37-14 34th Street
Long Island City, Queens
Deal Type: Ground-up construction
Project Type: Condominium
Location: Long Island City, Queens
Investment Size: $45M
Property Size: 118K SF, 76 Units
The Sponsor acquired the site from St. Joseph’s Roman Catholic Church of Brooklyn in March 2018 and simultaneously entered into a 99-year ground lease. The project has all of its approvals and is zoned as of right. The Sponsor’s business plan is to construct an 88-unit, five-story Class B+ apartment complex and refinance the loan via traditional CRE lenders.