Long Island City Residential Tower Gets $131M Construction Loan
By Rebecca Baird-Remba March 14, 2023 5:03 pm
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In spite of all the headwinds for construction financing in New York City, one Long Island City developer has nailed down a $131 million construction loan for a new residential high-rise at 23-10 42nd Road.
Werwaiss Properties secured a floating-rate construction loan from Corebridge Financial—formerly AIG—and PCCP, according to Walker & Dunlop. The transaction will help finance the development of a 35-story, 240-unit development at the corner of 42nd Road and 24th Street, just south of Queensboro Plaza. The building will hold a mix of studios, one- and two-bedrooms, along with a fitness center, residents’ lounge, a sky lounge and multiple shared terraces.
Construction began last summer and is set to wrap in the summer of 2025.
Brian Haber, a managing director at PCCP, said that the firm was “pleased” to finance “this thoughtfully conceived residential tower in one of New York’s most rapidly growing, transit-rich neighborhoods. We’re proud to work with experienced developers to help create additional market rate and attainable housing options in New York City.”
The developer, Werwaiss, owns a number of properties in the neighborhood and is working on a 20-story mixed-use tower a few blocks away at 27-10 44th Drive.
Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland and Michael Diaz of Walker & Dunlop represented Werwaiss in the transaction. Schwartz said in a statement that the firm was “thrilled to work with a premier sponsor like Werwaiss Properties to help them capitalize this marquee building.”
