2-33 50th Avenue (Google Maps, iStock)
A trio of developers have broken ground on a 500-unit residential development in Long Island City after securing a $220 million construction loan.
A joint venture between the Domain Companies, Vorea Group and LMXD — the newly launched affiliate of affordable housing specialist L+M Development Partners — landed the financing from Wells Fargo last month, after acquiring the site from self-storage company Fortress Corporation for $88 million in September.
The 1.75-acre parcel at 2-33 50th Avenue, located in an Opportunity Zone, takes up a full block front along 5th Street between 49th and 50th avenues near the Queens waterfront. The developers also received an undisclosed equity investment from Bridge Investment Group’s Opportunity Zone fund.
The 484,000-square-foot project will yield 499 residential units and 40,000 square feet of ground-floor retail and community facility space. Thirty percent of the apartments will be set aside as income-restricted under the Affordable New York Program. The project is expected to be completed in October 2024.
“This 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 Companies, said in a statement.
S9 Architecture is the project’s architect and interior designer, while an affiliate of LMXD will serve as general contractor.
The property, which houses a two-story warehouse and parking lot, had been on the market since JLL listed it in 2019 without an asking price. Vorea Group’s filing for the site was the second-largest new development plan filed in the city in August.
“This project builds on our longstanding commitment to LIC and deep appreciation for the history and vitality of the Hunter’s Point and Greenpoint communities,” David Dishy, CEO of LMXD, said in a statement.