Submitted by Stefanie Botelho on Wed, 08/19/2015 – 12:23pm.
O’Connor Capital Partners, a New York-based real estate investment, management, and development firm, is pleased to announce the completion of a land sale to the Graduate Center Foundation Housing Corp., a supporting organization of The Graduate Center of The City University of New York (CUNY). O’Connor has sold part of a 2-acre site in Long Island City that it purchased in 2006. The transaction successfully completes O’Connor’s business plan for the site, which included the construction of The Maximilian, a modern luxury rental residence featuring 188 units, and an earmarked section designated for student housing.
“We are delighted to successfully follow through with our intended plan for this unique Long Island City site and provide CUNY with the opportunity to build new housing in this burgeoning neighborhood,” said President and CEO William Q. O’Connor. “CUNY’s addition to the local community will strengthen the neighborhood and further enhance this residential, cultural and artistic community.”
The Graduate Center is the principle doctorate-granting institution of CUNY, offering more than thirty doctoral degrees and enrolling about 4,500 students. The Graduate Center purchased the site to construct affordable student and faculty housing in this Long Island City central location. This location allows for an easier commute from around the region via seven subway lines (two within one stop of Manhattan), the Long Island Railroad, and several bus lines.
“The central Long Island City location is an ideal commute to The Graduate Center using all forms of public transportation – we’re minutes away on two subway lines,” said Craig Kaplan, Esq. chair of The Graduate Center Foundation. “This housing project is critical to The Graduate Center’s ability to attract and retain the best students and faculty; and we are indebted to our Foundation Board for their unrelenting hard work to turn this opportunity into a reality.”
Long Island City, noted for its ongoing residential growth, waterfront parks, and thriving arts community, has among the highest concentration of art galleries, art institutions, and studio space of any neighborhood in New York City. Local attractions include Gantry State Park and its waterfront promenade as well as one of the oldest and largest nonprofit contemporary art institutions in the United States – MoMA PS1. Centrally located between the picturesque Hudson River waterfront and the bustling hub of Vernon Boulevard, Long Island City provides quick and easily accessible transportation to Manhattan as well as the emerging Greenpoint and Williamsburg sections of Brooklyn.
Founded in 1983, O’Connor Capital Partners is an institutional real estate investment, management, and development firm based in New York City and run by President and CEO, Bill O’Connor. The firm pursues acquisitions, developments and conversions on behalf of its institutional funds, separate accounts, and own account. O’Connor primarily targets retail and residential opportunities throughout the United States and Mexico. Since inception, O’Connor has acquired or developed over $30 billion of property, including over 55 million square feet of retail space and over 30,000 residential units globally.