gardens, a proposed 700-unit, residential rental development, at 363-365 Bond Street and 400 Carroll Street in the Carroll Gardens section of Brooklyn and would include a waterfront esplanade. The project is still seeking approvals, but construction could begin in 2013, with completion in 2015.
Lightstone also purchased the one-million-square-foot site at 2505 Bruckner Boulevard in the Bronx, and is looking into the possibility of developing a 600,000 s/fupscale outlet mall on the site, which currently houses the 14-screen Whitestone Multiplex Cinema.