(To read more on the multifamily market, click here.)

HUNTERS POINT, NY-A joint venture of the Milestone Group and DevCon Partners are developing the Gantry in this neighborhood of Long Island City. The 47-unit loft condominiums are expected to reach completion by June 2006.

Located at 5-15 49th Ave. site already has a pre-sales list of 900 potential buyers, company officials say. Amenities include a fully attended lobby, fitness center, on-site parking and a common rooftop terrace. Designed by architect Randy Gerner of New York City-based architecture firm Gerner Kronick + Valcarcel, the Gantry will have residences in one-, two- and three-bedroom layouts.

"The Gantry will certainly become the new benchmark for development in Long Island City," says Jeffrey Goldberg, partner of Milestone. The development is also situated within walking distance from Gantry Plaza Park, a stretch of open space, which is part of the city's master plan to create a one and a half mile-long waterfront park.