Our commitment to investing in residential assets in Long Island City is built on a deep market understanding and demonstrated track record after the success in developing Skyline Tower – the tallest building in Queens which recently broke this borough's price records. Our further investment in LIC reflects our continued confidence in the residential space in this region as one of the fastest-growing neighborhoods. Long Island City’s geographic advantages lie in its short distance from midtown Manhattan – a 10-minute drive and three stops by subway. Over recent years, the area has seen remarkable growth trends with the fastest price and rent growth across New York City boroughs.

 

By aligning our capital with Long Island City's population growth, we bring along our partners not only to capitalize on this area's fast growing communities and their housing demands,  but also to delivering investment returns that reflect the our value-creation strategy. Focusing on the territories where we have the expertise and a proven track record is fundamental to our investment allocation, which ensures that we deliver value and enhance our portfolio return with each asset we undertake.

 

This acquisition marks the strategic proposition for New Land Capital, as the new project is the inaugural venture under our development aiming to cultivate and expand our strategic co-GP and co-investment partnerships to create value through our organic value creation process, with our two-decades of experience in New York City’s residential space.