Modern Home Builder - Winter 2016 - Volume 2 - 149
The brothers' peers in the New York City residential development, construction and property management market were initially skeptical of their decision. "People thought they were crazy;
it was a pretty scary block," Aaron Shirian says, noting that drug
paraphernalia and prostitutes were a common sight in the blighted
area at the time. "I remember being 10 years old and terrified to
'A CITY BEING BUILT'
The Purves Street property was developed into condominiums
that proved to be more popular than the Shirians' peers had imagined. The first units in the development were sold in 2005. "People
were camping out waiting for these and even buying two or three
of them," Shirian says.
The condos' proximity to Manhattan contributed to their popularity. "A lot of the people we were seeing were commuters - if
you're working in Midtown, Long Island City is one subway stop
away," he adds. "We were able to build a Manhattan-quality product
that offers a better view across the East River than a lot of places in
The project was the first of several residential developments led
by Lions Group NYC. Today, the area is seeing significant interest
"We purchased land for $25 per square foot [in 2005]; today,
on that same block, land is selling for $250 per square foot,"
Shirian says. "You'll see more cranes than buildings walking
around in the neighborhood."
The company's ongoing projects include One Queens Plaza, a
110,000-square-foot rental apartment community at 42-10 27th
Street near the Queensboro Plaza Subway station and The Baron,
a rental property on Broadway. Lions Group NYC also recently
broke ground on an 80,000-square-foot, 16-story building on
Jackson Avenue. The company has owned the land on Jackson Avenue for several years.
In addition to large projects, the company also is working on
smaller properties including a 12,000-square-foot, eight-story
/Modern Spaces/ Modern Spaces is an independently operated real estate group
that was founded and developed in Long Island City. Since 2008, Modern Spaces
has expanded into 6 NYC locations. By tapping into various markets and using a
unique sales and rental approach, we have accomplished over $2 billion in sales,
more than 6 million square feet in planning + marketing and have over 4,000 units
preparing to launch. Please stop by one of our neighborhood storefronts today and
speak to a professional about all your Real Estate needs.
Winter 2016 Volume 2 www.mhb-magazine.com