Cantor Fitzgerald and Silverstein Properties Close $165 Million Construction Loan for 345-Unit Property in New York City

by Kari Lloyd

NEW YORK CITY — Cantor Fitzgerald and Silverstein Properties have closed on $165 million in construction financing for the development of a 63,000-square-foot lot located at 44-01 Northern Blvd. in the Astoria neighborhood of Queens. The loan was provided by Banco Inbursa. Silverstein Properties commenced construction on the project in early 2022 and the property is expected to open in the spring of 2024.  

The property is planned to deliver 345 units and 24,000 square feet of retail space. The development plans to allocate 25 percent of the rental units to affordable housing, using the Department of City Planning’s Mandatory Inclusionary Housing Option 1 guidelines.

Designed by Hill West Architects, the building will include a mix of one- and two-bedroom units and approximately 20,000 square feet of amenities, including 200 parking spots. Planned amenities include a gym, yoga studio, children’s playroom, lounge, coworking space, library and a chef’s kitchen leading out to a rooftop deck.

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