46 LIC
A 75-residence luxury condominium in the heart of Long Island City — by KVTR, developer of Noble LIC. ~$10.5M equity raise, ~$52.4M total project; base case targets ~27% investor IRR on a 50/50 profit split, with a downside stress case kept in view.
Developer: KVTR · 60+ years combined · Noble LIC (46 condos, completed) · ground-up condos in LIC & Astoria · Class-A multifamily in CT
The Opportunity
Ground-up development of a 75-unit luxury condominium on a 12,500 sf R7X lot at 10-40/46 46th Avenue, core Long Island City — a few blocks from the East River waterfront, steps from Court Square, Hunters Point and MoMA PS1. 50,000 GFA / 42,500 net sellable sf. KVTR raises ~$10.5M of equity (land + reserves); construction is funded by an ~80% LTC loan. Base case sells residences at a blended $1,900/sf, with upper floors and penthouses positioned on Manhattan-skyline and river views. Investors target ~27% IRR on a 50/50 profit split.
Proven LIC developer
KVTR delivered Noble LIC — 46 luxury condos with 17,500 sf retail and 120+ parking, Porcelanosa interiors. 60+ years combined; ground-up condos across LIC & Astoria, Class-A multifamily in CT. Same team, same playbook, one neighborhood over.
Investor-led waterfall
No preferred return needed: the construction loan is repaid, then investor capital is returned in full, then profit splits 50/50 with the GP. On the base case that delivers ~27% investor IRR and a ~2.08× equity multiple over ~3 years.
Downside stress-tested
The model is stress-tested below base: at a downside $1,800/sf the project still nets ~$18.8M, and at a comp-floor $1,650/sf still ~$12.9M. A rent-and-refinance fallback is available if the for-sale market stalls.
By the numbers
Twelve metrics that define the deal — from total project cost to target IRR. Numbers are pulled from the v3 investment memo.
10-40/46 46th Avenue, Long Island City
Core Long Island City between Court Square and Hunters Point — NYC's fastest-growing residential submarket, roughly 10 minutes to Midtown Manhattan.
Minutes to Manhattan
Core Long Island City between Court Square and Hunters Point. Court Square (E·M·G·7) and the 7 at Hunters Point put Midtown ~10 minutes away. Steps from MoMA PS1, the waterfront, and the LIC retail corridor — NYC's fastest-growing residential submarket.
Closings momentum — Corcoran / Modern Spaces LIC report, 2H 2025
Why core LIC
Long Island City posted record new-development absorption in 2H 2025 (102 new-dev closings, +73% YoY). New-dev average ~$1,749/sf, resale ~$1,638/sf, with Skyline Tower and Vesta LIC clearing $1,900–$2,200/sf. The subject sits among these comps, at boutique scale.
The Building
A ground-up 75-unit luxury condominium: 50,000 GFA / 42,500 net sellable sf, studio to 3-bedroom homes, mid-rise on a 12,500 sf R7X lot. Porcelanosa interiors per KVTR's Noble LIC.
- Type
- Luxury condominium — ground-up
- Address
- 10-40/46 46th Ave, LIC, NY 11101
- Lot
- 12,500 sf · 125 ft × 100 ft
- Zoning
- R7X — contextual residential
- GFA
- 50,000 sf · FAR ~4.0 (R7X allows up to 5.0)
- Net sellable
- 42,500 sf (85% of GFA)
- Units
- 75 · studio / 1BR / 2BR / 3BR
- Average unit
- ~567 sf · efficient layouts
- Stories
- 8–10 (est.) · mid-rise boutique
- Hard cost
- $450/GFA sf ($515 with GC + contingency)
- All-in cost
- $1,234 /net sellable sf
- Interiors (developer std.)
- Porcelanosa — per Noble LIC
How investors get paid
A clean three-step waterfall, no preferred return, a 50/50 profit split — targeting ~27% investor IRR.
Repay construction loan
Loan and financing obligations cleared from sellout proceeds first.
Return investor capital in full
100% of investor equity (~$10.5M) is returned before any profit is split. No preferred return is required by this structure.
