Currently unnamed LIC residential development gets $51 million construction loan, opens April 2014

The Commercial Observer reports that a residential project (no name just yet) “is underway thanks to a $51 million construction loan provided by Canadian Imperial Bank of Commerce. The Lightstone Group and its sponsored, non-traded REIT (Real Estate Investment Trust) Lightstone Value Plus are constructing the 199-unit multifamily property at 50-01 2nd Street.” (GMAP) In August 2011, Lightstone purchased the development site from the owner, represented by Pinnacle Realty, for $19.3 million; it has 183,456 square feet of development rights. 

The development will have 12 stories, a fitness center and yoga studio, doorman, and a variety of other amenities. The ground floor will have 12,000 square feet of retail. According to the building’s marketers (Winick Realty Group), “interested tenants have included food uses and childcare operators.”

The location of this building is just a block to the east of Gantry Plaza State Park, an extremely popular spot in the whole of Long Island City. It will be around the corner from The Powerhouse and across the street from the Avalon Riverview building. In the past, the location of this building has served as parking lot.

$51 Million Construction Loan from CIBC Funds Lightstone Multifamily [Commercial Observer]
Lightstone Group moves into LIC apartment sector [Real Estate Weekly]