SB Development and Hazelton Capital Group have secured a $62 million loan to facilitate the completion of Nova, an 86-unit condominium tower at 41-05 29th Street in Long Island City, Queens. Designed by Fogarty Finger, the residential collection will range from studios up to three-bedroom layouts, with no more than five units per floor. The loan was provided by Northwind Group, a Manhattan-based real estate private equity firm.
“This loan was sourced directly by our team in an off-market transaction,” said Ran Eliasaf, founder and managing partner of Northwind Group. “We continue to believe in the long-term success of the NYC residential market and continue to provide loans even in current market conditions to properties and borrowers that meet our underwriting criteria.”
The design team drew inspiration from Manhattan’s Flatiron Building, creating a similar triangular form. The façade will include a mix of pale terracotta and floor-to-ceiling windows at the ground-floor lobby and retail space, and a more typical punched window system above the second floor with dark gray metal accents.
Amenity spaces will include an open-air terrace and an indoor lounge on the roof, a library with an attached terrace, a fitness center, a children’s lounge, pet grooming areas, and bike storage.