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28-90 Review Avenue
Update
06/16/23
Developer Secures $354M Loan for LIC Industrial Project
Developer, (IPG), has just landed a $354 million loan as part of a capitalization deal for a multi-story industrial project, set for 28-90 Review Avenue in Long Island City, Queens. Issued by Axos Bank and Cerberus Capital Management, this influx of capital will be used to fund all construction costs from start to finish. IPG and Goldman Sachs both provided equity in the deal.
Designed by , the 6-story structure will feature 350,222 square feet of warehousing space. It will come with functional floorplates, designed for multi-tenant use. Plans also call for a covered, outdoor parking lot, located on the roof, which will have enough room for vehicles.
Steel erector and fabricator, Beauce Atlas, says that over 3,800 tons of steel will be required for this project. Altogether, the building will stand feet tall and total square feet. , will serve as the general contractor, and work is estimated to take until the end of 2025.
The irregularly shaped project site sits on an offshoot of Newton Creek, and it spans square feet. Multi-story warehouses are quite uncommon in the United States, but several recent projects around the city have taken a similar, vertical approach, due to the inherent space constraints when building industrial structures in dense urban areas.
