Tishman Speyer, in partnership with H&R Real Estate Investment Trust, is developing a luxury residential rental property on a 1.2 million-square-foot site in Long Island City.
The property will hold approximately 1,600 rental units and roughly 30,000 square feet of retail space, according to a release from H&R. Adjacent to 2 Gotham Center, a fully-leased 670,000-square-foot office tower developed by Tishman Speyer in 2011 and acquired by H&R later that year, the building will ultimately stretch 42 stories. The site encompasses a full block bounded by Queens Boulevard, Jackson Avenue, Orchard Street and the Sunnyside Yards, an H&R spokesperson told TRD.
The apartment building is slated to begin construction in 2015, with occupancy commencing in 2017, according to the release.
H&R’s share of the total land cost is $55.6 million, according to the release, while Tishman Speyer has held an interest in its share of the land since 2003. The project, to be developed in three phases, is estimated to cost around $875 million in total. — Julie Strickland