The Victor Elmaleh-led World-Wide Group is plunking down $157 million to develop a long-stalled Long Island City site into a luxury rental building.
The developer hasn’t worked outside of Manhattan in 10 years, but this vacant plot at 41-50 24th Street caught its eye in March of last year – when it paid $28.85 million for it. The 421 apartments in the 21-story building will range from studios to three-bedrooms.
Construction has begun on the project, thanks to financing from German lender Helaba Landesbank Hessen-Thueringen Girozentrale.
The area is zoned for a 320,000-square-foot residential building. It was purchased by an LLC called FCR Development in October 2005 for $23 million. [Crain’s] — Mark Maurer