Solomon Feder plans 158-unit resi building for LIC

Developer bought property for $25M in a flip from Vorea Holdings

Feb.February 14, 2018 03:15 PM
45-57 Davis Street (Credit: Preuss Group)

45-57 Davis Street (Credit: Preuss Group)

Another large residential project is on its way to Long Island City, this time from developer Solomon Feder.

Feder is planning a nine-story, 158-unit residential building on the development site at 45-57 Davis Street, according to plans filed on Wednesday with the city’s Department of Buildings. The building will span about 107,000 square feet overall, with about 290 square feet carved out for retail space.

Although Vorea Holdings had initially purchased the site for about $21 million, Feder said they recently flipped it to him for $24.8 million in a deal brokered by David Behin from Newmark Grubb Knight Frank. He is planning to make 30 percent of the project’s units affordable and 70 percent market-rate, and he hopes to start construction on the rental development in the next few months.

Feder received a $19 million mortgage from Slate Property Group for his purchase, the first deal from the company’s new lending venture SPG Capital Partners.

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