The story of a $1.3 billion plan to build a luxury condo on the waterfront
A group of wealthy New Yorkers is buying the waterfront property that once housed the first ice cream factory on the island.
A consortium of investors, led by billionaire Peter Thiel, will buy a chunk of the 695-acre Langhorne Place, located in the Upper West Side, for an undisclosed amount.
The purchase was first reported by The New York Times.
“This is a historic moment for the entire New York City waterfront community,” said Eric Fehr, the president of the Langhorn Place Association, a nonprofit that owns the property.
“We have to be prepared for the arrival of these people.”
The Langhorns purchased the property for $1,845 million in 2010 from a local group of investors who had been eyeing the property since the 1970s.
The group of billionaires wanted to make a new restaurant on the property to serve up their ice cream and other treats.
The $1 billion plan for the Lanthorns is a departure from the previous iteration of the plan.
In 2014, the Lanhorns bought a 5-acre parcel of land in Staten Island, N.Y., for $2.8 billion.
The property was later renamed Langhorndorpe.
The Lanhorn Place sale comes as the borough is grappling with a housing shortage and an economic slowdown.
A new administration in the City Council is considering a plan to raise taxes on developers and homeowners to pay for affordable housing.
New York City Mayor Bill de Blasio and Mayor-elect Bill deBlasio have said the city needs to find $1 trillion in additional funding to address the housing crisis and revitalize the area.
The Langhorks deal will likely be the first of many new investment projects to help the city’s waterfront.