The Real Deal New York

Adam America takes on first Queens project

Developer paid $44M for LIC site with 170K buildable sf
By Mark Maurer | June 29, 2015 03:35PM

Adam America Real Estate, one of the most active developers in Brooklyn, is planning its first Queens project – an 11-story Condominium Building Across The Street from MoMA PS1 in Long Island City.

The Midtown East-based development firm, led by Dvir Cohen Hoshen and Omri Sachs, closed on the purchase last week of a residential development site at 22-12 Jackson Avenue for $43.5 million, or nearly $257 per square foot. The site offers 169,500 square feet.

The seller, Plaxall, a Long Island City-based plastic packaging firm tied to Diamond Service Corp., put the parking lot on the market in November for $53.5 million. A taxi company now leases the 33,900-square-foot lot.

Ron Solarz and Chris Matousek of Eastern Consolidated were the sole brokers on the deal.

“There is high demand for condos in Long Island City, given the attractive price point,” Solarz told TRD. “And there was a strong amount of competition to buy the site.”

Adam America partnered with MSD Partners on the project, according to Crain’s, which first reported on the deal. The new building is slated to hold 186 condo units and a 5,000-square-foot, ground-floor retail space.

The site is located near the 5Pointz redevelopment and Jeffrey Gershon’s 182-unit apartment project. Barneys New York recently moved one of its offices to Plaxall’s 5-25 46th Avenue in the neighborhood.

Adam America is Brooklyn’s most active residential developer by number of projects, based on projects with more than 20 units launched since 2009, according to a TRD analysis. Since 2011 alone, the developer has been involved in at least 18 projects, often in partnership with Slate Property Group.