Square Mile Capital provides funding for Simon Baron’s ALTA property in Long Island City
Simon Baron Development and Square Mile Capital Management announced that an affiliate of Square Mile Capital has made a $138.5 million preferred equity investment in connection with the recapitalization of ALTA, a 43-story, fully amenitized apartment project located in Queens Plaza, Long Island City, N.Y.
The 467-unit property, with ground-floor retail, broke ground in 2015 and was completed in 2018.
It was developed by and remains owned by affiliates of Simon Baron Development. Leasing commenced in May 2018.
ALTA offers both market-rate rental residences and furnished residential suites managed by co-living operator Ollie. The project features unobstructed views of the Manhattan skyline and the East River. Building amenities include a 10,000-square-foot fitness center, a 50-foot indoor swimming pool, multiple roof decks, a state-of-the-art golf simulator, and a dog spa. Tenants benefit from superior transportation access to Manhattan in under 10 minutes via six subway lines.
