Barry Sternlicht Of Starwood Capital Group And Stephen Schwarzman Of Blackstone Arrange $389M Loan For Development Site In Long Island City

The asset involved in this transaction is a development site located at 30-25 Queens Boulevard in Long Island City. The loan amount for this property is $389,000,000, categorized as a construction loan.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $389,000,000
• Lender: Barry Sternlicht - Starwood Capital Group; Stephen A. Schwarzman - Blackstone Real Estate Debt Strategies; David L. Picket - Gotham Organization
• Landlord: Matthew Baron - Baron Property Group; Marcello Porcelli - LargaVista Cos
• Landlord's Representatives: Anthony Ledesma, Matthew Lerner, Michelle Steer - DIA Capital Group; Ayush Kapahi - HKS Real Estate Advisors
• Date of transaction: 6/25/2025

The key individuals involved in this deal include prominent figures such as Barry Sternlicht, Stephen A. Schwarzman, and David L. Picket, representing the lenders. The landlords, Matthew Baron and Marcello Porcelli, are backed by their representatives from DIA Capital Group and HKS Real Estate Advisors, showcasing a collaborative effort among various stakeholders in this construction loan agreement.