JV Plans Whitestone Project

WHITESTONE, NY-Locally based Bayrock Group LLC and Israel-based GMUL Investment Co. are in the process of acquiring 15 acres of waterfront property here for $25.5 million. The joint venture, called 151-45 Sixth Road Whitestone Partners LLC, intends to develop Waterpointe, a luxury condominium complex they anticipate will have development costs of between $100 million and $200 million, depending upon what zoning approval the site receives.

The project is currently being rezoned from M-1 to either R3-2, R4, or special use. Construction would not begin on the site until late 2006 early 2007. Located along the East River, the development team envisions building condominiums with a waterfront promenade, parks, playgrounds and tennis facilities for use by residents and the community.

Tevfik Arif, president of Bayrock, says the partnership feels the housing market in Whitestone, and Queens as a whole, is so hot right now. “The site is unmatchable, given its views and proximity to the water, and it truly is the largest remaining waterfront property available for development in the area.”