Rendering of the condo development at 26-01 4th St. in Astoria. Rendering courtesy of Lu Ning Architecture
Mar. 7, 2024 By Ethan Marshall
The New York City real estate developer Slate Property Group, in partnership with the investment service LibreMax Capital, announced a $60.25 million bridge loan to Ming’s Garden Realty LLC for the completion of a condo development at 26-01 4th St. in Astoria.
The funds will be used for the final stages of construction of the upcoming 13-story development. The completed development is expected to have 143 total units. Construction of the development is expected to be finished sometime in the first quarter of 2025.
Slate Property Group has a track record in the neighborhood, having previously financed a project next to the development, at 26-25 4th St. The loan for that project was paid off in the fourth quarter of 2023.
“Our experience with this growing section of Queens gave us the expertise needed to leverage this opportunity to provide financing for a high-quality project that will bring much-needed housing to the neighborhood,” Slate Property Group Managing Director Daniel Ridloff said. “This project is another example of our ability, in partnership with LibreMax Capital, to step up and provide capital while traditional lenders sit on the sidelines.”
While the development site was initially zoned for a 1-story industrial development, Ming’s Garden Realty was able to rezone the parcel for residential use. The 143 units will offer studios, one-bedrooms and two bedrooms. There will also be 167 parking spaces for residents, as well as a 40,034 square-foot community facility at the base of the building.
“With a strong track record of recent transactions and a future pipeline of $300 million expected to close in the next 30 days, Slate continues to be one of the most active lenders in the market focusing on multifamily construction and bridge loans,” Slate Property Group Vice President C. Kurt Latchman said.
This development is situated just blocks away from the East River waterfront. It is also within close proximity of public parks, as well as a planned public waterfront esplanade. There is plenty of retail blocks away at Halletts Point. The development also provides accessibility to Manhattan via multiple transportation options, including the Astoria Ferry, subway lines and multiple MTA bus routes.
