Naftali Credit Partners and Madison Realty Capital have closed on a $125 million loan to develop 70–28 Grand Central Parkway, a 13-story residential building in Forest Hills, Queens. Designed by SLCE Architects, the 252,399-square-foot structure will yield 241 condominium units in studio to three-bedroom layouts. The project will also include a 100-vehicle parking garage and a collection of amenities. The 32,000-square-foot development site is located to the west of Grand Central Parkway between Jewel Avenue and 72nd Road.
The above aerial rendering previews a bulky rectangular massing with a setback on the tenth floor that wraps around the northeast corner. A secondary setback is also visible on the sixth story on the rear western elevation. The façade is depicted composed primarily of white paneling surrounding a grid of floor-to-ceiling windows and glass doors leading to pocketed terraces. Some black accenting is used throughout, particularly on the ground floor and around the entrance at the northern corner of the main profile. The garage entrance will be located near the southern corner.
The development team acquired the property for $31.7 million in 2021 along with SYU Properties.
The $125 million loan consists of a senior loan from Madison Realty Capital and a mezzanine loan from Naftali Credit Partners. It will be used to refinance 70–28 Grand Central Parkway’s existing debt and develop the site, including funding hard, soft, and carry costs through the project’s completion of construction.
“Forest Hills remains one of Queens’ most resilient and desirable neighborhoods, and this project is well positioned to meet sustained demand for new condominium product,” said Josh Zegen, co-founder and managing principal of Madison Realty Capital. “This loan underscores our conviction in the strength of the Queens residential market and our ability to structure creative financing with certainty of execution for experienced developers.”
Planned residential amenities will include a rooftop with cabanas and a swimming pool, among others yet to be disclosed. The nearest subways from the project site are the E and F trains at the 75th Avenue station to the south along Queens Boulevard.
70–28 Grand Central Parkway’s anticipated completion date is slated for the third quarter of 2027.
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Looks decent. Would have been a great localle for something in the 25+ floor range to poke out and have pretty impressive 360 views.
This is immediately behind the old Parkway Hospital res conversion BTW.
I think those on the topmost floor will still get a really good view over the whole neighborhood
I agree. With the housing shortage, these new buildings need to be taller. And the views (at least for a period of time) would be amazing!
There’s a great opportunity a little bit north of here at the corner of 67 Road to build something really significant. Potential for hundreds of units and tall buildings IMO.
Looking good place for living