Split remaining profit 50 / 50
Profit above returned capital splits 50% to investors (LP) / 50% to KVTR (GP). On the base case investors’ 50% ≈ $11.4M on top of returned capital.
Base case ($1,900/sf, ~80% LTC, 50/50 split): the loan is repaid, ~$10.5M of investor capital is returned in full, then investors take 50% of the ~$22.7M profit (~$11.4M). That is ~2.08× equity multiple and ~27% investor IRR over a ~3-year hold. A 55/45 split lifts investors to ~30%; a 45/55 split sets them at ~25%. No preferred return; classic waterfall.
Footnote: returns are the sponsor's underwriting. The ~27% is an investor IRR at the 50/50 split AND an ~80% LTC loan — KVTR's expected leverage, not yet a signed term sheet (their modeled case is 70% LTC, which lowers the investor IRR to roughly 20% at the same split). The 3-year IRR is a single-period proxy (Year-0 in, Year-3 out); a phased ~12–24-month sellout would lower it. Base pricing of $1,900/sf is broker-indicated; independent closed comps suggest a ~$1,650 blended floor for the interior product (premium concentrated on upper/view floors). The split, fees and final structure are to be set in the PPM / Operating Agreement. Review final documents before committing capital.
What if the market moves?
Drag the slider: net project profit at each sale price, and the resulting investor IRR at the 50/50 split (~80% LTC). Base is $1,900/sf → ~28% investor IRR. Even at a comp-floor $1,650/sf the project still nets ~$12.9M and investors clear ~17%.
Closed comps — within 1–3 blocks
All figures below are recorded closed sales, not asking prices. Sources: Redfin, ACRIS.
| Building ↕ | Unit ↕ | Size (sf) ↕ | Sale Price ↕ | $/sf ↓ | Closed ↕ |
|---|---|---|---|---|---|
| Skyline Tower · 3 Court Sq | 2BR / fl 28 | 925 | $1,803,750 | $1950 | Q3 2025 |
| One Hunters Point · 5-25 Hunter | 2BR / fl 5 | 900 | $1,620,000 | $1800 | Q2 2025 |
| 23-10 42nd Rd, LIC | 2BR / fl 10 | 950 | $1,710,000 | $1800 | Q1 2025 |
| Vesta LIC · 11-36 45th Rd | 1BR / fl 6 | 650 | $1,150,000 | $1769 | Q3 2025 |
| Nova LIC · 11-24 31st Ave | 2BR / fl 5 | 860 | $1,505,000 | $1750 | Q2 2025 |
| The Icon LIC · 43-22 Queens St | 1BR / fl 5 | 680 | $1,105,000 | $1625 | Q3 2025 |
| Court Square Place · 24-10 44th | Studio / fl 3 | 490 | $735,000 | $1500 | Q4 2024 |
| The Prime · 22-43 Jackson Ave | 1BR / fl 4 | 700 | $980,000 | $1400 | Q1 2025 |
| Average $/sf (excl. outliers) | ~$NaN | ||||
Penthouses trade $1,300–$1,535/sf · First-floor units $1,035–$1,140/sf · Our target $1,200/sf average is mid-range, not optimistic.
Per-floor pricing
Base underwrite holds a blended $1,900/sf — about +9% over the LIC new-development average (~$1,749/sf) and above the resale average (~$1,638). It is defensible for a brand-new boutique product in core LIC (Skyline Tower and Vesta close at $1,900–$2,200), but it is NOT a conservative figure. Downside $1,800 and the $1,325 break-even are where the protection sits. Per-type sizes are reconciled to the 42,500 sf net-sellable basis.
24-month path to exit
Phase 1 — Equity & Land Close
$16M equity raised; land acquired; construction loan committed (70% LTC).
Phase 2 — Permits & Offering Plan
DOB filing, condo Offering Plan to NY AG (required before sales).
Phase 3 — Construction
~24-month ground-up build of the 50,000 GFA mid-rise.
Phase 4 — Pre-sales
Contracts with deposits during construction, ahead of TCO.
Phase 5 — Sellout & Distributions
Closings, loan repaid, capital + profit returned pro rata. (75 units → ~12–24 mo absorption — see Risks.)
