The two developers behind a 354-unit residential building at 44-01 Northern Blvd. in Astoria have secured construction financing to close out the project (Rendering provided by Hill West Architects)
March 3, 2023 By Michael Dorgan
The two developers behind a 354-unit residential building in Astoria have secured a loan to finish constructing the project.
The developers, Silverstein Properties and Cantor Fitzgerald, announced Wednesday, March 1, that the joint venture arranged a loan of $165 million from Banco Inbursa — a financial firm based in Mexico — to complete the project at 44-01 Northern Blvd.
The project, which broke ground last year, will bring a mix of one and two-bedroom units — 25 percent of which will be deemed as “affordable.”
The development will also include 25,000 square feet of retail space facing Northern Boulevard and 200 parking lots.
The building is scheduled to open in the spring of 2024, the developers said.
Chris Milner, the head of real estate investment management at Cantor Fitzgerald, said securing the loan was important, given the current economic climate.
“In an environment of cautious construction lending and inflation hikes increasing the cost of debt, making it more expensive to borrow money, we appreciate Banco Inbursa’s recognition of the strength of the Cantor Fitzgerald and Silverstein partnership and the quality of this asset,” Milner said. “We are thrilled to have completed this transaction and to move forward with the construction of 44-01 Northern Boulevard.”
The project, located at 44-01 Northern Blvd., broke ground last year (Photo: Google Maps, taken in September 2022)
Silverstein Properties has since joined forces with Cantor Fitzgerald to construct the upcoming residential building 44-01 Northern Blvd.
The property is two blocks east of the company’s proposed mega-development Innovation QNS. That project — which it plans to build with Kaufman Astoria Studios and BedRock Real Estate — would bring 3,190 apartments, as well as retail and office space across five blocks. Silverstein bought many of the lots at the beginning of 2019.
Silverstein and Cantor Fitzgerald, unlike with Innovation QNS, did not need to get the 44-01 Northern Blvd. site rezoned. The site, which was in a manufacturing district, was rezoned in 2019 after getting the support of the City Council. The site is in Councilwoman Julie Won’s district.
The 2019 rezoning also allowed for approximately 25,000 square feet of retail space on the ground floor and on-site parking spaces.
Marty Burger, the CEO of Silverstein Properties, said Astoria is a thriving neighborhood with many development opportunities.
“We are excited to be part of Astoria’s vibrant future by offering residents a premier property with market-rate and affordable housing as well as a host of amenities,” Burger said.
“We’ve gotten to know many incredible people in this community over the past few years through our planning for Innovation QNS and that’s why we believe so strongly in Astoria.”
The project is designed by Hill West Architects, a Manhattan-based architectural firm that is looking to pay homage to the borough’s industrial past. The building will consist of a composition of masonry and blackened metal to signify this history, according to the developers.
There will also be an upper-level expansive lawn, a gym, a yoga studio, a children’s playroom and a resident’s lounge.
On the 10th floor, there will be a co-working lounge, a library and a chef’s kitchen leading out to a rooftop deck.
A map of 44-01 Northern Blvd. (City Planning)
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