Square Mile Capital is making a $138.5 million equity investment in a co-living high rise in long Island City.
ALTA, a 43-story, 467-unit property, with ground floor retail, was completed in 2018. It was developed by and remains owned by affiliates of Simon Baron Development LLC. Leasing commenced in May 2018.
Alta offers both market-rate rental residences and furnished residential suites managed by co-living operator Ollie.
Building amenities include a 10,000 s/f fitness center, a 50-foot indoor swimming pool, multiple roof decks, a golf simulator, and a dog spa.
Square Mile Capital principal Elliot Rattner said, “We saw this as an extremely attractive opportunity to provide a capital solution to a superior asset, tailored to meet the long-term objectives of Simon Baron, a talented and rapidly expanding developer. The Alta investment is a welcome addition to Square Mile Capital’s portfolio of institutional quality real estate assets.”
Matthew Baron, president of Simon Baron, added, “Queens Plaza stands at the epicenter of the Long Island City rebirth. We are pleased to have developed this project to New Yorkers who seek highly-amenitized and convenient rental housing. We look forward to implementing a great strategic capital relationship with Square Mile Capital, a firm that shares our vision.”