L+M Development Partners has partnered with The Domain Companies and The Vorea Group to acquire a 76,000 s/f development site in Long Island City for $88.5 million.
JLL Capital Markets brokered the sale and arranged equity capitalization for the JV.
The real estate service firm announced it worked on behalf of the seller, a private property owner, and with Bridge Investment Group, which provided the LP equity for the acquisition and development of the project.
Situated within an Opportunity Zone at 2-33 50th Avenue on the west side of 5th Street between 49th and 50th avenues, the site allows a total buildable area of 444,000 s/f. The site enables the developer to create a ground-up, mixed-use residential project in Hunter’s Point.
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.”