Simon Baron’s ALTA Apartments in Queens Get $138.5M in Funding

Alta, 29-22 Northern Boulevard, Long Island City, Queens

NEW YORK CITY—Square Mile Capital has made a $138.5 million preferred equity investment as part of the recapitalization of Alta, a 43-story residential building. The 467-unit apartment project with ground floor retail is located at 29-22 Northern Boulevard in Long Island City, Queens. The development broke ground in 2015, was completed this year, and began leasing in May.

Alta, which has market-rate rentals and furnished apartments, is managed by Ollie which focuses on “co-living” residences. This apartment lifestyle means a residence focused on building communities by offering extensive amenities and programs. For example, Alta has a 10,000 square-foot fitness gym, a 50-foot swimming pool, multiple roof decks, a golf simulator and dog spa.