Queens Condo Project Lands $21M Loan

Santander Bank originated the construction loan for the 50-unit development in Long Island City, N.Y.
Project site at 10-27 Jackson Ave. Image via Google Maps

Charney Cos. has taken out a $21 million construction loan for a residential project in Queens. Santander Bank is providing the financing, according to public records. The development will encompass 50 for-sale condominium units.

The developer plans to demolish a dated, 10,650-square-foot warehouse at 10-27 Jackson Ave. in Long Island City, N.Y., a permit filed in late July shows. Plans for the new development call for a 46,000-square-foot, 11-story building designed by Studio V Architecture, according to New York YIMBY. The amenity package will include ground-floor retail space, 60 parking spaces, a gym and a rooftop terrace.

The transit-oriented property will be close to both the Queens-Midtown Tunnel and the Long Island City rail terminal. The site is adjacent to another condominium building designed by Studio V, the 33-unit One Vernon Jackson.

The development site is a short distance from a 46-story, 394-unit high-rise which topped off earlier this month. The tower is part of the second phase in TF Cornerstone’s 1,194-unit multifamily project in Hunter’s Point South. A combination of public authorities and institutional lenders provided funding for the development.