Simon Baron Development, SBD, announced it has signed a contract to purchase a Long Island City site that will be turned into a 44-story, 400-unit residential rental building. A formal closing is expected in April so no price was officially disclosed yet, although sources say it is around $54 million.
SBD President Matthew Baron is acquiring the 400,000 sq. ft. site near Queens Boulevard from Simon Dushinsky’s Rabsky Group, which had started to develop the site with several vacant buildings at 29-26 Northern Boulevard, since purchasing the lot for $35 million last fall.
Baron said SBD will keep the architectural firm, SBJ GROUP hired by Dushinsky to design the rental building, since the design plans they drew up are nearly complete. The building is expected to include bike storage, parking, commercial space on the first floor, an exercise room, pool, lounge on the 43rd floor and a roof amenity.
“We are strong believers in Long Island City,’’ said Baron. “This project will provide more rental units to the community which is becoming one of NYC’s great emerging neighborhoods.”
In addition this LIC project, SBD is developing a growing number of residential and commercial projects, including a 250-room hotel in midtown at 11-13 East 31st Street and the newly acquired, 13-story, 65-unit Rosario Candela-designed building at 12 East 88th St. they plan to convert to luxury condominiums.