The Domain Companies, L+M Development Partners, and The Vorea Group, together with Bridge Investment Group, have closed on financing and commenced construction of 50th and 5th, a $370 million mixed use development in Hunter’s Point, Long Island City
New York, NY -The Domain Companies, L+M Development Partners and The Vorea Group announced today that they have closed on a $220 million construction loan with Wells Fargo to develop a $370 million mixed-use multi-family development. The 1.75 acre property is one of the best remaining development sites in Long Island City, occupying the full block front along 5th Street in between 50th Avenue and 49th Avenue, just half a block from Gantry State Park. In September, the partners closed on a JV equity investment with the Opportunity Zone Strategy of Bridge Investment Group. An affiliate of L&M will serve as the general contractor.
“Bridge is pleased to be partnering with highly regarded firms Domain Companies, L+M Development Partners and Vorea to bring this incredible project at 50th and 5th to fruition. The 50th and 5th project will be an exciting enhancement for the Hunters Point neighborhood” said David Coelho, Chief Investment Officer of the Opportunity Zone Strategy at Bridge Investment Group.
The 484K square foot project will consist of 499 residential units and 40,000 square feet of ground floor retail and community facility space.
The joint venture leverages the strength of three uniquely experienced and active multifamily developers in NYC, allowing for the development of a ground-up, luxury, mixed-use residential project, positioned as the leading residential community in Hunter’s Point. The project will stand apart through exceptional design intended to evoke a sense of community, intimacy, and hospitality. The project design will also be responsive to the growing demand from young professionals and families and will feature best-in-class interiors, finishes and amenities.
S9 Architecture, the architect and interior designer, strives to bring the outside in, with lush interior courtyards encased in glass, visible as one enters the community. A new mosaic, reflective of Long Island City’s eclectic diversity and artistic presence, the project will embrace modernism and nature. Already in close proximity to neighborhood green spaces, including the recently renovated Gantry State Park on the waterfront, the community in all aspects is ideal for those who desire the best of both worlds – convenient access to exceptional outdoor amenities along with convenient access to numerous mass transit options. The neighborhood has an outstanding combination of transportation options serving residents including LIC’s eight subway lines (7, E, M, N, Q, W, R, F).
Thirty percent of the apartments will be set-aside as income-restricted units under the Affordable New York Program. The project will pursue LEED platinum certification and will participate in the New York State Brownfield Cleanup Program. This will be the fourth site in New York City that Domain will bring from a brownfield to LEED Gold or higher sustainability standards. Domain’s latest completed brownfield redevelopment was Eleven33, a mixed-use residential and retail project in Greenpoint, Brooklyn, recognized with the Big Apple Brownfield Award for Green Building.
“This is an incredible opportunity to develop one of the last remaining large-scale sites on the Hunter’s Point waterfront. We have a long history in Long Island City and are excited about the long and enduring impact to the local community and economy that 50th and 5th will bring.” Says Matt Schwartz, Co-CEO of The Domain Companies. “The quality of design and product will be like nothing else in Hunter’s Point and we can’t wait to bring it to life with our partners L+M, Vorea and Bridge.”
“We are honored and excited to partner with the outstanding teams at Domain and Vorea on a project that’s well-positioned for New York’s bright future.” Says David Dishy, L+M President of Development and Partner. “This project builds on our longstanding commitment to LIC and deep appreciation for the history and vitality of the Hunter’s Point and Greenpoint communities. Thanks to Wells Fargo and Bridge for their partnership in creating what will be a beautiful project in one of the city’s most park- and transit-rich waterfront neighborhoods.”
The project is slated to be completed October 2024.