top of page

New Land Capital Closes the Acquisition of Long Island CityDevelopment Deal


Feb 23, 2024 - New Land Capital today announced the closing of the acquisition of a master-plan development site in Long Island City (42-50 24th Street). This new acquisition in Long Island City marks the continued commitment it has to New York City’s residential space. The forthcoming mixed-use condominium project with an R9 zoning site covers 33,983 square feet and is located in the heart of Long Island City - one of the fastest-growing neighborhoods in NYC. The 38-story condominium tower includes 390 condominium units along with 175 parking spaces and premium amenities, including a state-of-the-art fitness center, an indoor pool, and street-level retail spaces.



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 which recently broke this borogogh’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.



New Land Capital is a high-growth Real Estate Private Equity Fund based in New York City and Hong Kong. New Land Seeks to provide our clients excess returns in the core value-creation process in Real Estate Assets – Strategic Land; de-risked condo development and hospitality - via our integrated investment and development platform. Since our inception in 2018, New Land has consistently delivered investment returns that surpass PE industry benchmarks. As of Oct 2023, New Land has a total of six Funds under management and a portfolio of pipeline exceeding $2 billion of investment value.


  


Comments


bottom of page