Seiden & Schein, P.C. is proud to have represented its long-time clients, the Domain Companies and the Vorea Group (in partnership with another long-time client, L+M Development Partners), on the acquisition of a 76,000 square foot development site in the Hunter’s Point neighborhood of Long Island City, located at 2-33 50th Avenue, in what was the third largest New York City development site sale of 2021.
Our firm is also excited about its continued involvement in the new development that is being constructed on the acquired site, including representing the developers in connection with the project’s application for a real estate tax exemption under Section 421-a of the Real Property Tax Law.
The 484,000 square foot mixed-use residential project will include 499 residential rental apartments (30% of which will be affordable housing under Section 421-a) and 40,000 square feet of ground floor retail and community facility space. The project, which is being constructed on one of the last remaining large-scale development sites on the Hunter’s Point waterfront, will stretch across a full block front along 5th Street, between 49th and 50th Avenues.
Seiden & Schein, P.C., an industry leader in development real estate tax incentives, inclusionary housing and condominium/cooperative law, with extensive experience in the acquisition, sale and financing of real estate, is a one-stop shop for all developers.
For more information about how Seiden & Schein, P.C. can help get your next project off the ground, please feel free to contact Alvin Schein (firstname.lastname@example.org) or David Shamshovich (email@example.com) by email, or by phone at (212) 935-1400.