23-10 42nd Road
Update
03/16/23
Developer Secures $131M Loan for LIC Tower Project
Developer, , has just landed a $131 million loan for a 35-story, residential tower project, set to rise at 23-10 42nd Road in Long Island City, Queens. Arranged by Walker & Dunlop, and jointly issued by PCCP and Corebridge Financial, this influx of capital will be used to fund all construction costs from start to finish.
General contractor, Construction, and concrete subcontractor, Trident, kicked off construction back in July, and are now in the beginning stages of pouring the superstructure. Upon completion, the building will contain rental apartments, offered in one and two-bedroom configurations.
Plans also call for square feet of retail space, as well as roughly 15,000 square feet of tenant amenities, which will consist of a triple-height fitness center, a resident lounge, a rooftop sky lounge, co-working spaces, and multiple outdoor terraces, framing stunning views of the Manhattan skyline.
Designed by , 23-10 42nd Road will stand feet tall and total square feet. The rectangular project site spans over 20,000 square feet and is bookended by 23rd Street to the west, and 24th Street to the east. Construction is expected to wrap up by April of 2025.
