354-unit property expands real estate portfolio

Main Line Equity Partners has expanded its real estate holdings by investing in the Northern Boulevard Project led by Cantor Fitzgerald and managed by Silverstein Properties. The Project is a high rise property located in the Astoria neighborhood of Western Queens, NY.

The estimated $233.5 million, 411,000 square foot project is expected to consist of 13 floors with 265 market rate residential units and 89 affordable units offering a variety of amenities, open spaces, 29,000 square feet of ground floor retail and an onsite parking garage with 220 parking spaces.

The predevelopment phase began in January 2021 by assembling a best-in-class design team led by renowned architecture firm, Hill West. It is anticipated that construction of the Project will commence in Q1 2022 and be substantially complete by Q3 2024.

Founder and Managing Partner, Chris Randazzo, added, “The Project is expected to be one of the last in the city to benefit from a 35-year tax abatement under the 421 — a program known as “Affordable New York. This project provides a vehicle to reinvest investor proceeds from recent portfolio company exits.”

For more news and information regarding Main Line Equity Partners, please visit the company’s website at https://mainlineequity.com.

About Main Line Equity Partners

Leveraging broad skill sets, domain expertise, and capital through our Micro Private Equity Fund Ⅰ, Main Line Equity Partners makes strategic equity and debt investments in companies ready to transition their business or partner for the next stage of growth. We invest in growth companies that maintain profitability and generate under $25 million in revenue. Our portfolio companies have consistently increased their market share and accelerated their earnings growth. Our debt financing offering provides asset, revenue, and cash flow-based funding to small businesses that often struggle to secure loans from traditional banks. Funding. Flexibility. Forward Thinking. Follow us on LinkedIn.