NEW YORK CITY—Quadrum Global, a London based investment firm focusing on value-added property investments, and Simon Baron Development have closed on their purchase of a development site in the Long Island City section of Queens for $54 million dollars, GlobeSt.com has learned EXCLUSIVELY. The 430,000-square-foot site will become home to a 45-story residential rental apartment building; construction is expected to start later this year.
SBD and Quadrum purchased the 29-26 Northern Blvd. site from Simon Dushinsky's Rabsky Group. Rabsky had begun to develop the project located near Queens Plaza into 415 apartments, with commercial space on the ground floor. Minimal changes will be made to the project's original design by the SBJ Group, which also designed the Edge condominium in Williamsburg.
“This acquisition is reflective of our continuing business strategy of delivering new, state of the art residential properties in urban areas such as Long Island City that are undergoing regeneration,” says Oleg Pavlov, CEO of Quadrum. “Together with SBD we are excited to offer our future tenants contemporary living in one of New York's most convenient and accessible hot spots. This will be Quadrum's second major transaction this year, in addition to the acquisition of 1 Queen Anne's Gate Buildings in the heart of London, close to Buckingham Palace.
The New York City-building—named QE7 after its location near the Q, E and 7 train stations—is described as an 'urban vertical cruise ship' and will be equipped with all the latest technology and amenities including a two story fitness center on the second and fourth floors, with a lounge, gym, spa, climbing wall, pool, outdoor soccer pitch, a covered half-court basketball court and a rooftop bar and lounge. The building also will incorporate a bike storage facility and parking.
Adds SBD president Matthew Baron, “We are excited to be collaborating on another great project with our partners at Quadrum. The QE7 building is an outstanding property in the heart of Long Island City which will provide a luxurious, comfortable and convenient residential experience to hundreds of New Yorkers and we look forward to being a part of it.”
Earlier this year, in another joint venture with Quadrum, SBD purchased a Long Island City industrial building at 45-40 Vernon Blvd., near Hunter's Point, for $14.7 million. That property was previously owned by local investors Richard Wissak and Jerry Nazari.
SBD also recently purchased the 13-story, 65-unit Rosario Candela-designed building at 12 E. 88th St. for $105 million. The developer plans to convert the asset into condominiums and has also acquired 166 W. 75th St. and 393 West End Ave.,(another Quadrum partnership) which both are being renovated into rental apartments.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
