L+M partners with Domain, Vorea on $88M LIC development site

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L+M Development Partners has partnered with The Domain Companies and The Vorea Group to acquire a 76,000 s/f  development site in Long Island City for $88.5 million.

JLL Capital Markets
brokered the sale and arranged equity capitalization for the JV.

The real estate
service firm announced it worked on behalf of the seller, a private property
owner, and with Bridge Investment Group, which provided the LP equity for the
acquisition and development of the project.

Situated within an Opportunity Zone at 2-33 50th Avenue on the west side of 5th Street between 49th and 50th avenues, the site allows a total buildable area of 444,000 s/f.  The site enables the developer to create a ground-up, mixed-use residential project in Hunter’s Point.

The JLL Capital
Markets investment sales advisory team that represented the seller was led by NY
Investment Sales Chairman Bob Knakal; Vice Chairmen Stephen Palmese and Brendan
Maddigan and Managing Director Jonathan Hageman.

A JLL Capital
Markets Equity Advisory team working on behalf of the developers included Senior
Managing Directors Christopher Peck and Andrew Scandalios, Managing Directors Rob
Hinckley and Jeff Julien and Director Nicco Lupo.

“The
site presented Long Island City’s best rental residential development
opportunity in a neighborhood ready to transcend its existing rental product,”
said Knakal. “A rental property is positioned to achieve record pricing for the
borough, as the site benefits from proximity to mass transit and other
neighborhood amenities.”

“The development team’s creativity, shared vision
and swift execution was crucial to the capitalization,” Lupo added. “This development will
deliver a transformative project of scale in the heart of one of New York’s
most excited neighborhoods, Hunter’s Point.”

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