The Real Deal New York

World Wide to launch leasing at 124-unit LIC rental Luna

Developer just bought Meadow’s office-to-rental conversion for $70M

March 21, 2016 03:25PM
By Mark Maurer Twitter_logo_blue copy

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Rendering of rooftop at Luna at 42-15 Crescent Street in Long Island City (credit: Avinash K. Malhotra Architects)

The World Wide Group unveiled new renderings and pricing details for the Long Island City office-to-rental conversion project it closed on last week for $70 million.

The Midtown East-based development firm led by James Stanton entered contract earlier this year to buy the building at 42-15 Crescent Street from Meadow Partners, for about $630 per square foot. Meadow was in the process of converting the property into 124 apartments.

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Rendering of Luna at 42-15 Crescent Street in Long Island City (credit: Avinash K. Malhotra Architects)

World Wide plans to launch leasing in May at the 11-story, 111,000-square-foot building, known as Luna, the developer said. Rents will range from $2,000 per month for a studio to $5,500 for a two-bedroom penthouse. The apartments are a mix of studios and one- and two-bedrooms. Citi Habitats’ David Maundrell is handling leasing.

The two penthouses will average 1,350 square feet and each have 800 square feet of private outdoor space.

The property has a vacant 7,500-square-foot retail space and is being designed by Avinash K. Malhotra Architects.

Meadow, a Midtown East-based investment firm, acquired the building in 2012 for $19 million. In 2013, the firm filed conversion plans and received a $30 million senior loan.

World Wide will wrap up construction and oversee the leasing of apartments. The recent deal was brokered by Rosewood Realty Group’s Aaron Jungreis.

In August, the developer opened QLIC, its 421-unit rental at 41-42 24th Street in the neighborhood. That building is now 75 percent leased.

Across the street from Luna, Meadow is developing a 13-story, 48-unit rental at 42-14 Crescent Street.

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Rendering of rooftop at Luna at 42-15 Crescent Street in Long Island City (credit: Avinash K. Malhotra Architects)

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