New condos are about to rise from an empty site in Long Island City, according to multiple published reports.
First Elite Management has reportedly secured a $31.5 million construction loan for a new project located at 27-09 40th Avenue. The roughly 18,000-square-foot property is slated for the construction of a mixed-use project featuring 56 condominiums in addition to 17,500 ground-floor commercial space and a 113-car garage.
A rendering depicts a contemporary look for the building, which will feature outdoor terraces, a rooftop deck, and a fitness center.
Kriss Capital provided the financing for First Elite Management, which recently built another condominium complex in Astoria, Queens.
Completion of construction is expected in August 2024.
- Long Island City (Urbanize NYC)