Simon Baron to buy LIC development site for $54M

Property near Queens Plaza was purchased just last year for $35M by Rabsky Group
By Katherine Clarke | February 19, 2014 04:15PM

Simon Baron Development has signed a contract to buy a Long Island City development site for around $54 million, The Real Deal has learned.

The company is buying the 400,000-buildable-square-foot site at 29-26 Northern Boulevard Near Queens Plaza from Simon Dushinsky’s Rabsky Group, which acquired it for $35 million last fall, sources said. The deal is expected to close in April.

Rabsky had begun to develop the site into a 44-story, 400-unit residential rental apartment building with commercial space on the ground floor. The building was to be designed by architectural firm, SBJ Group, which designed the Edge condominiums in Williamsburg. Simon Baron will likely stick with the designs laid out by Rabsky, sources said.

The building is expected to include bike storage, parking, an exercise room, a pool and a roof deck.

Matthew Baron, a president at Simon Baron, declined to comment on the deal. It does not appear that any brokers were involved in the transaction.

Simon Baron has been in acquisition mode in recent months. The company is in contract to buy a 13-story, 65-unit Rosario Candela-designed building at 12 East 88th Street, which it plans to convert to luxury condominiums, The Real Deal previously reported.

Dushinsky could not be reached for comment.