TFCornerstone Acquires Development Site In LIC From Holterbosch Family For $300M

The Holterbosch family has sold a development site in Long Island City, located at 55-01 2nd Street. The property, which is situated in the LIC market, was purchased by @TFCornerstone. The sale was facilitated by brokers Jimmy Kuhn, Jennifer Schwartzman, and David Noon from Newmark Knight Frank. The transaction took place on November 19, 2018.

Summary of transaction details

• Property Type: Development site
• Transaction Amount: $300,000,000
• Address: 55-01 2nd Street, Long Island City
• Market: LIC
• Seller: Holterbosch family
• Buyer: @TFCornerstone
• Brokers: Jimmy Kuhn, Jennifer Schwartzman, David Noon @NewmarkKF

The development site, with a building square footage (BSF) of 1,648,000, was sold for a price of $300,000,000. The purchase price per building square footage (PPBSF) amounted to $182. This significant transaction represents the successful deal between the Holterbosch family and @TFCornerstone, with brokerage services provided by Jimmy Kuhn, Jennifer Schwartzman, and David Noon from Newmark Knight Frank.