41-08 Crescent Street Update 12/12/24

Developer Lands $70M Loan for 26-Story LIC Tower Project

Developer and general contractor,

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, has just secured a $70 million loan for a 26-story, mixed-use tower project, set to rise at 41-08 Crescent Street in Long Island City, Queens. Issued by Slate Property Group and White Oak Real Estate Capital, this influx of financing will be put towards construction costs. It comes as the final piece of funding for the $250 million project.

The building will contain

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rental apartments, offered in studio and one to three-bedroom configurations. Approximately 70% of the units will be dedicated to affordable housing as part of the Affordable NY 421a program. Plans also call for
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square feet of ground-floor retail space and an enclosed parking garage, with enough room for
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vehicles.

Designed by

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, the structure will stand
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feet tall and total
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square feet. Construction has already kicked off at the site, and excavation is currently underway. Work is anticipated to complete by the fall of 2027.

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