Terra Developers has secured $70 million in construction financing for 11-33 44th Drive, a forthcoming eight-story residential building in Long Island City, Queens. The 74,728-square-foot structure will yield 113 condominium units, ground-floor retail space, and 23 parking spots. The 180,000-square-foot property is located between 11th and 21st Streets.
Maxim Capital Group provided the financing, with Newmark arranging the transaction.
The above rendering shows the current design for the project, showing a straightforward massing with a setback at the eighth floor topped with a landscaped terrace. A beige façade will surround a grid of large windows and recessed glass doors leading to balconies. The ground floor will feature dark metal paneling around floor-to-ceiling glass for the retail frontage, and the structure culminates in two bulkheads.
The property is currently occupied by a surface-level parking lot.
11-33 44th Drive. Image via Google Maps.
The previous design for the building, shown below, would have featured a more extensive use of glass on the front façade.
An earlier design for 11-33 44th Drive.
Terra Developers purchased the property at the end of 2024 for $27.6 million from ZHL Group, which had acquired it under the 44LIC Development SP from the White family, under the White Family Limited Partnership.
The nearest subways from the ground-up development are the 7, E, F, and G trains at the Court Square station to the east.
11-33 44th Drive’s anticipated completion date is slated for March 2027.
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1970s Manhattan throwback?
Looks to me like a possible 74,000 sq ft building on an approximately 20,000 sq ft property, not as the article’s author writes a 180,000 sq ft property. Even if the property went street to street (which it doesn’t), it wouldn’t be bigger that 40,000 sq ft. Details matter YIMBY!
Otherwise it is about time that mostly empty lot had some housing built upon it, great location, even if the building is somewhat boring looking. Purchase price of $370 per buildable sq ft is a bargain, even if it is a mid block building.
Well, it’s better than a surface lot.
that lot is zoned R8A after the recent LIC rezoning, they could go much higher
This building is topped out already
Mike J-the building is built already?
Yes I work in the area and pass it every day
For years, the Federal Reserve green Citi Bank building was all alone in LIC. Now, it is just one of the crowd. The new building will be an elegant addition to the neighborhood. I see the tower is wisely set back from the rumbling #7 train. It is just across the street from the venerable Court Square Diner.
Nice building looking for 2 bedroom for me and my sister. Please 🙏