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[NYguy]

http://www.capitalnewyork.com/articl...ic-development

Tishman, investment partner plan huge L.I.C. development


By Ryan Hutchins
Jun. 16, 2014

Tishman Speyer will pursue plans for a massive mixed-use project in Long Island City after acquiring a parcel that could accommodate 1.2 million square feet of space, the developer and its investment partner said on Monday.

Tishman and H&R Real Estate Investment Trust, which has taken a 50 percent stake, said zoning for the site—located adjacent to 2 Gotham Center—would allow for 1,600 rental units and about 30,000 square feet of retail space. The project would include views of the East River and the Manhattan skyline.

The development would be built in three phases, starting with a 42-story tower with 700 apartments. Construction could begin in 2015, with a move-in date sometime in 2017.

Long Island City, with its one-stop commute to Manhattan, has been experiencing a development boom in recent years. It has struggled, through, to attract developers willing to build new Class A office buildings and instead watched as more and more residential units—and hotel rooms—have piled up.

The neighborhood is hosting a conference on Tuesday entitled “LIC Summit” that will include remarks by Alicia Glen, the city’s deputy mayor for housing and economic development.

Tishman is not new to the neighborhood. It built 2 Gotham Center, a 670,000-square-foot office tower, which is now fully leased. H&R has also shown an interest—it bought that same building following its 2011 completion.

H&R chief executive Tom Hofstedter said in a statement that the move helps diversify the company and expand its foothold in New York.