New Empire Corp. has begun construction at 58-01 Queens Boulevard, a large assemblage in Woodside, Queens, where a 12-story residential property will soon take shape. Designed by Tang Studio Architect, the 120-unit building was initially announced as a condominium building with units that range from studios up to two-bedroom units.
The Community Lending and Investment division of Wells Fargo has reached a new milestone, $780.3 million in construction financing for affordable housing projects in New York City and Westchester County. The figure represents five loans, all closed in June 2023, the company’s largest-ever half-cycle allocation.
Construction is now topped out at 27-09 40th Avenue, a six-story condominium property in Long Island City. The project team includes developers Gus Vorillas and Abdel Aziz Raouf, represented as 40th Ave Dutch Kills Realty LLC, and architect HCN Design & Consulting.
Innovo Property Group, represented by JLL Capital Markets, has secured $354 million in financing to complete a new industrial development at 28-90 Review Avenue in Long Island City, Queens. Total capitalization includes multiple financial packages for acquisition, construction, and development costs provided by Axos Bank, Cerberus Capital Management, and Goldman Sachs Asset Management’s Urban Investment Group.
This Friday, the Louis Armstrong House Museum will open a new cultural center at 34-40 107th Street in Corona, Queens. Known as the Louis Armstrong Center, the new facility is located across the street from the original museum and will feature a 75-seat performance venue, rotating exhibition space, and a 60,000-piece permanent collection of photographs, recordings, manuscripts, and other personal effects.
