Developers have secured a $60.25 million bridge loan to complete construction on 26-01 4th Street, a 13-story residential building in the Hallets Point section of Astoria, Queens. Designed by Lu Ning Architecture and developed by Ming’s Garden Realty LLC, the structure will yield 143 condominium units in studio to two-bedroom layouts, as well as a 40,034-square-foot community facility and 167 parking spaces. New Land Capital arranged the loan from Slate Property Group and LibreMax Capital for the property, which is located at the corner of 4th Street and 26th Avenue.
Ming’s Garden Realty had to rezone the site for residential use from its previous single-story industrial zoning.
The main rendering shows the building rising from a two-story, white-paneled podium that will presumably house the parking structure. Above, the tower features a glass curtain wall with stacks of balconies across the entire exterior, including on the chamfered corners. The building culminates in a flat parapet with a white bulkhead.
“With a strong track record of recent transactions and a future pipeline of $300 million expected to close in the next 30 days, Slate continues to be one of the most active lenders in the market focusing on multifamily construction and bridge loans,” said C. Kurt Latchman, vice president of Slate Property Group.
26-01 4th Street is located blocks from the East River waterfront and Astoria Park. The closest subways are the N and W trains at the Astoria Boulevard station, a 22-minute walk to the east.
Construction is scheduled to conclude in the first quarter of 2025.
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When the new residential area is zoned, construction would not be halted. Except the funds ran out: Thanks.