Developer Yitzchok Katz of Astoria 2, LLC has secured a $48.6-million construction loan to build a new multifamily residential complex in Astoria, Queens, reports Commercial Observer.

The proposed project, which would rise at 2-24 26th Avenue, calls for the construction of a six-story, approximately 65-foot-tall building which will feature 137 residential units, as well as a 69-car garage and a 18,249-square-foot community facility space - potentially an art gallery.

2-24 26th AvenueGoogle Maps

FNA Engineering Services PC is listed as the architect of record, reports YIMBY.

The construction loan was provided by Popular Bank, and negotiated by Galaxy Capital.

The development site sits between 2nd and 3rd Streets, two blocks from the East River.