The Domain Cos., L+M Development Partners and The Vorea Group have obtained a $220 million construction loan from Wells Fargo for the development of 50th and 5th, a $370 million mixed-use multifamily community in the Hunter’s Point neighborhood of Long Island City.
In September, the companies closed on a joint venture equity investment with Bridge Investment Group’s Opportunity Zone Strategy. The development is scheduled for delivery in the fall of 2024, with an affiliate of L&M serving as general contractor.
The project is an incredible opportunity to develop one of the last remaining large-scale sites on the Hunter’s Point waterfront, Matt Schwartz, co-CEO of The Domain Cos., said in prepared remarks.
Occupying a full block front along 5th St., between 50th Ave. and 49th Ave., the 484,000-square-foot development will comprise 499 residential units and 40,000 square feet of ground-floor retail space and community amenities.
S9 Architecture will serve as the architect and interior designer of 50th and 5th, which will pursue LEED Platinum certification and will participate in the New York State Brownfield Cleanup Program. It will be the fourth site in New York City that Domain will transform from a brownfield to LEED Gold or higher sustainability standards. Moreover, 30 percent of the apartments will be set aside as income-restricted units under the Affordable New York Program.
The community will be less than half a mile west of Vernon Boulevard-Jackson Avenue Station and northeast of the Gantry Plaza State Park. Several dining, retail and entertainment options are available within a 1-mile radius. The Empire State Building is some 2 miles west of the community.
Active in the New York City market, The Domain Cos. broke ground on the 544-unit Lyra in the Bronx at the beginning of the year. This company is developing the project in partnership with The Vorea Group.