Cantor Fitzgerald and Silverstein Properties have secured $165 million in construction financing to complete a 351-unit apartment building currently under construction in Astoria, Queens. The property is located at 44-01 Northern Boulevard and will also contain around 25,000 square feet of retail space, 200 parking spots, and 20,000 square feet of tenant amenities.
L+M Development Partners, Bluestone Organization, and Triangle Equities have closed on $44.66 million in financing to complete a major infrastructure improvement project in Arverne, Queens, a small coastal neighborhood on the Rockaway Peninsula. The financing will cover the reconstruction of Edgemere Avenue between Beach 32nd and Beach 38th Streets, critical infrastructure improvements to the surrounding neighborhood, and the completion of Arverne East, a 1,650-unit master-planned community.
Construction is now complete on Tree of Life, a new affordable housing project at 89-46 164th Street in Jamaica, Queens. Developed in collaboration by First Jamaica Community and Urban Development Corporation (FJCUDC) and Bluestone Organization and designed by GF55 Architects, the 12-story building comprises 174 affordable units for a range of incomes from extremely low to moderate- and middle-income households. A total of 53 apartments will be permanently affordable under the city’s inclusionary housing program.
Construction is rising on 10-04 Borden Avenue, a three-story commercial building in Long Island City, Queens. Developed and built by The Vorea Group under the Borden Ave Opportunity Zone Business LLC, the 56,000-square-foot structure will feature New York City’s first iFLY indoor skydiving facility and a separate commercial space. The plot spans nearly half an acre by the three-way intersection of Borden Avenue, Vernon Boulevard, and Jackson Avenue.
L+M Development Partners, Triangle Equities, and The Bluestone Organization have closed on a $95.7 million loan to complete Beach Dunes III, a mixed-use affordable housing property on the border of Edgemere and Far Rockaway in Queens. Located at 331 Beach 35th Street, the building will include 146 mixed-income apartments, 2,100 square feet of commercial space, and a 1,160-square-foot community center.
