Lightstone Group plans LIC development

David Lichtenstein’s Lightstone Group, owner of multi-family, retail and office properties in 27 states, is set to enter one of New York’s emerging residential markets, having just purchased a residential development site at 50-01 2nd Street in Long Island City for $19.3 million, or $105 per buildable square foot, Real Estate Weekly reported.

The site’s close proximity to Avalon Bay Communities’ Avalon Riverview South, the 7 train and the East River were all selling points, said Gary Blum, a partner at Pinnacle Realty, who represented the seller alongside Pinnacle’s Decio Baio and David Junik.

“They knew Long Island City was growing,” he said.

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Kasra Sanandaji, head of New York acquisitions at Lightstone, represented the buyer.

The new rental development is slated to have 215 apartments.

Construction is expected to begin within six months. [REW]