Photo credit VUW
June 14, 2024 By Czarinna Andres
A new $370 million mixed-use development is on the verge of completion in Long Island City, with more than 64 percent of its 33,000 square feet of retail space already leased.
Jasper, located at 49-20 5th Street, is an expansive 484,000-square-foot project that includes 499 residential units along with 40,000 square feet designated for ground-floor retail and community facilities.
Spanning a full block along 5th Street, between 49th and 50th Avenue, Jasper is strategically situated near Gantry State Park along the East River waterfront and the 7, E, N, G, W, R and F train subway lines.
The project is a joint venture by The Domain Companies, LMXD, the VOREA Group, and Bridge Investment Group, who recently announced three new leases that account for approximately 7,600 square feet of the development’s retail space.
The newly signed tenants—Bright Start, Club Pilates, and Glowbar—join the previously announced Dumbo Market, bringing services from early childhood education to fitness and skincare to the area.
Bright Start will occupy approximately 4,545 square feet, including an outdoor courtyard, and offer state-of-the-art facilities for children aged three months to five years. Club Pilates will introduce a 1,955-square-foot premium Pilates studio, and Glowbar will set up a 1,104-square-foot facial membership studio. They plan to open their doors in early 2025.
Matt Schwartz, CEO of the Domain Companies, expressed excitement about the new additions: “We’re thrilled to welcome Bright Start, Club Pilates, and Glowbar to Jasper. These services not only complement our vision for a holistic environment but also support local businesses and enhance the lives of our residents.”
The introduction of these facilities is poised to enhance the living experience at Jasper, which also features 499 rental apartments. Resident amenities include multiple outdoor terraces, a pool, and a state-of-the-art fitness center.
In alignment with housing accessibility goals, 30 percent of Jasper’s apartments are reserved as affordable units at 130% of the Area Median Income (AMI).
Rachel Liverman, CEO and Founder of Glowbar, commented on the expansion, “As a New York brand, we’re excited to reach a community eager to integrate skincare into their daily routine. Long Island City’s dynamic growth makes it a perfect fit for our mission.”
The completion of Jasper is set for the first quarter of 2025, with ongoing discussions to fill the remaining retail spaces.
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