Got The Domain Cos. and L+M Development Partners and The Vorea Group have received a $220 million construction loan from Wells Fargo for the development of the 50th and 5th, a $370 million mixed-use community in Hunter’s Point in Long Island City.
In September, the two companies closed on a joint venture capital investment with the Bridge Investment Group’s Opportunity Zone strategy. The project is scheduled for delivery in the fall of 2024, with a subsidiary of L&M acting as the general contractor.
Matt Schwartz, co-CEO of The Domain Cos. , in prepared notes, the project represents a fantastic opportunity to develop one of the last remaining large sites on Hunter’s Point waterfront.
This 484,000 square foot development occupies an entire block frontage along Fifth Avenue, between 50th Ave. and 49th Ave. It will feature 499 residential units, 40,000 square feet of ground floor retail space and community amenities.
S9 Architecture will serve as an architect and interior designer in grades 50 and 5, who will pursue LEED Platinum certification and participate in the New York State Brownfield Cleanup Program. It will be the fourth location in New York City that the field will convert from a brown field to LEED Gold or higher sustainability standards. Furthermore, 30 percent of the apartments will be designated as income-restricted units under the New York Affordable Price Program.
The community will be less than half a mile west of the Vernon Boulevard-Jackson Avenue station and northeast of Gantry Plaza State Park. Several dining, retail and entertainment options are available within a one mile radius. The Empire State Building is located approximately two miles west of the community.
Active in the New York City market, The Domain Cos began work on 544 Lyra units in the Bronx at the beginning of the year. This company is developing the project in partnership with The Vorea Group.