NEW YORK, NY - Greystone Development, a New York-based real estate development, lending and advisory company, announced it has closed on the $23 million acquisition of a development site at 24-16 Queens Plaza South in Long Island City, Queens. Samuel Jesselson and Jason Warsavsky of JWCM were integral in bringing this deal to Greystone Development.
Construction financing in the amount of $39 million was provided by Santander Bank, a strategic partner of Greystone’s, and a joint venture partnership has been successfully formed with the existing long-term land owner.
"Our team is always looking for opportunities to finance important development projects like this one by Greystone Development that will further enhance the residential landscape in this vibrant neighborhood,” said Mike Lee, Managing Director of Commercial Real Estate Banking at Santander Bank. “With its close proximity to Manhattan and amenities like restaurants, shops, and art galleries, Long Island City is becoming an attractive option for those who want the convenience of city living, but desire more living space.”
Greystone Development plans to build a striking twenty-three story property that will enhance the Long Island City skyline. With this in mind, globally renowned architects Woods Bagot were selected to craft and design the property.
“Long Island City is a burgeoning market. People want to call this area home because of its proximity to culture and commerce as well as to transportation. This residential property is being developed for those who value both form and function. Woods Bagot is pushing the envelope to create spaces that celebrate architectural details inside and outside of the home,” said Jeffrey Simpson, head of Greystone Development. “Located across the street from the Queensboro Plaza train station with access to the 7, N and Q subway lines and within close proximately to the E, M and R lines, the site is the ideal location for a new luxury rental building with prime retail space.”
“We are thrilled to have worked in close collaboration with the Greystone team to design an architecturally significant property that is responsive to its rich urban context, and leverages the unique aspects of the site to create a new lifestyle destination in Long Island City,” said Jeremy Singer, Principal, Woods Bagot.
Plans include 117 creatively appointed rentals encompassing approximately 105,000 gross square feet with approximately 3,600 square feet of ground-floor retail space. The property boasts approximately 119 feet of frontage along Crescent Street and approximately 100 feet along Queens Plaza South.
The property will provide services catering to the resident to make the living experience extremely comfortable. Encompassing approximately 11,000 square feet across four floors, amenities will include outdoor pool; roof terrace; fitness center; multiple private dining and entertaining spaces including a lounge and screening area; game room; and co-working space.
David J. Maundrell III, EVP of New Development Marketing for Brooklyn and Queens at Citi Habitats, has been selected as the exclusive leasing agent for the property. David has brought over 200 new development properties to market in the past 10 years in NYC and oversees more than 2,000 transactions a year in Brooklyn and Queens combined. David also has a long-standing relationship with Greystone Development, having successfully leased out Printhouse Lofts in Williamsburg in 2014, and selling out 47 Waterbridge in DUMBO in 2015 with record-breaking sales figures.
The New York-based Greystone Development team is currently working on numerous projects in highly sought-after commercial real estate locations within Manhattan, the outer boroughs; Miami, FL; and Palo Alto, CA.