2-21 Malt Drive
Update
01/23/23
Developer Obtains $725M for Neighboring Tower Projects in LIC
Developer, , has just landed a massive, $725 million loan, for a 3-tower, 2-building residential project, going up at 2-20 Malt Drive and 2-21 Malt Drive as part of the Hunters Point South masterplan in Long Island City, Queens. Issued by Wells Fargo and PNC Bank, this significant amount of capital will be used to fund all construction costs for both projects.
Designed by SLCE Architects, the two buildings are being constructed directly across the street from each other and will sit on a 329,600-square-foot lot that used to be occupied by a large warehousing and distribution center.
2-20 Malt Drive will be a 34-story structure, with the main tower section, sitting atop a 5-story base. It will feature 575 residential units, 13,776 square feet of ground-floor retail space, and an enclosed parking garage, with enough room for 40 vehicles.
Tenant amenities are to include a fitness center, a rooftop swimming pool on the podium, a mailroom, a package room, a bike storage area, a children’s playroom, and a laundry room. The building will also feature its own cogeneration plant.
Just to the north, 2-21 Malt Drive will consist of a larger 38-story, 440-foot tall tower, and a smaller 25-story, 310-foot tall tower, connected by a 6-story base.
It will feature 812 residential units, 12,840 square feet of ground-floor retail space, and an enclosed parking garage, with enough room for 40 vehicles.
Tenant amenities are to include a fitness center, a mailroom, a package room, an outdoor playground, bicycle storage spaces, recreation rooms, and outdoor terraces.
Construction is being carried out in-house by TF Cornerstone and work is already underway. Construction is currently estimated to take until the 4th Quarter of 2024 to fully complete.
