Werwaiss Secures $131M Construction Loan for Queens Tower
The 35-story project in Long Island City is set to include 240 units.
Werwaiss Properties has secured a $131 million construction loan for 23-10 42nd Road, a 240-unit mixed-use development in the Queens borough of New York City.
Walker & Dunlop arranged the floating-rate loan through Corebridge Financial and PCCP LLC. Fogarty Finger designed the project and Suffolk Construction will serve as the general contractor. The developer partnered with Albanese Development Corp. for development management services.
Last year, the developer finished the foundation work of the building, with the full completion of the 372-foot-tall structure expected in the summer of 2025.
The 35-story building is set to encompass 230,000 square feet, of which 163,000 square feet will be the residential component. The tower will incorporate one- and two-bedroom units with premium finishes, as well as 15,000 square feet of community amenities, including a resident lounge, a fitness center, a roof lounge, coworking spaces, several terraces and parking places. According to Yardi Matrix data, the project will also include 10,000 square feet of retail space.
The tower will rise at junction of the Court Square and Queens Plaza subdistricts in the Long Island City submarket. Queensboro Plaza and Queens Plaza Metro Stations are within walking distance of the development site.
Senior Managing Directors Jonathan Schwartz, Adam Schwartz, Keith Kurland, Michael Diaz and Aaron Appel led the Walker & Dunlop team that represented Werwaiss. Recently, the same brokerage company arranged another construction loan for the rehabilitation of a three-building, fully affordable portfolio in Manhattan.