Where the money goes
Who's building this
KVTR is a privately held real estate investment and development firm led by principals Konstandinos “Gus” Vorillas and Tony Raouf — 60+ years combined across New York and Connecticut. Ground-up development, value-add acquisition and rehabilitation of multi-family, mixed-use and condominium projects. Its LIC flagship, Noble LIC, is the direct template for this project.
Noble LIC — flagship
27-09 40th Ave, Long Island City — completed
- Type
- Luxury condominium
- Units
- 46 boutique homes
- Retail
- 17,500 sf
- Parking
- 120+ indoor spaces
- Interiors
- Porcelanosa
- Status
- Delivered
446A Blake Street
New Haven, CT — closed, construction soon
- Units
- 141 · 3 buildings
- GSF
- 125,999 sf
- Purchase Price
- $3,060,000
- Total Capitalization
- $37,445,000
- Stabilized NOI
- $2,514,006
- Exit Value (6% cap)
- $41,900,000
Astoria ground-up series
Astoria, NY — multiple completed
- 23-10 30th Drive
- 14 condos
- 30-37 32nd Street
- 7 condos
- 25-88 38th Street
- 7 condos
- 23-23 Astoria Blvd
- 14 rentals
- 30-24 32nd Street
- 7 condos (in progress)
- Market
- Astoria, Queens
Also: Aetna Residential (300+ units, Hartford CT), 95 Fulton Street (retail, Farmingdale NY), 49 Howe / 1226 Chapel (166-unit Class-A, New Haven CT, in contract). Verify projects on ACRIS / DOB. 46 LIC continues KVTR's LIC condo playbook at larger scale.
Verify on ACRIS / ZoLa ↗How your capital is protected
30% break-even cushion
Break-even is $1,325/net sellable sf — about 30% below the $1,900 base and below the LIC resale average. Pricing has a long way to fall before the project loses money.
Contingency in the budget
8% hard-cost contingency ($1.9M) and a 6% GC overhead/profit line are already inside the $52.4M total — not added later.
Capital returned at sellout
Construction loan is repaid first; then investor capital and profit are distributed pro rata to ownership. Pref/promote mechanics to be fixed in the Operating Agreement.
LLC structure
Investors enter as individuals or via their own LLCs/trusts. Liability limited to invested capital. Tax pass-through via K-1.
Operator with LIC track record
KVTR has already built and sold luxury condos in LIC (Noble LIC, 46 units) and Astoria — execution risk is materially lower than a first-time sponsor.
What could go wrong
Real estate development carries real risk. Below is a candid list of what could affect outcomes, and how we mitigate each. Most sponsors hide this section — we put it on the front page.
Before any investor commits capital: (1) the construction-loan term sheet confirming ~80% LTC (the headline IRR depends on it; 70% gives ~20%); (2) a broker BOV / current comps supporting the $1,900 base; (3) a GC bid validating the $450/sf scope; (4) the condo Offering Plan filing schedule; (5) the unit-mix re-cut to 42,500 net sellable sf; and (6) the final 50/50 split and fee structure in the PPM / Operating Agreement (no preferred return in the current structure). Figures are KVTR's underwriting, reviewed independently and flagged where they depend on those assumptions.
Investor questions
29 questions — confirmed, pending, and one notable caution. We mark each so you know what's already on paper and what's still in the Operating Agreement queue.
Base case ($1,900/sf, ~80% LTC, 50/50 split): the project nets ~$22.7M. Investors get capital back plus 50% of profit (~$11.4M) → ~2.08× equity multiple and ~27% investor IRR over a ~3-year hold. A 55/45 split lifts investors to ~30%; 45/55 sets them at ~25%. (At KVTR's modeled 70% LTC the same split yields ~20%.)
Documents
First three documents are available after email capture. PPM, Operating Agreement, and detailed financials require NDA and accreditation check.
How to invest
Request memo & KVTR resume
20-min intro call with KVTR
Review NDA-gated documents
Q&A round + diligence
Sign Subscription, wire to escrow
Talk to us
The form on the right is the canonical channel — submissions land instantly with the sponsor.
20-min intro with the sponsor — we'll walk through the deal and answer questions. Tick the box in the form below.
KVTR
Long Island City, NY