Development of a 13-story, 143-unit Condominiums with 40,034 SF Commercial Space
Parkview Financial has provided a $50 million construction loan to Ming’s Garden Realty, LLC for the development of a 13-story, 143-unit condominium project with 40,034 square feet (sf) of ground floor commercial space located at 2601 4th Street in the Astoria neighborhood of Queens, NY. The project is within walking distance of a ferry station, which provides easy access to the Cornell Tech Campus on Roosevelt Island, Mid-Town and the Lower East Side of Manhattan. Construction recently commenced with completion anticipated for fall 2023.
The property is situated on approximately 1.2 acres of land and the unit mix will consist of 11 studios, 48 one-bedroom units, and 84 two-bedroom units with an overall average unit size of 743 sf. The units will feature a washer/dryer, hardwood floors, and granite countertops. The limited on-site amenities will be a gym and roof top terrace as well as access to the area parks. The commercial space will be designated for space that provides a community benefit, such as medical office, church, or school.
“In recent years, the Astoria neighborhood has been transitioning from an industrial area to an affordable residential location near Manhattan,” said Paul Rahimian CEO and Founder of Parkview Financial. “We see this as a strategic project for this developer who is targeting price-conscious borrowers seeking to own a condo property here where there is a growing inventory of rental units, but minimal residential ownership opportunities.”
Rahimian noted that the price point is anticipated to be below $550,000 per unit and there is a no frills approach in order to keep the pricing attractive for first-time homebuyers.
The general contractor on the project is local developer, Hua Yang Inc.
The development is within the Northwestern Queens submarket which consists of the neighborhoods of Astoria, Sunnyside, and Woodside. This area has been made up primarily of affordable rental product in comparison to Brooklyn and Manhattan. Despite the pandemic, construction on new residential projects has been continuing in Astoria as it presents a more affordable option to Manhattan. 10 Halletts Point, the largest rental project in the neighborhood had more than 400 units completed in early 2019 and has been experiencing strong occupancy levels. It features a 25,000-sf grocery store at the base of the building providing an amenity for area residents. Halletts point has another five towers planned, and there are numerous other projects in the works in the surrounding area.