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

TRD New York /
Nov.November 17, 2014 02:22 PM

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.


Related Article

Triplemint's David Walker and Gina Ko with The Alexandra (Credit: Triplemint)

Lead-gen firm Triplemint jumps into the new dev game

Robert De Niro and 87 19th Avenue in Queens (Credit: Getty Images and Google Maps)

Robert De Niro, his broker son Raphael part of dev team planning $425M Queens studio

HUBB NYC picks up Astoria apartment building in biggest Queens multifamily deal so far this year

Cape Advisors files plans for massive residential Astoria project

Steinway Square showdown: Developers allege Silverstein forced them out of 4,000-unit project in Queens

Silverstein inks ground lease for massive Astoria dairy plant site

Astoria building with 114 rentals hits the market for $100M

8-29 Astoria Boulevard

New 47-unit resi building planned for Astoria