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Lightstone’s LIC Rentals Secure $187M Citibank Financing
Lightstone has closed on $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. Offering more than 50,000 square feet of indoor and outdoor amenities, the building completed its initial leasing last August, a year ahead of schedule.
“The building has proven to be an overwhelming success with our residents, and we appreciate that Citibank recognizes its accomplishments,” said Lightstone president Mitchell Hochberg. Lightstone began developing the property in 2016 on the site of a former parking garage.
Located at 30-02 39th Ave. in LIC, ARC’s is immediately adjacent to multiple subway lines, facilitating commuting times of less than 10 minutes to Midtown Manhattan.
Among its other amenities, the property features a rooftop pool club with a 70-foot long saltwater pool, lounges, barbecues, cabanas for outdoor dining and bocce courts.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing

