SCALE Lending recently provided $65.9 million in financing to facilitate the completion of a new 19-story residential building at 26-25 Fourth Street in Astoria, Queens. Designed by J Frankl Associates and developed by Bruman Realty, the 289,000-square-foot structure will stand 204 feet tall and yield 165 rental apartments, 38,000 square feet of retail space, and a 101-vehicle parking garage on a lot between 26th and 27th Avenues.
Residential amenities will include a communal lounge, fitness and co-working facilities, a children’s playroom, and multiple outdoor areas. Select units at each corner of the building will offer private outdoor space.
Renderings show a façade mostly comprised of pale silver cladding and a symmetrical grid of floor-to-ceiling windows. Above the fifth floor, the building sets back and incorporates a slight cantilever. The resulting void will support a shared outdoor space with light landscaping and lounge areas.
“We’re very excited to work with Bruman Realty, a prolific and experienced developer in the New York City area, on a project that will provide much-needed housing to a growing submarket of Queens,” said Martin Nussbaum, co-founder and principal of Slate Property Group. “We continue to focus our efforts on high-quality locations and assets with projects we feel will be successful. This is another example of how we were able to work efficiently on a complex transaction while providing a valuable financing solution for our borrower.”
The financing package was arranged by The SHB Group on behalf of SCALE Lending, a Slate Property Group affiliate.
Earlier reports and construction permits filed with the Department of Buildings credit Solomon Feder, represented as Fourth Development Holdings LLC, as the developer leading the project. It is unclear when Bruman Realty took over the project.
The project team has not announced when we can expect the building to be completed.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
Too much parking, but otherwise good.
It looks like it was designed 50 years ago. It even has huge blank walls and an oversized parking garage. But the giveaway is the offset tower precariously held up on a glass plinth.
So what, it looks good. Would you rather have a Badaly brick econobox?
Need application where can i apply
They only build at this scale in Astoria near the waterfront when buildings of this height and a bit taller should come up around the subway stations.
Right down the street from the projects in a time of dramatically rising crime. Well, maybe the next Mayor can put the brakes on some of that. Otherwise, you probably won’t hear gunshots EVERY day, just a few days a week.
This comment is pretty elitist and inaccurate. I live in the area and crime is not rising. The area is a bit of a wasteland right now but it reminds of what Williamsburg’s waterfront looked like when I moved there in the early 2000s.