More Details Emerge for Jacob Schwimmer’s LIC Development
Developer Jacob Schwimmer and JCS Realty Group filed plans for a 495-unit residential project in Long Island City, Queens this month, but didn’t appear to own the necessary site. They still don’t, but they have a deal with a buyer who does.
Texas-based Montgomery Street Partners acquired the site at 10-01 45th Road from the heirs of Dieter Holterbosch for $95 million, Crain’s reported. The deal for the 80,000-square-foot site breaks down to $1,188 per square foot.
In addition to acquiring the site, Montgomery Street entered into a lease agreement with JCS, which will develop the site that once housed a New York Blood Center location. Details about the lease agreement were not disclosed.
Montgomery Street and JCS did not respond to requests for comment from the publication.
At the beginning of the month, JCS filed plans for a 495-unit development in Long Island City. The project is divided into five buildings, each 99 units, a move likely intended to avoid the $40 wage floor triggered by the 485x tax abatement for projects with 100 or more units.
The full project site appears to span about two-thirds of the block, falling short of running into 11th Street. The development will include ground-floor retail, bicycle storage, terraces and outdoor lounges. Joseph Frankl of JFA Architects & Engineers is listed as the architect for the development.
This is not the first time Schwimmer and Montgomery Street have joined on a New York City development.
Two years ago, JCS landed $165 million in financing for One38, its mixed-use project in the Bronx. Boston-based MF1 Capital took over the existing $105 million debt and provided a $60 million gap mortgage for 138 Bruckner Boulevard, replacing $105 million in construction financing from S3 Capital.
Schwimmer secured a ground lease on the property from Montgomery Street, which purchased the site for $55 million. Leasing was under way at that point for the 579-unit building on the site of the former Zaro’s Bakery warehouse in Mott Haven.
At the start of the year, Lexin Capital sold a 421a-eligible development site at 75-83 Nassau Street to a venture of Full Time Management and Montgomery Street for $53 million. One of the last 421a-eligible development sites in Manhattan, it was previously put up for sale by Lexin with a valuation target of around $75 million.
The buyers plan a 265-unit mixed-use development on the 13,000-square-foot lot, which is zoned for up to a 275,000-square-foot building.
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