This week, Related Companies unveiled multiple lighting displays and mural installations located within a mixed-use complex known as The Point LIC in Long Island City, Queens. The development is comprised of public walkways, a landscaped plaza, and two distinct commercial properties known as Paragon and Blanchard.
GreenOak Real Estate
In February, Related Companies and GreenOak Real Estate purchased the seven-story, 168,000-square-foot industrial building at 21-09 Borden Avenue, in southern Long Island City, for $62.5 million. The Real Deal now reports the developers have secured a total of $60.8 million in loans, some of which will be used to convert the property into an office building. The two developers also purchased the Paragon Building – a six-story, 108,000-square-foot former industrial building at 21-00 49th Avenue, in southern Long Island City – for roughly $47.5 million. The property is located two blocks to the north and is also expected to be converted into office space. An architect and targeted completion dates have not been disclosed.
In late 2014, YIMBY brought you new renderings of the Foster + Partners-designed 41-story, 897-foot-tall office tower under development at 425 Park Avenue, between East 55th and 56th streets in Midtown, and now project has secured its anchor tenant with a city-wide record-breaking lease. According to Real Estate Weekly, Chicago-based Citadel will take roughly 200,000 square feet in the 670,000-square-foot building, with rents as high as $300 per square foot on the tower’s penthouse floors. The project, being developed byL&L Holding and GreenOak Real Estate, is aiming for L.E.E.D. Gold and WELL certifications. This past summer, the developers secured a $556 million construction loan and the site’s 32-story office predecessor has since been significantly demolished. The lower portion of the existing structure will be utilized in the new building and completion is expected in late 2018.
GreenOak Real Estate and Capstone Equities are transforming the nine-story, 40,000 square-foot former Playboy Club building at 5 East 59th Street, right around the corner from Central Park, into an eight-story structure fitted for a single commercial tenant, according to Commercial Observer. The building will feature retail and showroom space on the lower levels, and office space on the upper floors. The property was purchased for $85 million over the summer, and Newmark Grub Knight Frank are marketing the building’s lease.
L&L Holdings and GreenOak Real Estate have landed a $556 million construction loan for their 47-story, 893-foot-tall office building planned at 425 Park Avenue, in Midtown East. The developers are expanding the existing 32-story building office building to accommodate 670,000 square feet of modern office space. Partial demolition begins this month, and the building is scheduled to open in 2018.