NEW YORK CITY — S3 Capital has provided $300 million in construction financing for the development of a mixed-use project located in the Astoria neighborhood of Queens. Henry Bodek of Galaxy Capital arranged the loan on behalf of KS Group and Alma Realty Corp., two developers based in Newark and Long Island City, respectively.
Upon completion, the development will comprise 731 apartments across one 26-story tower and three mid-rise buildings. The project will offer affordable housing units with the support of a 421a tax abatement, which provides a period of exemption from real estate taxes to projects that meet specific criteria and include a required percentage of affordable housing.
Shared amenities will include a rooftop pool with a landscaped roof deck, fitness center, golf simulator, children’s playroom, indoor and outdoor theaters and a business center. The buildings will also feature ground-floor retail space and parking.
The project marks Phase I of a larger, multi-phased project dubbed Astoria Cove, which will be located at 8-01, 4-34 and 5-57 26th Ave. in Queens.
Construction is currently underway. A completion date was not disclosed. The project plans also call for the improvement of the adjacent waterfront promenade, as well as the addition of public access routes. YNH Construction will serve as general contractor on the project.