Simon Development, BPG marketing $425M Queens tower

Alta+ complex in Long Island City has 466 apartments

New York /
Mar.March 11, 2022 02:27 PM

Jonathan Simon, chief executive officer, Simon Development, in front of Alta+ LIC at 29-22 Northern Boulevard (Simon Development, Alta+ LIC, iStock)

Simon Development and Baron Property Group’s Long Island City luxury apartment complex is on the block, sporting an estimated value of $425 million.

Simon Development and BPG, which were formerly Simon Baron Development, are listing the 43-story, 466-unit Alta+ complex at 29-22 Northern Boulevard in Queens, according to research platform Green Street. Cushman & Wakefield is spearheading the marketing.

The building is 97 percent occupied, per Green Street. Its apartments range from studios to three-bedroom units. Amenities at the building include a lap pool, an outdoor movie theater, a golf simulator, a fitness center and co-working spaces.

The building also has 43,000 square feet of retail space, which is approximately 75 percent occupied, according to Green Street. Tenants include Boro Dental Arts and Planet Fitness.

Simon could not be reached for comment at the time of publication.

Ground was broken on the project in 2015. In 2018, the firm acquired a 96.45 percent stake in the rental complex for $313.2 million. Prior to the stake sale, Simon jointly owned the 380,000-square-foot property with frequent collaborator Quadrum Global.

Simon funded the purchase of Quadrum Global’s interest with a $200.8 million loan from a consortium of lenders, including AIG Investments, the United States Life Insurance Company and the Union Fire Insurance Company of Pittsburgh.

At the time of development, the project was billed by the developers as the largest ground-up co-living development in the nation. The 169 shared units in the building were initially managed by Ollie, but Simon reached a deal last year to have Common manage the units instead.

Separately, Simon Development has been in a lengthy dispute with a retired attorney at its Upper East Side apartment building involving an incomplete condo conversion. Late last year, the tenant filed a new case alleging a slew of housing violations at the building, 12 East 88th Street. The dispute is ongoing.

— Holden Walter-Warner





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