Lightstone Closes $187 Million Refinancing for ARC

428-Unit Luxury Development in Long Island City Secures Financing from Citibank

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Feb 11, 2019, 10:15 ET

LONG ISLAND CITY, N.Y., Feb. 11, 2019 /PRNewswire/ -- National real estate investor and developer Lightstone today announced the close of $187 million in financing from Citibank for ARC, a 428-unit luxury rental property in the Dutch Kills section of Long Island City, New York. The building, which offers over 50,000 square feet of indoor and outdoor amenities, completed its initial leasing in August 2018 ahead of schedule and at record rents.

"We're pleased to partner with Citibank in this financing for ARC, a building that redefines rental living in Long Island City with an unparalleled suite of luxury amenities and close, convenient access to Manhattan," said Lightstone President Mitchell Hochberg. "The building has proven to be an overwhelming success with our residents, and we appreciate that Citibank recognizes its accomplishments."

Located at 30-02 39th Avenue, ARC's central location immediately adjacent to multiple subway lines makes it possible for residents to commute to Midtown Manhattan in less than 10 minutes. The property is just a short walking distance from many of the area's best attractions, including MoMA PS1, M. Wells Steakhouse, and Dutch Kills Bar.

ARC houses the largest and most diverse lifestyle-driven amenity program in New York City. The property features a rooftop pool club with a 70-foot long salt water pool, lounges, barbecues, cabanas for outdoor dining, and bocce courts, along with stunning views of the Manhattan skyline.

ARC also offers a state-of-the-art fitness club with a spin room, yoga studio, private training facilities, outdoor exercise space, basketball court, and golf simulator. Residents have access to a half-acre private courtyard park with a greenhouse for year-round gardening and private events, as well as a residents lounge, library, club room, game room, private and collaborative workspaces, entertainment areas, and a gourmet catering kitchen with private dining. A full-time lifestyle director manages the building's robust amenity program, catering to the specific needs of each resident.

Residents have the option to select either a studio, one-bedroom, or two-bedroom apartment. All apartments feature ceilings that are nine feet or higher with expansive casement style floor-to-ceiling windows, Bosch appliances, custom cabinets, and quartz stone countertops. Bathrooms feature beautifully appointed tile with custom brass fixtures, and all residences offer in-wall heat pumps with remote digital thermostats and in-unit Bosch washers and dryers.

In addition to its record leasing, ARC was awarded the People's Choice Award for Brooklyn and Queens by the American Institute of Architects (AIA). ARC's sister project is 365 Bond, a pioneer luxury residential rental development situated along the Gowanus Canal that opened to major success in 2016.

More information is available at https://arclivinglic.com/ .

About Lightstone

Lightstone, founded by David Lichtenstein, is one of the largest and most diversified privately held real estate companies in the United States. Lightstone is active in 28 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With over 175 existing properties, Lightstone's over $6 billion portfolio currently includes over 4.5 million square feet of office, retail and industrial commercial properties, over 15,000 residential units, and 4,300 hotel keys. Lightstone also owns over 12,000 land lots across the country.

Headquartered in New York City, Lightstone continues to grow its development portfolio with over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles, and Miami.

Contact:
Teddy Wilson Simmons
212-704-4564
[email protected]

SOURCE Lightstone