The firm is assisting Tishman Speyer in the design, engineering and construction agreements for its development of a luxury residential rental property on a 1.2 million-square-foot site in Long Island City. Tishman Speyer is developing the property in partnership with H&R Real Estate Investment Trust. This matter was profiled in The Real Deal article “Tishman Speyer, H&R Real Estate to develop LIC luxury rental” on June 16.
According to the Real Deal article, the property will hold approximately 1,600 rental units and roughly 30,000 square feet of retail space, according to a release from H&R. The site encompasses a full block bounded by Queens Boulevard, Jackson Avenue, Orchard Street and the Sunnyside Yards. H&R’s share of the total land cost is $55.6 million, according to the release, while Tishman Speyer has held an interest in its share of the land since 2003. The project, to be developed in three phases, is estimated to cost around $875 million in total. The apartment building is slated to begin construction in 2015, with occupancy commencing in 2017.
Eric Zipkowitz, a partner in the Construction Practice Group, is handling the matter. He represents real estate developers, not-for-profit entities and corporate clients in the acquisition, financing, construction and development of commercial, residential and mixed-use projects.
|Zipkowitz, Eric Partner||Partner||212.216.8088|