23-15 44th Road Update 09/22/22

Developer Lands $364.8M Loan for LIC Tower Project

San Francisco-based developer, , has secured a $364.8 million loan for a 66-story tower project, set to rise at 43-30 24th Street in Long Island City, Queens. Issued by Wells Fargo, this influx of capital will be used to fund all construction costs from start to finish.

Designed by , the tower will stand feet tall and total square feet. It will contain rental apartments and square feet of commercial space.

The square foot development site (alternatively addressed on building permits as 23-15 44th Road) was recently purchased by Carmel this past March. The company cut a $200 million check to Stawski Partners, in what was the 2nd largest transacted amount for a development site in Queens' history; bowing only to TF Cornerstone's $285M acquisition of Hunters Point in 2018.

is general contracting the project in-house under the name Carmel Construction East, LLC. Work has already started, and excavation is now underway. Subsurface drilling and initial concrete pours have also begun at this time.

Construction is estimated to finish by the Spring of 2026.

View 23-15 44th Road >>

Search BLDUP

Search BLDUP for news, projects, and companies to find the information that pushes your business forward.

Related News