Terra Developers has secured $70 million in construction financing for 11-33 44th Drive, a forthcoming eight-story residential building in Long Island City, Queens. The 74,728-square-foot structure will yield 113 condominium units, ground-floor retail space, and 23 parking spots. The 180,000-square-foot property is located between 11th and 21st Streets.
JLL Capital Markets has announced the refinancing of QLIC, a residential tower at 41-42 24th Street in Long Island City, Queens. Developed by World Wide Group and Rabina, the 21-story structure yields 421 units. The refinancing package totaled $160.25 million and came from global investment firm KKR. The property is located between 41st Avenue and Queens Plaza North.
Demolition is progressing at 30–01 Northern Boulevard, the site of a 12-story residential building in Long Island City, Queens. Designed by Joseph M. Morace, A.I.A., Architect, the 124-foot-tall structure will yield 43 rental units with an average scope of 676 square feet. The property is located at the corner of Northern Boulevard and 40th Road.
The 11th-tallest building on our year-end construction countdown is The Orchard, an 823-foot-tall residential skyscraper at 42–06 Orchard Street in Long Island City, Queens. Designed by Perkins Eastman and developed by BLDG Management Co., the 70-story structure will yield 824 rental units in studio to three-bedroom layouts, with 248 designated as affordable housing. The project will also include 13,000 square feet of retail space along Jackson Avenue, 100,000 square feet of indoor and outdoor amenities, and a two-story, 207-vehicle parking garage. The property is alternately addressed as 43-01 Queens Street and 27-48 Jackson Avenue and occupies a full city block along Jackson Avenue between Queens and Orchard Streets.
The 15th-tallest building on our year-end construction countdown is Lumen LIC, a 754-foot-tall residential skyscraper nearing completion at 23-15 44th Road in Long Island City, Queens. Designed by Hill West Architects and developed by FSA Capital, the 66-story structure spans 855,400 square feet and yields 938 rental units with an average scope of 910 square feet. The project will also include lower-level office space and 17,400 square feet of ground-floor retail. The residential inventory is planned to include 282 affordable housing units. The property is alternately addressed as 43-30 24th Street and located along 44th Road between 23rd and 24th Streets.
