The Real Deal New York

Tech firm boss buys Criterion’s Astoria building for $88M

Buyer David Lubinitsky is CEO of speech recognition firm; seller bought site in 2011 for $12.9M

November 17, 2014 02:22PM
By Claire Moses

From left: Shibber Khan and 12-15 Broadway in Astoria

From left: Shibber Khan and 12-15 Broadway in Astoria

David Lubinitsky, the CEO of speech recognition company Ectaco, purchased a 214-unit apartment building in Astoria for $88 million from developer Shibber Khan’s Criterion Group, records filed with the city on Saturday show.

Lubinitsky purchased the property at 1215 Broadway under the moniker 12-15 Broadway LLC, according to city records.

Criterion bought the site in 2011 for $12.9 million and developed the 144,303-square-foot, eight-story residential building. The luxury property includes studios and one- and two-bedroom apartments. The entire site can hold 160,000 buildable square feet.

Last month, Criterion bought a development site in the neighborhood for $57 million. That site, located at 11-12 30th Drive — which can hold roughly 460,000 square feet of residential space — spans Vernon Boulevard through 12th Street and is located near the Astoria Cove development.

In 2013, Criterion sold two high-end rental buildings — at 30-50 21st Street and the nearby 11-15 Broadway — for a combined $60 million.

 

MENU