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New York & Tri-State  + Outer  + Finance  | 

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

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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