[NYguy]

http://www.crainsnewyork.com/article/201...three-towers-to-rise-in-lic-costing-875m

Three towers to rise in LIC, costing $875M
Tishman Speyer and a Toronto public real estate company H&R Real Estate Investment Trust team up to buy a site where they will erect
a 1.2 million-square-foot apartment complex with 1,600 units.


Daniel Geiger
June 16, 2014

The New York City based developer Tishman Speyer and the Toronto public real estate company H&R Real Estate Investment Trust announced they have purchased a large
development site in Long Island City in Queens.

The site—the block along Jackson Avenue, between Queens Boulevard and Orchard Street—is across the street from an office development called Gotham Center, which was developed
in recent years by Tishman Speyer and acquired in 2011 by H&R REIT.

H&R REIT announced it would pay $55.6 million for a 50% stake in the land, which it is acquiring from a partnership that includes the Modell family, owners of the sporting goods chain
of the same name. Tishman Speyer is paying an undisclosed sum for its half of the parcel. Tishman Speyer had been one of the Modell family's partners in the site and may have been able
to convert that stake into some or all of its ownership in the new venture with H&R REIT.

The partnership between Tishman Speyer and H&R REIT said it plans to invest a total of $875 million—including the land cost—to build three residential towers on the site,
a total of 1.2 million square feet of new development holding 1,600 rental apartments and 30,000 square feet of ground floor retail space.

The partnership will begin by building a 42-story tower with 700 apartments in 2015, with a planned completion of that initial project in 2017.

This area is already booming with various developments on the boards...