MaryAnne Gilmartin’s L&L MAG to develop large site in Long Island City

Current zoning allows for project spanning over 1M sf

New York /
Mar.March 15, 2019 09:00 AM

L&L MAG CEO MaryAnne Gilmartin and 44-02 Vernon Boulevard in Long Island City (Credit: Google Maps)

Amazon may not be coming to Long Island City, but that hasn’t halted new development in the area.

MaryAnne Gilmartin’s L&L MAG is planning a large, mixed-use project on the waterfront at 44-02 Vernon Boulevard, adjacent to Amazon’s abandoned site, according to Commercial Observer.

The site’s current zoning allows 1 million square feet of residential development and 60,000 square feet of commercial space.

Bruce Teitelbaum, once a chief of staff to former mayor Rudy Giuliani, is one of the investors who own the site. In 2015, Teitelbaum pitched a mixed-use development at the site that included a pedestrian bridge connecting Long Island City to Roosevelt Island, but the project stalled.

The site, formerly an oil refinery, has been in foreclosure since 2012. The current owners are negotiating with an affiliate of the Durst Organization, which owns a $32 million note on the property, Gilmartin told CO.

In December 2018, L&L MAG — a partnership between Gilmartin and the principals of L&L Holding, Robert Lapidus and David Levinson — announced its first development, a 22-story, 460 unit residential building in Chelsea. [CO] – Decca Muldowney


Related Articles

arrow_forward_ios
Lenox Grand 13505 Burnet Road, Austin, Texas (OHT Partners)
A 16-acre multifamily development headed to North Austin
A 16-acre multifamily development headed to North Austin
Ben Hakimian, founder, Hakimian Organization; 244 West 49th Street (Google Maps, KSU)
Hakimian changes Midtown hotel plans to residential
Hakimian changes Midtown hotel plans to residential
Bayonne Mayor Jimmy Davis (City of Bayonne, NJ, Google Maps)
Bayonne to weigh 2 redevelopment proposals
Bayonne to weigh 2 redevelopment proposals
Donald Capoccia, managing principal, BFC Partners along with a rendering of 475 Bay Street in Stapleton, Staten Island (BFC Partners/Photo Illustration by Steven Dilakian for The Real Deal)
BFC Partners closes on Staten Island dev site
BFC Partners closes on Staten Island dev site
An AutoCamps outpost (AutoCamps)
Catskills resorts ramping up for 2022
Catskills resorts ramping up for 2022
Developers break ground on 500-unit LIC project with $220M loan
Developers break ground on 500-unit LIC project with $220M loan
Developers break ground on 500-unit LIC project with $220M loan
David Arfin, co-founder & ceo, NineDot Energy; Kewsong Lee, ceo, Carlyle Group (Carlyle Group, NineDot Energy, iStock)
Carlyle invested $100M in electricity, powering massive battery storage developments
Carlyle invested $100M in electricity, powering massive battery storage developments
Renderings of 80 South Street (Oceanwide Holdings, iStock)
Chinese developer defaults on $175M loan for languishing Manhattan supertall site
Chinese developer defaults on $175M loan for languishing Manhattan supertall site
arrow_forward_ios

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

Loading...