Goldman Sachs invests $83M in
Gotham Org’s 1,120-unit LIC project

Opportunity zones helped draw Goldman's Urban Investment Group to the neighborhood

TRD New York /
Nov.November 26, 2018 03:00 PM

Goldman Sach’s Margaret Anadu and a rendering of Hunter’s Point South Proposal (Credit: Handel Architects)

UPDATED, Nov. 27, 2018, 3:40 p.m.: Goldman Sachs finalized a deal to invest in a massive affordable development in Long Island City — on the same day Amazon announced it would bring half of its HQ2 to the neighborhood.

The investment bank’s Urban Investment Group provided the Gotham Organization with $83 million for its 1,120-unit mixed-use project in Hunter’s Point South, Bloomberg reported.

The city last year chose Gotham Organization and local nonprofit RiseBoro Community Partnership Inc. to develop the property at 57th Avenue and Second Street, which will also include retail. Of the more than 1,000 apartments, 900 are slated to be affordable for households earning between 30 and 145 percent of area median income, and 93 units will be set aside for seniors.

The timing lining up with Amazon’s announcement, one Goldman Sachs executive said, was an “absolute coincidence.”

“I didn’t think New York was in the running,” said Margaret Anadu, head of the Urban Investment Group, “much less Long Island City.”

Instead, the draw was the fact that the project is situated in an Opportunity Zone, like much of the Long Island City waterfront. Since the tax break was pushed through, the Urban Investment Group has invested $150 million of its own money in Opportunity Zones across the country.

“When this massive development is done, it’ll be one of the largest affordable housing communities in New York City’s history,” Anadu said. [Bloomberg] — Kevin Sun

Update: This story has been updated to clarify that Goldman Sachs was not a lender on the project but an investor. 


Related Articles

arrow_forward_ios
Shawn Mobley (left), is being replaced by Andrew McDonald (right) as CEO of the Americas at Cushman

Shakeup at Cushman: Mobley out, McDonald promoted

Shakeup at Cushman: Mobley out, McDonald promoted
(iStock)

To survive, NYC retailers are treating average Joe’s like they’re rich

To survive, NYC retailers are treating average Joe’s like they’re rich
The financing deal comes after AMC theaters have been shuttered for months due to the coronavirus pandemic. (iStock)

AMC nears deal to avoid bankruptcy

AMC nears deal to avoid bankruptcy
CIM Group’s Shaul Kuba, Knotel's Amol Sarva, Related Group’s Jorge Pérez and The Agency’s Mauricio Umansky (Getty, Sarva by Sasha Maslov, iStock)

These real estate companies got fat PPP loans

These real estate companies got fat PPP loans
Nearly 60% of condo units built in Long Island City, Queens, since 2018 remain unsold. (iStock)

“You’ve either made the wrong shoes, or you’ve made too many”: LIC faces a serious condo glut

“You’ve either made the wrong shoes, or you’ve made too many”: LIC faces a serious condo glut
270 Park Avenue (Google Maps; iStock)

City planning through a pandemic

City planning through a pandemic
Federal Reserve Chairman Jerome Powell (Getty)

Real estate stocks benefit from second quarter rally

Real estate stocks benefit from second quarter rally
President Donald Trump (Getty, iStock)

Trump tweets that he “may END” Obama-era fair housing regulation

Trump tweets that he “may END” Obama-era fair housing regulation
arrow_forward_ios

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

Loading...