The Domain Companies, L+M Development Partners and The Vorea Group have acquired a development site and arranged equity capitalization for the site acquisition and project development within an Opportunity Zone in Long Island City, N.Y.
The sales price was $88.5 million.
JLL Capital Markets worked on behalf of the seller, a private property owner.
The 76,000-square-foot opportunity zone development site is located at 2–33 50th Ave. on the west side of Fifth Street between 49th and 50th avenues and allows a total buildable area of 444,000 square feet. The site enables the developer to create a highly attractive ground-up, mixed-use residential project in Hunter’s Point, Long Island City’s premier waterfront area.
“The site presented Long Island City’s best rental residential development opportunity in a neighborhood ready to transcend its existing rental product,” said Bob Knakal, New York investment sales chairman at JLL Capital Markets. “A
