A $70 million construction loan was issued for 41-08 Crescent Street, a 26-story residential building under construction in Long Island City, Queens. Designed by Dan Ionescu Architects and developed by Watermark Capital Group, the 192,000-square-foot structure will yield 184 units in studio to three-bedroom layouts, with 70 percent of the inventory designated for affordable housing under the Affordable NY 421a program, as well as 9,000 square feet of ground-floor retail space and a 41-vehicle parking lot. Slate Property Group and White Oak Real Estate Capital provided the loan for the final stages of construction and lease-up of the project, which is bound by Crescent Street, 41st Avenue, and 24th Street.
The main rendering shows the building rising from a U-shaped podium clad in gray brick with floor-to-ceiling windows. After a setback, the main tower rises along 41st Avenue with an even rectangular massing, floor-to-ceiling windows, and light-colored paneling. Balconies lined with glass and dark metal railings protrude from the northern and eastern faces, and two mechanical bulkheads sit atop the flat roof parapet.
The development is replacing a former surface-level parking lot.
Photograph of lot for 41-08 Crescent Street. By Michael Young
“Northwest Queens’ growing residential neighborhoods are desperate for more high-quality housing such as 41-08 Crescent,” said Daniel Ridloff, managing director, Slate Property Group. “Watermark Capital Group has a stellar development track record in New York City, and Slate is thrilled to add to the $250 million in financing we’ve deployed over the past six months to help this much-needed multifamily project over the finish line.”
Located near the East River waterfront, 41-08 Crescent Street offers access to Manhattan via the 7, N, and W subway lines at the Queensboro Plaza station and the E, M, and R trains at the Queens Plaza station. Residents will be within walking distance of Queensbridge Park.
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When there is expansion of the city by building real estate, I hope there won’t be any stall for its development: Thanks.