Lightstone Snags $105M Financing for Luxury Long Island City Project

The two loans will support the construction of a 418-unit luxury community that expands the developer's Queens portfolio.
The Groundbreaking Ceremony in November 2015, (left to right) Matt Niskanen, Senior Project Manager Mark Green, Senior Vice President, Construction Mitchell Hochberg, President Scott Avram, Senior Vice President, Development Bryan Ramm, Development Director Jonathan Rabinow, Senior Vice President, Investments

The Groundbreaking Ceremony in November 2015, (left to right) Matt Niskanen, Senior Project Manager, Mark Green, Senior Vice President, Construction, Mitchell Hochberg, President, Scott Avram, Senior Vice President, Development, Bryan Ramm, Development Director, Jonathan Rabinow, Senior Vice President, Investments

New York—Lightstone has received $105 million in financing for the development of its 10-story, 428-unit luxury residential community in Long Island City, including a $75 million construction loan from Toronto-based lender CIBC and First Niagra Bank, and a $30 million mezzanine loan from an institutional investor.

As MHN previously reported, construction on the 415,000-square-foot property began in November 2015, and leasing is expected to begin in summer 2017 for a fall 2017 opening. The property is located between 39th and 40th avenues and 30th and 31st streets at 30-02 39th Ave. Lightstone purchased the former parking facility site from the owner for $23 million.

The one- and two-bedroom residences will include luxury features like upscale finishes, custom kitchens, Bosch appliances and in-unit washers and dryers. Community amenities total 40,000 square feet, including a fitness center with yoga studio, spin room and boxing studio, as well as a full-court basketball court, golf simulators and locker rooms. The building will also have 24-hour doorman concierge, valet services, library, residents lounge, club room, business lounges, work spaces, indoor valet parking, bike and tenant storage, and a pet spa.

Residents can also enjoy outdoor features like a garden courtyard with glass greenhouse, a rooftop pool club with outdoor swimming pool and sundeck, rooftop barbecues and bocce.

The community will also offer easy access to the N, Q, R and M trains that provides service to midtown Manhattan in less than 1o minutes, according to Lightstone.

This development is just one of several recent Lightstone projects in New York, including 365 Bond Street in Brooklyn and Gantry Park Landing in Long Island City, which was fully leased at above-market rents in record time.

“We’re excited about expanding our portfolio in Long Island City after first having identified its tremendous potential in 2011 with Gantry Park Landing,” said Lightstone President Mitchell Hochberg. “30-02 39th Avenue will be a new benchmark in our ability to combine the high-design boutique hotel aesthetic with luxury amenities.”