Cantor Fitzgerald and Silverstein Properties have secured $165 million in construction financing to complete a 351-unit apartment building currently under construction in Astoria, Queens. The property is located at 44-01 Northern Boulevard and will also contain around 25,000 square feet of retail space, 200 parking spots, and 20,000 square feet of tenant amenities.
The joint venture selected Hill West Architects to design the property, which is expected to open by spring of next year. Banco Inbursa, a Mexico-based financial company, provided the construction loan.
“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,” said Chris Milner, head of real estate investment management at Cantor Fitzgerald Asset Management. “We are thrilled have completed this transaction and to move forward with the construction of 44-01 Northern Boulevard.”
Renderings of the building illustrate a façade composed of a mix of tan masonry and blackened metal. The massing incorporates nearly a dozen setbacks that make room for communal and private outdoor space.
Inside the property, the mix of apartments includes one- and two-bedroom homes. Indoor amenities will include a gym, yoga studio, children’s playroom, a resident lounge, coworking space, library, and a chef’s kitchen that connects to the roof deck.
Construction broke ground last year and structural foundations are now being prepared. When complete, 25 percent of available apartments will be designated as affordable housing. The team has not yet confirmed how deeply affordable the units will be, nor how the market-rate apartments will be priced.
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Hello my name is Antoinette Williams I’m interested in a studio or one bedroom apartment