Lightstone broke ground on the development of a 428-unit luxury residential property in the Long Island City neighborhood of Queens, N.Y.
The groundbreaking ceremony (left to right): Matt Niskanen, senior project manager; Mark Green, senior vice president of construction; Mitchell Hochberg, president; Scott Avram, senior vice president of development; Bryan Ramm, development director; and Jonathan Rabinow, senior vice president of investments
Queens, N.Y.—U.S. real estate developer Lightstone broke ground on a 428-unit luxury residential property at 30-02 39th Ave. in the Long Island City neighborhood of Queens, N.Y.
The 413,000-square-foot property will provide residents with a lavish lifestyle, offering a full-time concierge doorman, onsite valet parking, a state-of-the-art fitness center with private workout facilities, a spin room, yoga studio, basketball court and golf simulator, as well as a half-acre landscaped interior courtyard garden with a greenhouse. Residents will also enjoy a sizable 22,000-square-foot amenity space with premium features such as a library, conference room and work/study studios, an entertainment lounge and multiple game rooms. Exterior features will include a rooftop club with a heated outdoor pool, lawn, bocce courts, outdoor kitchens and barbecues.
“What was once a partially overgrown surface parking lot will transform into a dynamic new luxury residential community that will capture the exciting up-and-coming energy of the surrounding community,” Lightstone president Mitchell Hochberg told MHN.
Located at the corner of 30th street and 39th Avenue, the property is planned to have a mix of studio, one- and two-bedroom apartments with construction expected to be completed by summer 2017.
Residents who want to venture out will have several options nearby, including MoMA PS1, one of the oldest and largest nonprofit contemporary art institutions in the United States, as well as many highly regarded neighborhood restaurants and cultural activities. They will also have easy access to the N, Q, M and R trains.
This isn’t Lightstone’s first project in the area—last year, the developer built the 199-unit Gantry Park Landing, which was fully leased at above market rates and has one of the highest retention rates in the market. Both properties incorporate Lightstone’s unique combination of a stylized boutique hotel aesthetic with top-of-the-line amenities and services.
“Fortunately, we had the foresight to identify the residential boom of Long Island City years ago,” said Hochberg. “The success of Gantry Park Landing and the continued growth in Long Island City gives us further confidence in our new project, which captures the energy and excitement of this community.”
Image courtesy of Edelman
