Solomon Feder plans 158-unit resi building for LIC

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

New York /
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.


Related Articles

arrow_forward_ios
15 Park Row (Google Maps)
J&R Music founders sell Park Row apartment tower for $140M
J&R Music founders sell Park Row apartment tower for $140M
Claudio Del Vecchio has owned Brooks Brothers since 2001. (Getty)
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
(Photo illustration by The Real Deal)
This office redeveloper is going all in
This office redeveloper is going all in
Clare Newman with Governors Island (Credit: Governors Island, Getty Images)
Governors Island redevelopment opposed as excessive
Governors Island redevelopment opposed as excessive
Union Square Park to gain 2 acres in $100M plan (Getty_
Union Square Park to gain 2 acres in $100M plan
Union Square Park to gain 2 acres in $100M plan
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)
Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)
The 10 biggest new project filings in NYC
The 10 biggest new project filings in NYC
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)
Santa Monica mega-portfolio officially hits market
Santa Monica mega-portfolio officially hits market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...