Financing Secured For 11-33 44th Drive in Long Island City, Queens

Terra Developers has secured $70 million in construction financing for 11-33 44th Drive, a forthcoming eight-story residential building in Long Island City, Queens. The 74,728-square-foot structure will yield 113 condominium units, ground-floor retail space, and 23 parking spots. The 180,000-square-foot property is located between 11th and 21st Streets.

Maxim Capital Group provided the financing, with Newmark arranging the transaction.

The above rendering shows the current design for the project, showing a straightforward massing with a setback at the eighth floor topped with a landscaped terrace. A beige façade will surround a grid of large windows and recessed glass doors leading to balconies. The ground floor will feature dark metal paneling around floor-to-ceiling glass for the retail frontage, and the structure culminates in two bulkheads.

The property is currently occupied by a surface-level parking lot.

Read the full article here: Financing Secured For 11-33 44th Drive in Long Island City, Queens – New York YIMBY