David Lichtenstein’s Lightstone Group, owner of multi-family, retail and office properties in 27 states, is set to enter one of New York’s emerging residential markets, having just purchased a residential development site at 50-01 2nd Street in Long Island City for $19.3 million, or $105 per buildable square foot, Real Estate Weekly reported.
The site’s close proximity to Avalon Bay Communities’ Avalon Riverview South, the 7 train and the East River were all selling points, said Gary Blum, a partner at Pinnacle Realty, who represented the seller alongside Pinnacle’s Decio Baio and David Junik.
“They knew Long Island City was growing,” he said.
Kasra Sanandaji, head of New York acquisitions at Lightstone, represented the buyer.
The new rental development is slated to have 215 apartments.
Construction is expected to begin within six months. [REW]