Durst Organization’s LIC Tower Recapitalized for $105M

Affinius Capital LLC closed on a $105-million investment to recapitalize Sven, a 958-unit multifamily property in Long Island City. The investment was made to The Durst Organization, which developed the property and opened it in early 2022. The second tallest tower in Queens at 71 stories, Sven leased up within a year.

David Greenburg, Affinius Capital managing director, said, “As a premier residential destination and crown jewel in Long Island City’s skyline, Sven capitalizes on accessibility, proximity to major employment hubs and a favorable supply-demand balance. Our partnership with The Durst Organization, renowned multigenerational developers of New York City’s most prestigious properties, underscores our confidence in the submarket and Sven’s potential to redefine luxury living in this dynamic urban landscape.”

The investment was arranged by Doug Harmon, Adam Spies, Adam Doneger, Josh King, Marcella Fasulo and Chris Kramer of Newmark Group.

Where is capital being sourced, and what risks are being taken in the current market? Learn from local and national finance leaders about how deals are getting done in the Tri-State Multifamily market. Don’t miss this opportunity at Connect Tri-State Multifamily on October 1 at Tishman Speyer’s Studio Gather, 45 Rockefeller Center.